Waddell & Reed Reviews | Glassdoor

Waddell & Reed Reviews

Updated May 23, 2017
317 reviews

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Full-time Part-time

3.4
Star Star Star Star Star
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Waddell & Reed CEO Philip Sanders
Philip Sanders
13 Ratings

317 Employee Reviews

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Pros
  • Great work/life balance as you set your own schedule (in 12 reviews)

  • Recently upgraded technology with e-signature paperwork (Docupace), financial planning (E-Money), and investment tools (Morningstar & Envestnet) (in 18 reviews)

Cons
  • Unpaid, little to no hands on work, basically like sitting in classroom all summer long (in 11 reviews)

  • Building a book of business is definitely the biggest con (in 9 reviews)

More Pros and Cons

  1. "Manger"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Project Manager in Shawnee, KS
    Current Employee - Project Manager in Shawnee, KS
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Waddell & Reed full-time (More than 10 years)

    Pros

    family values, employee friendly, community involvement is important to WR

    Cons

    pay is on low end

    Advice to Management

    pay scale should be competitive


  2. Helpful (1)

    "Better be a good salesman to work at Waddell & Reed"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Advisor in Colorado Springs, CO
    Former Employee - Financial Advisor in Colorado Springs, CO
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

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

    Pros

    They have a great Co-Op program that helps make big public marketing events (lunches, dinners, etc.) affordable for the advisor. They're starting to make it to the 21st century in technology--such as paperless systems for purchases, redemptions, etc. The company provides numerous free services that advisors are charged for at other firms.

    Cons

    You build a sizeable book of business very quickly or you're gone. It feels like working under a microscope with Compliance just waiting to pounce on the smallest misstep. There's something wrong with some of those people. You become very risk-averse and hesitant. If you're not a great sales person, you won't make it. Or you'll spend so much of your time cold calling and marketing that you never have time to get good at financial planning or product knowledge. It's a lose-lose proposition -- and most newbies do just that.

    Advice to Management

    Loosen up on the "gotcha" games and rein in the Compliance pit bulls.


  3. "Associate"

    Star Star Star Star Star
    • Career Opportunities
    Former Employee - Anonymous Employee in Overland Park, KS
    Former Employee - Anonymous Employee in Overland Park, KS

    I worked at Waddell & Reed full-time (More than 5 years)

    Pros

    Strong Kansas City company with good work environment. Hard work.

    Cons

    Highly regulated industry with many deadlines.


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  5. "Financial Advisor"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Advisor in Tampa, FL
    Former Employee - Financial Advisor in Tampa, FL
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

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

    Pros

    Great work/life balance as you set your own schedule. Co-workers are kind and considerate.

    Upgraded technology with e-sign capabilities.

    Cons

    100% commission and it can be difficult to build your own book from scratch.

    Training not for beginners. Must have an understanding of the industry and have experience with Financial Planning.

    High fee structure.

    Managed account can only incorporate proprietary funds.

    Individual securities and non-proprietary funds held through third party brokerage (Pershing) and the ppw is hectic.

    Advice to Management

    Create a training program for beginners that is separate from the seasoned advisors. Also using seasoned advisors as mentors and assigned to beginner advisors will increase the advisor success rate and reduce turnover.


  6. "Don't care about their advisors"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Advisor in Columbia, SC
    Current Employee - Financial Advisor in Columbia, SC
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at Waddell & Reed full-time (More than a year)

    Pros

    Home office people are generally helpful and clients do well. Clients can get redemption quickly with little paperwork and hassel.

    Cons

    They throw you out their on your own and wish you the best. Zero training. Lousiest company I've ever worked for.

    Advice to Management

    Financial advisors are how you make money. They are the front line. They are the company. Treat them like that.


  7. Helpful (1)

    "Financial Advisor Position"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Advisor in Denver, CO
    Current Employee - Financial Advisor in Denver, CO
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Waddell & Reed full-time (More than 3 years)

    Pros

    - Create your own schedule/hours
    - Receive great training when you start your advising career and great ongoing support from office manager and company portal training resources.
    - Recently upgraded technology with e-signature paperwork (Docupace), financial planning (E-Money), and investment tools (Morningstar & Envestnet)
    - Higher payout than most other companies. You are a contractor, not an employee.
    - Broker for insurance and other products; lots of flexibility with what you can offer clients for products.

    Cons

    - Cannot wrap fees around all accounts (only if you are at a certain production level right now)...may be changing.
    - No specific/tangible track for progressing into management.
    - Medium-long waits when calling into the home office/advisor support right now because of the launch of the new technology.
    - No base salary or draw, all commission (which can be a good and bad thing)


  8. Helpful (2)

    "Good Company In Tough Industry"

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

    I have been working at Waddell & Reed full-time (More than 5 years)

    Pros

    You can make your own schedule. Prospect who and how you want

    Cons

    you are on your own, if you dont make your sales goals its 100% on you. they dont provide you with leads or lists, etc.


  9. "Waddell & Reed"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - IT Manager in Overland Park, KS
    Current Employee - IT Manager in Overland Park, KS
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Waddell & Reed full-time (More than 3 years)

    Pros

    Overall good company. Great people, good work environment, decent opportunity for career advancement.

    Cons

    Conservative industry, technology is old but getting better

    Advice to Management

    Communicate, communicate, communicate


  10. Helpful (1)

    "Sinking Ship"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Kansas City, MO
    Current Employee - Anonymous Employee in Kansas City, MO
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at Waddell & Reed full-time (More than 3 years)

    Pros

    good people, depending on the department and team you are on, and good benefits.

    Cons

    There is zero leadership here. The CEO is the farthest thing from a leader and has no vision or ability to build confidence in employees for the future. Communication is incredibly siloed and the Home Office is out of touch with the field. Good talent is leaving because the can read the writing on the wall. If you are looking for a diverse, forward thinking, innovative place to work in financial services, this is not it. Keep looking!

    Advice to Management

    Get a CEO that can cast vision and rally people. Pay people in line with the value they bring instead of how long they have been at the company. Get rid of those who do not perform and don't add anything to your firm.


  11. "Great company to work your way up"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Overland Park, KS
    Current Employee - Anonymous Employee in Overland Park, KS
    Recommends
    Neutral Outlook
    Approves of CEO

    I have been working at Waddell & Reed full-time (More than 5 years)

    Pros

    There are many entry level and other positions that require little to minimum experience. With time (sometimes minimal) and growth, there are many opportunities to move within the company.

    Cons

    Over the past 1-2 years there have been budget cuts and layoffs leaving many employers concerned for their future as well as the future of the company.


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