Waddell & Reed Reviews | Glassdoor

Waddell & Reed Reviews

Updated March 30, 2017
310 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
12 Ratings

310 Employee Reviews

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Pros
  • Great work/life balance, kind and considerate co-workers, management is very caring (in 11 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 your own book of business while making 100% commission is really difficult (in 15 reviews)

More Pros and Cons

  1. "Awesome"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - FA in Kansas City, MO
    Former Employee - FA in Kansas City, MO

    Pros

    Their company policy is outstanding. Their code of eithics is impecable. Standard compensation, but it is very competitive. The earngin potential is touch notch. Very well known in the financial industry, great staff, very welcoming, supportive, Open Door Policy. Great Atmosphere. Based on solid financial Goals. Have been around since 1936.

    Cons

    Name recognition not so well known outside the financial industry. Speculation about future from co-workers is not so hot. They have a high rention rate for employee, but it is still a lot of turn over. The learning curve to get into the financial securities market can be steep, Starting a book of business can prove challenging.

    Advice to Management

    great job


  2. Helpful (1)

    "Hard work but worth it to own your own practice!"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Advisor in Columbia, SC
    Current Employee - Financial Advisor in Columbia, SC
    Recommends
    Approves of CEO

    Pros

    Very good training and support my first year. Total client centered focus. financial Planning is the first priority with every client. Can charge fees for planning only or combination if client prefers or wrap fees into asset managment. They have a one year support program ( monthly income) with reasonable monthly targets. Health insurance program that is 70% paid by company. The company has a very good reputation in the industry and was not involved in the TARP program and did not have our clients in the ARS's or mortgages that causesed such terrible losses. The mutual fund thst the company manages are fantastic. Look at there performance thru this bad market ! Very good compensation program , Mapp is fantastic.

    Cons

    You must be a self starter and have a good work ethic. They teach you what to do then expect You to do it . Most of my class of new advisors failed because they showed up late and left early. I had to put in more hours than I planned the first few years. Rejection ,by prospective clients is very hard to get used to . You are self employed and I was not prepared at first for that. You must market yourself thru referals, workshops, community service etc. this is the hard work !

    Advice to Management

    Consider paying for new advisors Licensing. make the one year support program two years.Help new advisors transition into the concept of owning there own business. I could have used help with a little more accountablity in my marketing in the first year.


  3. Helpful (1)

    "Great place to work"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in San Antonio, TX
    Current Employee - Anonymous Employee in San Antonio, TX
    Recommends
    Approves of CEO

    Pros

    Outstanding leadership. Family like work environment. Enjoyable.

    Cons

    The only cons is the same hurdles most financial advisors have at other firms - client acquisition. However, the company does have alot of turn key marketing programs.

    Advice to Management

    Keep doing what you are doing.


  4. Is this helpful? The community relies on everyone sharing – Add Anonymous Review


  5. Helpful (1)

    "I like it here!"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Advisor in Los Angeles, CA
    Current Employee - Financial Advisor in Los Angeles, CA
    Recommends
    Approves of CEO

    Pros

    *Client First Values
    *Flat Organizational Structure
    *Office and Marketing Support
    *Quality of Mutual Funds
    *Ability to sell other Mutual Funds and Insurance Products
    *Financal Planning Model Works
    *Excellent Support Teams for any problem (by phone)
    *After first year, minimums are low. Can set own goals. (Although, who would want to make the minumum!)

    Cons

    *Can get a bad Managing Principal. (hires badly, may oversell, doesn't train well etc.)
    (I had a good Manager and was well trained. I also am a self starter who actually wants to help people. I can pick up the phone and get help instead of whining.The money follows.If you want to make a fast buck, go somewhere else.)
    *The Compliance department is soooooooooo careful. Makes me crazy sometimes.

    Advice to Management

    Stay Truthful. Stay available. Stay humble. Admit mistakes.


  6. Helpful (2)

    "Great place to go if not starting from scratch"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Advisor in San Antonio, TX
    Current Employee - Financial Advisor in San Antonio, TX
    Recommends
    Approves of CEO

    Pros

    Good Management
    Great Product
    Good Support
    Management was phenomenal and growth is very possible

    Cons

    All marketing is on YOU. Which isn't bad but makes it difficult to survive. Let alone thrive. If you have a good book of business or natural market you should have no problem with success otherwise...you have your work cut out for you. Much of the business is insurance driven.

    Advice to Management

    Management is GREAT! Local, Regional, and National.


  7. Helpful (1)

    "W&R is a great place to work but your must work hard!"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Advisor in San Antonio, TX
    Current Employee - Financial Advisor in San Antonio, TX
    Recommends
    Approves of CEO

    Pros

    Great payout percentages and great products.

    Cons

    After the first year you lose a draw of 24k which is scary. Most firms give a type of salary for 1 to 2 years.

    Advice to Management

    If you hit certain awards, the 24k should not go away for 3 years.


  8. "Excellent opportunity for self disciplined individual"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Advisor in Minneapolis, MN
    Current Employee - Financial Advisor in Minneapolis, MN
    Recommends
    Approves of CEO

    Pros

    excellent money management and guidance.

    Cons

    not for someone who's not entrpreneurial and self motivated

    Advice to Management

    provide greater sales training


  9. "Enlightening and life changing"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Advisor in Topeka, KS
    Former Employee - Financial Advisor in Topeka, KS
    Recommends
    Approves of CEO

    Pros

    Brand recognition and established business facilitated initial entry into the business. Superior products, a broad array of financial solutions from third parties greatly reduced competition. Great people, great education.

    Cons

    I was very new to the business and failed to negotiate any favorable terms where I worked with someone who was well established. I was also deployed overseas with the military months after starting.


  10. "Great place to work!"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Senior\OSJ Specialist
    Former Employee - Senior\OSJ Specialist
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    Flexible work hours. Work/life balance..

    Cons

    Lower than average pay. Health insurance coverage is not very good.


  11. Helpful (2)

    "Best experience for employment in this market"

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

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

    Pros

    Training is not overpowering and very helpful; excellent Friday AM case prep meetings; great people in office; very nice senior advisors which is rare; very flexible and reasonable work environment; happy place to work

    Cons

    cubicles but at least I don't pay rent costs

    Advice to Management

    continue the great support- you really are an "Agent's Manager"



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