Waddell & Reed Reviews

Updated May 20, 2020

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3.0
46%
Recommend to a Friend
73%
Approve of CEO
Waddell & Reed CEO Philip Sanders
Philip Sanders
48 Ratings
Pros
  • "Waddell & Reed Mutual Funds are fantastic with great leadership at the flagship(in 25 reviews)

  • "Exposed me to investment advisory and financial planning(in 20 reviews)

Cons
  • "Also they don’t pay for any of your licensing, so until you’re(in 22 reviews)

  • "100% commission and it can be difficult to build your own book from scratch(in 18 reviews)

More Pros and Cons
  1. Helpful (1)

    "Advisor mill"

    5.0
    Former Employee - Financial Advisor in Hartford, CT

    I worked at Waddell & Reed full-time for more than 3 years

    Pros

    Opportunity to make good money if you stick with the company

    Cons

    Need to sell their products. not a true advisor you are a sales person for their products.

  2. "Admin"

    3.0
    Current Employee - Financial Advisor 

    I have been working at Waddell & Reed full-time

    Pros

    Great experience to learn about the stock market

    Cons

    Not the best investment company


  3. "Nice People"

    3.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Overland Park, KS

    I worked at Waddell & Reed full-time for more than 10 years

    Pros

    Had some good friends there

    Cons

    Lots of family relationships that may result in not getting the best talent

  4. "Good Starting Point, Great to learn the indsutry"

    4.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Vice President, Regional Sales Management in Overland Park, KS
    Recommends
    Neutral Outlook
    Approves of CEO

    I worked at Waddell & Reed full-time for more than 8 years

    Pros

    Family oriented , good benefits, Growth

    Cons

    Management change, Lagging Industry, Technology

    Continue reading
  5. "My coworkers were nice but some of upper-management treated the department like high school"

    3.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Workflow Operations Associate 
    Approves of CEO

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

    Pros

    Good work-life balance and benefits.

    Cons

    Some department heads are meaner than they need to be.

  6. "Hands off"

    2.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Associate Financial Advisor 
    Neutral Outlook

    I have been working at Waddell & Reed part-time

    Pros

    There is 100% uncapped commissions which brings high salaries

    Cons

    ... 100% commission so there can be some very low pay as well.

  7. "W&R Overview"

    3.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Advisor Services Representative 
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

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

    Pros

    Central location and friendly people

    Cons

    Unclear career path and low incentives

  8. "Waddell & Reed is evolving to meet the demands of clients in an ever changing marketplace and regulatory environment."

    4.0
     

    I have been working at Waddell & Reed

    Pros

    You are in control of your schedule and destiny.

    Cons

    Minimum production requirements are difficult to achieve without a significant amount of marketing or an existing book of business.

    Continue reading
  9. "Great Company"

    4.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Senior Consultant 
    Recommends
    Neutral Outlook
    Approves of CEO

    I have been working at Waddell & Reed full-time for more than 5 years

    Pros

    Flex time and remote work

    Cons

    No room to grow and advance

  10. "Financial Advisor"

    1.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
     
    Positive Outlook
    No opinion of CEO

    I worked at Waddell & Reed

    Pros

    It is difficult to find a single positive. My manager was good, but there wasn’t another positive.

    Cons

    The most difficult place to do business I have ever worked. Fortunately it was a short period of times. Any longer and I would have lost more business. Every firm sends clients a lot of paper. Waddell will send them multiples of anyplace else. Their mutual fund portfolios are sad. The returns are barely average. You are NOT independent here regardless of what they present to you at the beginning. The office charges are expensive and above average. Everyplace nickels and dimes you, but they are the worst and their advisor affiliation fees are high. The office rent was increased and there is no recourse. I was waiting to get a bill for oxygen. The insurance partners like crump didn’t like doing business with Waddell. In fact the % was lower than I was paid at the firm before or after Waddell. This place is a dumpster fire. Do not do it. Mutual fund companies are dying and this one is as well. They will try to squeeze the life out of you to save them. Even more difficult is trying to get your client’s funds out. You cannot Acat like you can at other places. You can Acat the Pershing brokerage accounts, but not any of the managed money mutual fund accounts. Totally different process. Most places do not hold their funds since they don’t sell them. Which causes your clients unnecessary taxes for taxable accounts since you are forced to sell before transfer. They have high transaction charges for those sales. Overall they have no clue how run an independent broker dealer. They masquerade and really try to force you to sell their mutual funds and operate like they own you by severely limiting your clients investment choices. My new broker dealer is heaven in comparison.

    Continue reading
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