Waddell & Reed
3.0 of 5 136 reviews
www.waddell.com Overland Park, KS 1000 to 5000 Employees

Waddell & Reed Reviews

Updated Apr 15, 2014

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3.0 136 reviews

                             

74% Approve of the CEO

Waddell & Reed President, CEO, and Director Hank Herrmann

Hank Herrmann

(86 ratings)

41% of employees recommend this company to a friend
136 Employee Reviews
in

Review Highlights

Pros:
  • "Great resources to some of the best mutual funds in the industry"
    in 20 reviews
  • "Has taught me a lot about the ways of the financial planning industry"
    in 7 reviews
Cons:
  • "Many new hires were encouraged to work with family and friends, and then disappeared"
    in 7 reviews
  • "they were only hiring for financial advisor so i did not get offered a position at the end of the internship"
    in 8 reviews
  • Show more review highlights

Reviews

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  • Approves of CEO

 

Difficult road to success as a new advisor.

Financial Advisor (Former Employee)

I worked at Waddell & Reed full-time

ProsFreedom to make your own schedule. The company has solid mutual fund managers so the fund family has ranked quite high over the past several years. Conservative investment strategy which minimizes customer risk exposure.

ConsLocal Managing Principal was only concerned with teaching sales skills. He rarely talked about the company's products which made it really difficult as a new advisor. You are completely on your own regarding client acquisition so you need to have a lot of contacts in order to be successful. It is a commission only position. Lastly, the company's technology isn't very good, and is one of the worst in the industry regarding the amount of paperwork that needs to be done in order to add or transfer a client.

Advice to Senior ManagementBe sure that your Managing Principals are following the training curriculum. It's already difficult to succeed as a new advisor, but it makes it much worse if you're not properly trained. I didn't start feeling comfortable until about 6 months into actually selling product.

Yes, I would recommend this company to a friend

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Terrible Company!

Financial Advisor (Current Employee)
Sherman Oaks, CA

I have been working at Waddell & Reed full-time for more than a year

ProsYou can learn a lot of important life things about money.

ConsThey make you spend lots of money to have you go out and recruit your friends and family to sign up with no additional help. The training sucked this company is a sham

Advice to Senior Managementbe better

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Growing Fast

Anonymous Employee (Current Employee)
Overland Park, KS

I have been working at Waddell & Reed full-time for more than a year

ProsTons of upward mobility for this fast growing firm, across many business divisions within the financial services industry.

ConsTenured employees under performing in jobs they take for granted.

Advice to Senior ManagementReward performance versus tenure

Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

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  • Approves of CEO

 

Division Mgr

Anonymous Employee (Former Employee)

I worked at Waddell & Reed

ProsGreat managing and Training Financial Planners

ConsThe recruiting Process needs to be more helpful to new recruits just coming in

Advice to Senior ManagementHire folks that have a reserve of cash saved.

Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

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i wanted to believe them and chose to blindly go through the training process

Anonymous Employee (Former Employee)

I worked at Waddell & Reed

Prosthey sponsored me for my licenses....they were very nice and upbeat....their welcome packet was really stunning

Consall commission....i would have had to been so much more skeptical and read every little term/condition but instead i believed all of their half-truths....i wanted to believe the bologna they were shoveling in my direction....i was naive and young when i let them trick me

Advice to Senior Managementi have never been in their shoes so i do not know what it is like to recruit FAs - and maybe they have to cast such a wide net that hopefully they can convince 1 out 10 young people to lock their friends and family in 3 year 12b1 nonsense....the turnover in the industry is so high that they must think that when these young FAs quit their family money will be trapped there....kinda shady

No, I would not recommend this company to a friend

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Great company values

Staff Accountant (Former Employee)
Overland Park, KS

I worked at Waddell & Reed full-time for more than 5 years

ProsLots of benefits, opportunities for growth and learning

ConsDifficult work/life balance at times.

Advice to Senior ManagementMore feedback and review process would be beneficial to growth.

Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

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Used and abused

Financial Advisor (Former Employee)
Columbia, MO

I worked at Waddell & Reed as a contractor for more than a year

ProsGood mutual fund family to sell.

ConsNot given an adequate opportunity to succeed. Only used for your contact information.

Advice to Senior ManagementProvide young new advisors with more of a chance.

No, I would not recommend this company to a friend

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Good company but with multiple negatives

Financial Advisor (Former Employee)
Saint Petersburg, FL

I worked at Waddell & Reed full-time for more than a year

ProsWaddell & Reed Mutual Funds are fantastic with great leadership at the flagship.

ConsCaptive brokerage platform with commission only pay structure focusing on sales rather than talent.

Advice to Senior ManagementThere are too many poorly educated sales only focused advisors that give seasoned and edcuated advisors a bad name. Money gatherings is the only focus rather than solid good advice to clients. Open the platform to other mutual funds so that clients can have a broader array to choose from.

No, I would not recommend this company to a friend

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2 people found this helpful  

Ehhhhh

Financial Advisor Trainee (Current Employee)

I have been working at Waddell & Reed full-time

Pros-good management. My supervisors were really attentive and did want me to succeed.

Cons-didn't really tell me that it is all commission.
- have to pay for your own licensing material, which can easily run over $1000

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Advisor

Anonymous Employee (Current Employee)

I have been working at Waddell & Reed full-time for less than a year

ProsEnduring mutual Fund and nice people

ConsHard to survive the first year, 100% commission, pay yourself to get started

Advice to Senior ManagementShould give a base pay to get started

No, I would not recommend this company to a friend

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Glassdoor is your free inside look at Waddell & Reed reviews and ratings — including employee satisfaction and approval rating for Waddell & Reed CEO Hank Herrmann. All 136 reviews posted anonymously by Waddell & Reed employees.