Waddell & Reed Reviews

Updated October 23, 2014
Updated October 23, 2014
159 Reviews
3.4
159 Reviews
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Waddell & Reed President, CEO, and Director Hank Herrmann
Hank Herrmann
101 Ratings

Review Highlights

Pros
  • Great resources to some of the best mutual funds in the industry (in 21 reviews)

  • None, unless you're inheriting a book of business (in 5 reviews)


Cons
  • You will get pressured into bringing your family and friends on board (in 7 reviews)

  • I didn't know that when I signed on to become a Financial Advisor (in 10 reviews)

More Highlights

Employee Reviews

Sort: Popular Rating Date
  1.  

    It was a very rewarding internship.

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

    I worked at Waddell & Reed as an intern

    Pros

    There is a lot of comradely within the office environment. Entrepreneurial atmosphere with opportunity to score your own clients. The office is growing, there are opportunities to buy other's businesses who are looking to retire. After, a few years, the income generated from your clients becomes very rewarding.

    Cons

    Starting up your own client data base, and there is not base pay. Entirely off commission. Start up process is very tough.

    Recommends
    Positive Outlook
    Approves of CEO
  2.  

    Overall, Waddell and Reed is a good company.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Financial Advisor in Sherman Oaks, CA
    Current Employee - Financial Advisor in Sherman Oaks, CA

    I have been working at Waddell & Reed full-time (more than an year)

    Pros

    My manager was great.
    Pretty extensive and continual support of financial representatives.

    Cons

    100% commission.
    Only approximately 50% of their employees make it past their first year.
    No one has heard of Waddell and Reed for the most part.

    Advice to ManagementAdvice

    Starting paying some kind of base.

    Recommends
    Neutral Outlook
    Approves of CEO
  3.  

    Summer Internship

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Summer Intern in Sherman Oaks, CA
    Former Employee - Summer Intern in Sherman Oaks, CA

    I worked at Waddell & Reed as an intern (less than an year)

    Pros

    The people at Waddell and Reed are very friendly, helpful, and sociable. You can always go to advisers and ask questions about the job, career advise, or even personal social questions and they are happy to answer them.

    Cons

    The company's culture was very relaxed, hard-working, and energetic. As an intern however, there wasn't much job to be done. I helped mostly with administrators answering calls, preparing brochures of financial products, and making schedules for the managers. I wish I had done more work related to finance but since advisers are related to sales there is not much for you to learn financial aspects.

    Recommends
    Positive Outlook
    No opinion of CEO
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  5. 1 person found this helpful  

    Great learning experience

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Summer Intern in Belle Vernon, PA
    Former Employee - Summer Intern in Belle Vernon, PA

    I worked at Waddell & Reed as an intern (less than an year)

    Pros

    You are able to set your own hours and pick your own clients. Through commission, you are rewarded for hard work.

    Cons

    Salary is entirely commission based. This causes the job to be more focused on the sales aspect of the field than the actual advising aspect.

    Advice to ManagementAdvice

    Pay a small salary in addition to commission to balance job focus between sales and advising.

    Recommends
    Neutral Outlook
    No opinion of CEO
  6.  

    All on your own

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Financial Advisor
    Former Employee - Financial Advisor

    I worked at Waddell & Reed full-time (more than 3 years)

    Pros

    Get to set your own schedule and there are a couple of good funds

    Cons

    Training is nearly non-existant. The "suitability" rules don't really control for much. Advisors are compensated dramatically differently based on the product sold...products which are often a horrible choice for most people.

    Advice to ManagementAdvice

    Start training your advisors more than just a few outdated online videos. Many advisors go into meetings not having a clue what they are talking about. The commission only structure only attracts a "certain" type of individual.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  7. 1 person found this helpful  

    Financial advisor, nothing to do with finance

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Financial Advisor Trainee in Vienna, VA
    Former Employee - Financial Advisor Trainee in Vienna, VA

    I worked at Waddell & Reed as an intern (less than an year)

    Pros

    A lot of support if you are a beginner. Time flexibility. A lot of learning materials. Welcoming team, very responsive. Anyone can join, just need a decent credit score.

    Cons

    90% sales job, no opportunity to deepen your knowledge in finance from the beginning. First year or two are very hard, you need to work a lot to bring clients into the business.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  8. 1 person found this helpful  

    Good environment, great people

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Advisor Associate in Corpus Christi, TX
    Former Employee - Advisor Associate in Corpus Christi, TX

    I worked at Waddell & Reed part-time (more than an year)

    Pros

    Employees hold true to company values, good work environment. Strong team of knowledgeable, driven leaders who are eager to guide you to success. Effective communication. Very satisfied with the work-life balance. Promotions are there if your work ethic is!

    Cons

    For advisors, no base pay. More traditional-style company, perhaps less tech-relevant than others. No national advertising, brand name may not be as emphatic as competitors.

    Recommends
    Positive Outlook
    Approves of CEO
  9. 3 people found this helpful  

    Great company, great management!

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Financial Advisor in Hartford, CT
    Current Employee - Financial Advisor in Hartford, CT

    I have been working at Waddell & Reed as a contractor (more than 5 years)

    Pros

    This company is awesome for the following reasons: Flexibility in work schedule, you own your book of business, higher payouts than Merryl Lynch, Morgan Stanley, or those other employee-type firms. Plus the renewal income on assets is much higher than the other outfits I've looked at. Also, the marketing programs they have for you to plug into are awesome. You get to run your business as you see fit, but you aren't out there all by yourself. We all work together in our Hartford branch.

    Cons

    can't think of anything now.

    Advice to ManagementAdvice

    keep up the great work!

    Recommends
    Positive Outlook
    Approves of CEO
  10. 1 person found this helpful  

    Colorado Springs Office - Excellent Choice!

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Financial Advisor in Colorado Springs, CO
    Current Employee - Financial Advisor in Colorado Springs, CO

    I have been working at Waddell & Reed

    Pros

    Mentors help newer advisors learn the ropes and most senior advisors are approachable. Once you are up and running, as long as you're making your numbers, there isn't much "required" from management. Relationships are key to building and growing your business. It is your book of business and can be sold at any time.

    Cons

    If you're just getting started, be prepared to work 60+ hours each week filling your pipeline. Pure commission-based earnings (with some bonuses). In this field, none of the cons should be a surprise. You are building your own business.

    Advice to ManagementAdvice

    Keep building the training program and using mentors to assist newer advisors in learning the ropes.

    Recommends
    Positive Outlook
    Approves of CEO
  11. 1 person found this helpful  

    Good experience, but could have some improvements

    Former Employee - Financial Advisor Trainee in San Diego, CA
    Former Employee - Financial Advisor Trainee in San Diego, CA

    I worked at Waddell & Reed as an intern (less than an year)

    Pros

    The environment of the office was good. It was always enjoyable to be in the office. The management was kind and sincere.

    Cons

    There was not much guidance from the top. Sometimes would not have any projects to do, so you have to create your own.

    Advice to ManagementAdvice

    Have more guidance.

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