Waddell & Reed Reviews

Updated June 26, 2015
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3.5
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Waddell & Reed President, CEO, and Director Hank Herrmann
Hank Herrmann
118 Ratings

Pros
  • Waddell & Reed Mutual Funds are fantastic with great leadership at the flagship (in 22 reviews)

  • Pioneers of financial planning and great lineup of mutual funds (in 10 reviews)

Cons
  • If you are a new Financial Advisor or are a less established (in 12 reviews)

  • Hard to survive the first year, 100% commission, pay yourself to get started (in 9 reviews)

More Pros and Cons

190 Employee Reviews

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  1. Helpful (1)

    sales...

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

    I worked at Waddell & Reed

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    Pros

    -They provide on-site training and support to become familiar with their products
    -They offer some flexibility on working hours

    Cons

    -They are a sales organization...and the primary objective is to sell products and services by meeting weekly sales targets and numbers. Not a great fit if your not a die-hard salesman.
    -The compensation structure is not overtly clear (though the FP splits were clear) for investments, and you are not allowed to contact the compensation team. I literally asked for a phone number or email, and was told I could not contact them. No questions. Period.
    -Because everything is sales based and I joined prior to understanding it was sales based, compensation was negative for me since I wasn't a great salesperson.


  2. Intern

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

    I worked at Waddell & Reed full-time

    Pros

    Was a great experience. Really learned a lot while I was there.

    Cons

    It was really hard. Great company. But was difficult to succeed.

    Advice to Management

    Keep doing what you are doing. Make sure that future employees have a big market before starting.


  3. Former advisor

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

    I worked at Waddell & Reed full-time

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO
    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

    Pros

    Offer good products
    All of management is there to help the advisors
    Solid training program

    Cons

    Do not offer a draw on salary to new hires
    Management is mean when you leave the company

    Advice to Management

    Offer a salary to those who aren't making any money when they first start!


  4. Is this helpful? The community relies on everyone sharing – Add Anonymous Review


  5. Helpful (1)

    Financial Advisor-Much Better Opportunity Elsewhere

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

    I worked at Waddell & Reed full-time (More than a year)

    Doesn't Recommend
    No opinion of CEO
    Doesn't Recommend
    No opinion of CEO

    Pros

    Longevity
    Strong Performance of Mutual Funds
    Financial Planning focused

    Cons

    Benefits are extremely costly
    Technology outdated
    Discourage use of non-proprietary products


  6. Current Advisor

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

    I have been working at Waddell & Reed full-time (More than 8 years)

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    Culture is good, payout is competitive and product selection is good.

    Cons

    Although there is access to outside companies there is still a push from upper Managment to use proprietary investments.

    Advice to Management

    Make all MAP products available to classic advisors and this will allow us to provide clients with the best investment tools available. The choice platform is what all the advisors should have access to and if you would like to keep quality advisors.


  7. Greatest Leader Alive

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Analyst, CIO in Kansas City, MO
    Current Employee - Analyst, CIO in Kansas City, MO

    I have been working at Waddell & Reed full-time

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    I had worked for Hank Herrmann from 2000 to 2013 on a full time basis and now on a part-time basis. He ranks extremely high on many different traits. He is fair, hard working, leads by example and never expects any more than he would expect of himself.

    He may appear harsh at times but that is because he wants to push people to be their best. He is generous and kind hearted, although, at times he may not appear that way with his words but his actions speak louder and ooze with integrity, humility, generosity, kindness and fairness. I have worked for about 12- to 15- different bosses during my 28-year career and I would rank him in the top 1 percentile.

    Cons

    The company has grown a lot and that can make things more difficult particularly when it relates to maintaining their culture.

    Advice to Management

    Stay humble and keep doing what you are doing.


  8. Helpful (1)

    Field Administrator

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Field Administrator in Kansas City, MO
    Former Employee - Field Administrator in Kansas City, MO

    I worked at Waddell & Reed (More than a year)

    Pros

    Nice people to work with.

    Cons

    Contract position so pay wasn't great.


  9. Intern

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Moreno Valley, CA
    Former Employee - Anonymous Employee in Moreno Valley, CA

    I worked at Waddell & Reed (Less than a year)

    Recommends
    Neutral Outlook
    No opinion of CEO
    Recommends
    Neutral Outlook
    No opinion of CEO

    Pros

    Good on hand experience and learning

    Cons

    Not enough support or guidance.

    Advice to Management

    Explain and guide interns


  10. Waddell & Reed - Charlotte

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

    I have been working at Waddell & Reed

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    Waddell & Reed financial advisors build their own practice around a comprehensive approach to financial planning. The company has a culture of teamwork and mentorship. The open architecture, the fiduciary responsibility, and the support of our Managing Principal allow us to take care of clients at the highest level.

    Cons

    Being a financial advisor comes with responsibilities that most employees don't have, responsibilities that most people don't want. You have to plan for becoming a financial advisor as something that is right for you. It's not for everyone.


  11. Financial Intern

    Former Employee - Financial Advisor Intern in Porter Ranch, CA
    Former Employee - Financial Advisor Intern in Porter Ranch, CA

    I worked at Waddell & Reed (Less than a year)

    Recommends
    Positive Outlook
    No opinion of CEO
    Recommends
    Positive Outlook
    No opinion of CEO

    Pros

    Great Culture
    Hands On
    Great Networking

    Cons

    Base Salary is low
    Not for everyone
    Takes time to adjust to Lingo

    Advice to Management

    Keep up the good work



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