Edelman Financial Services - Perfect fit for those looking to become part of a small, successful company on the upswing | Glassdoor
There are newer employer reviews for Edelman Financial Services
There are newer employer reviews for Edelman Financial Services

See Most Recent

Helpful (6)

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

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

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 Management

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.

Other Employee Reviews for Edelman Financial Services

  1. Helpful (18)

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

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Client Service Associate in Fairfax, VA
    Current Employee - Client Service Associate in Fairfax, VA
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    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 Management

    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.


  2. Helpful (2)

    "Good and Bad"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - CSA in Virginia (South Africa)
    Current Employee - CSA in Virginia (South Africa)
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

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

    Pros

    -There was a great two week training in the beginning of my tenure, this was great to learn the systems (as there are many).
    -The health benefits are alright.
    -The founders of the company are very nice

    Cons

    - Lack of procedures..very outdated procedures...no communication about procedures...as a BD/RIA this scares me, your employees cannot operate effectively or efficiently without these!
    - No procedure or policy is uniform across the company even though you are told this in training.
    - CSA supervisors! They do not seem to know much about the work CSA's do, hard to go to them with questions, do not usually know the answer or unable to help you and pass you off to a department. They do not advocate for you when there's an issue within your team. They seem to only care if you've done your time sheet correctly. We are now told they will no longer be there for us if we have questions and that they want us to go directly to the departments.
    - CSA's have to rely on each other for support and questions.
    - Lack of flexibility with schedules, planners can have flexibility, not others. This causes your PTO to be used up quickly and no time for an actual vacation.
    - No ability or flexibility to work from home, just for planners. Life happens and other companies allow for this in the area, why not us?
    - A BIG difference in culture from the home office and branch offices, they're not the same.

    Again, the procedures are so DISORGANIZED, NOT streamlined, you get different responses from different people on how to get things done...this makes doing our job that much harder!

    Advice to Management

    I feel this company is growing but not advancing in the ways of companies in the area and the country.

    Please work on caring and respecting ALL employees because we ALL work hard for you. It seems that things are becoming more stringent and less flexible.

    There's little advancement for CSA's why, not all want to become planners

    It feels like a lot of things are changing, but not in a good way


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

See Most Recent

Work at Edelman Financial Services? Share Your Experiences

Edelman Financial Services
  • Star
  • Star
  • Star
  • Star
  • Star
 
Click to Rate
or