There are newer employer reviews for Edelman Financial Services

1 person found this helpful  

Perfect fit for those looking to become part of a small, successful company on the upswing

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Culture & Values
  • Career Opportunities
Current Employee - Anonymous Employee
Current Employee - Anonymous Employee

I have been working at Edelman Financial Services full-time

Pros

The employees are fantastic people. It's always nice to work with people you get along with, but there's something even cooler about my co-workers. I've spent time at both of the big offices, Richmond and Fairfax, after beginning my time at one of the satellite branches in Northern VA. Aside from the people being great, the company treats it's employees very well - benefits are above average, salary is higher than most other brokerage firms, and the understanding Edelman has about its employees' personal lives is one I wish all companies would adapt. Very family-oriented atmosphere. I think Ric has done a wonderful job creating a culture that is fun to work in, but also one that has clear goals for advancement and growth.

Cons

Smaller companies are obviously less well-known throughout the industry, so when looking to advance your career after Edelman, it could be tough to convey how much hands-on work and knowledge you attained from the company if the potential employer isn't familiar with Edelman's businesses model.

Advice to ManagementAdvice

it's tough to compete with firms who spend insane dollar amounts on promotion and advertising. I know Ric's radio show and books have worked really well in helping the average citizen understand more about their own financial opportunities, but I also think that catering some material towards larger groups (i.e. small businesses, churches, local organizations) would keep with the ethical and education-focused initiative Edelman implements while also expanding the business and scope of operations.

Recommends
Positive Outlook

11 Other Employee Reviews for Edelman Financial Services (View Most Recent)

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  1. 4 people found this helpful  

    The Truth About Money? You won't retire with much working here.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Client Service Associate in Fairfax, VA
    Current Employee - Client Service Associate in Fairfax, VA

    I have been working at Edelman Financial Services full-time (more than 3 years)

    Pros

    Employees receive perks like the occasional firm wide lunch, holiday inspired events such as an Easter egg hunt, Oktoberfest, and summertime raffles for Washington Nationals tickets and Wolf Trap tickets. The firm also offers some employees, depending on their position, the opportunity to get firm licensing (series 6,7,63,65,66), but you need to be in a position or prove the absolute necessity for said licensing before they will consider sponsoring you. There’s also a casual dress code, they call it the “no tie zone” meaning no suits or ties required except for the rare visit by the board of directors which happens maybe twice per year.

    Cons

    Promotions are extremely rare and only happen within the same group of about 15-20 people in the executive and upper management positions. These are the people who were with the company namesake from the beginning of the firm. Newer employees are typically treated like outsiders invading “their” company and are generally “required” to volunteer and attend one of Ric Edelman’s financial seminars after hours as unpaid lackeys handing out pamphlets. The Executives and Upper Managers have never worked for an actual brokerage firm and have no idea how things truly function within a financial operations environment. As such, there is excessive micromanagement and constant change of direction within the firm. The company has an issue with outsourcing technical jobs to outside vendors. They currently have a group of non-technical staff members attempting to build the company’s CRM software to individual department specifications and they have no idea what they are doing. The firm also recently decreased the 401k from 6% match of 6% pay to 3% match of 10% pay, which is a major blow to employees just trying to survive the current and ongoing recessionary period. There are also no bonuses for the small employee; however Financial Planners receive a cut of the annual fee received from the clientele. Merit increases are on the very small end and seldom match actual cost of living expenses incurred within the DC metro area economy. Employees are strictly prohibited from using company phones, email, and internet for personal use, so you’ll have to make sure you have a smart phone if you want access to the outside world like your family or daycare. Camaraderie is generally prohibited, as it may disrupt or interfere with potential client interviews. The turnover rate is generally high, most likely a condition of the above mentioned scenarios and a lack of team or family feel within the firm. Finally, they claim there is an open door policy but it is tracked by what they call the “big brother” policy. So no matter what you say on the phone, post on the firm intranet, or do otherwise with firm technology, it is recorded and reviewed by upper management, including Compliance and Human Resources. The receptionists at the front desk even mark down the time you arrive and leave down to the minute. If you’re not privy to this, it will be used against you in your review and against whatever merit increase you may expect to receive.

    Advice to ManagementAdvice

    Outsource your technology constraints to outside vendors. Asking your non-technical employees to try and work miracles by guessing on what to do is not working and this is relevant with the many meetings, trainings, changes in policies, etc we endure on a weekly basis. Invest in the employees by offering an honest bonus for hard work done with a cut of what the planners receive. Anyone can follow a script and bring in new assets under management so reward the operations personnel as such. Take the impersonal feel out of the company, we work hard but we don’t get the down time you think we receive. Hire people with actual IT, financial and brokerage experience. It takes someone that has the right skill set to truly complete the job the way it’s meant to be completed.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  2. 7 people found this helpful  

    A Great Opportunity To Get Licensed

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Client Service Associate
    Current Employee - Client Service Associate

    I have been working at Edelman Financial Services full-time (more than an year)

    Pros

    -15 days Paid time off, 401k match 30% match on the first 10% employee contribution
    -Great work life balance (if you're paired with a respectful/courteous financial planner)
     -Firm offers you the opportunity to get licenses (series 6,7,63,65,66). Have to be licensed within one year anniversary (although I know people that are still at the firm without being licensed after 1 year)
    - Casual DressCode: No Suits/Ties required (unless for seminar events
    -Decent pay for a "secretary position"
    -Small firm, great training program for 2-4 weeks in Fairfax, VA

    Cons

    -Excessive Micromanagement by Client Service Managers/Supervisors run a big risk of ruining a truly great firm built by a great CEO (Ric Edelman) that truly wants to help the average investor
    -Something interesting I noticed, although its "Equal Opportunity Employer", Yet there is not a single Male individual in a supervisory/managerial role in the operations/client service department in the firm
    -"Open Door Policy" is promoted, however in reality anything that is said can and will be used against you even when the intention is for a positive change

    Advice to ManagementAdvice

    Focus on hiring respectful, positive financial planners that have great listening skills. Anyone can sell and bring in new assets under management, but it takes someone that has the right people skill that truly respects opinion of others in their office. Ric has built a world class company, that truly is aimed at helping the average investor (less than $100k in investable assets), but self concentrated financial planners and client service management/supervisory team that doesn't have the same goal in retaining qualified, intelligent, and dedicated employees.

    Doesn't Recommend
    Negative Outlook
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