Edelman Financial Services - A Great Opportunity To Get Licensed | Glassdoor
There are newer employer reviews for Edelman Financial Services
There are newer employer reviews for Edelman Financial Services

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Helpful (15)

"A Great Opportunity To Get Licensed"

Star Star Star Star Star
  • Work/Life Balance
  • Culture & Values
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Current Employee - Client Service Associate
Current Employee - Client Service Associate
Doesn't Recommend
Negative Outlook

I have been working at Edelman Financial Services full-time (More than a 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 Management

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.

Other Employee Reviews for Edelman Financial Services

  1. Helpful (6)

    "Great company but I sense change is coming!"

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

    I have been working at Edelman Financial Services full-time (More than a year)

    Pros

    The founders of the firm.
    The friendliness of just about everyone in the firm.
    The accessibility to upper management.
    The constant reminder that employees are valued.

    Cons

    They are beginning to change flex time which forces you to take the little vacation time offered.
    Very few perks offered.
    Not enough work from home options offered.
    If you don't work at the headquarters the culture vary slightly and you don't have as many perks.

    Advice to Management

    Don't start nit picking your employees especially if they perform well, are dependable and low maintenance! If you have any employees who constantly have an issue or complaint with there teammates they just might be the problem!


  2. Helpful (18)

    "A Disillusioned Management Team At All Levels"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Doesn't Recommend
    Negative Outlook
    Approves of CEO

    I have been working at Edelman Financial Services full-time

    Pros

    EFS provides all employees access to financial planners for free, investment management at 1/10 the normal cost, and the ability to get comprehensive help on their personal finance issues. Sadly, this is about where the positive aspects stop. Every department is different in terms of engagement but, if communication through the grapevine is any indication of job satisfaction, most departments are extremely unhappy with their current situation.

    Cons

    Ric and Jean (the founders) built the company during a time where financial services were inundated with "Wolf of Wall Street" type firms trying to garner as much commission as possible. In a time where "fiduciary" was an unknown word, Ric developed trust through transparent advice and guidance to even the poorest clients. While those values and ideals are still prevalent in how clients are treated, employee treatment is misaligned.

    The company was recently purchased by the private equity firm Hellman and Friedman for over $800,000,000. This purchase made Ric a (presumed) billionaire and it shows. He barely comes in to the office and when he does, it's to record his radio show. He doesn't interact with people anymore and it begs the question... What happens when his contract is up? What happens to EDELMAN Financial Services?

    The answer can be induced by the present environment. Previously, employees in almost every department were "lifers" because they loved the culture, values, and treatment. Now, headquarters in Fairfax seems like a revolving door of employees and, those that are sticking around, represent melancholy shells of their previous selves.

    Some departments have more contact with clients than others and, despite what your job description may read, your primary job is to not tarnish Ric's image. The company is, has been, and will continue to be built on Ric. That means that planners and other client facing roles have no discretion, personality, imagination, or right to be resourceful for fear that it would negatively portray Ric.

    In this sense, you are similar to a Stepford Wife. You say what you're told. You email what you're told. You get permission to do rudimentary tasks. While this system is what has allowed EFS to thrive in markets that swallowed up similar firms, it also enshrouds employees in a cloud of disenfranchisement.

    In a similar sense, managers at all levels will regularly ask you for feedback. Yet, when it is given and it doesn't contain a positive message, you're scorned, put down, ignored, and told "that's just the way it is." When you ask questions or bring up concerns, you may get one answer one day and another answer the next. Imagine what your parents told you when you were younger and you'll know how management responds to repudiations: "Because I said so."

    In a system that is supposed to reward performance, loyalty, and hard work, those that are heavily involved in office politics are given protected status and advancement opportunities - this includes upper-level "Regional Directors" who berate others, regardless of their department.

    There is no perceived career advancement. If you're hired as a planner, you're given special treatment because you are the "select few." If you're hired almost anywhere else, you'll likely be stagnant in your career aspirations. Outside candidates are consistently hired over internal candidates despite overwhelming qualifications and recommendations. Don't expect to work your way up or think you deserve a promotion.

    It's unfortunate that the management is so far removed from the concerns and disappointments of the employees. Even the work/life balance has gone awry. What used to be a family first establishment has now become a typical corporate "business before all else" churning mill.

    Advice to Management

    Adapt or die. A 2% annual fee is borderline extortion. For a business that constantly talks about low fees and expenses, the management fee needs to be addressed. Finding an RIA or investment firm that does what you do is no longer difficult. You've been commoditized. When Ric leaves and people don't listen to him or have familiarity, you'll have a gradually harder time hitting your growth goals. Work on a new USP because you have nothing original to offer.

    Pay your employees for the work they do. If employees are owed a bonus and have added money to your bottom line, whether in the form of assets, increased efficiency, or the like, don't short change them. They did the work. Pay them.


There are newer employer reviews for Edelman Financial Services
There are newer employer reviews for Edelman Financial Services

See Most Recent

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