Waddell & Reed "licensing" Reviews | Glassdoor

Waddell & Reed Employee Reviews about "licensing"

Updated Aug 14, 2018

To filter reviews, or .
3.0
43%
Recommend to a Friend
71%
Approve of CEO
Waddell & Reed CEO Philip Sanders
Philip Sanders
56 Ratings
Pros
  • "Waddell & Reed Mutual Funds are fantastic with great leadership at the flagship(in 25 reviews)

  • "Good work-life balance and benefits(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

Reviews about "licensing"

Return to all Reviews
  1. Helpful (1)

    "Firm I will always stay with"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Anonymous Employee 
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    * training - lots of help available from manager, mentors who can go with you on meetings and help you with cases * support - marketing dollars to use for events, benefits * culture - clients always come first. * team work - everyone is willing to help each other * you get paid what you are wroth - the harder you work, they more you will make

    Cons

    * long hours - gotta be willing to put in the time to success * initially gotta study to pass the licenses, however, once you do, you would never have to retake them again. So, it's a necessary hurdle.

    Waddell & Reed2014-11-07
  2. Helpful (1)

    "Financial Advisor"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Financial Advisor in Riverside, CA
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

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

    Pros

    If you already have a book of business and have been in the industry for 10+ years this is a mediocre option at best.

    Cons

    Pretty much a pyramid scheme. Pride themselves on being different than the New York life’s and MassMutual’s of the world but in reality it is the same. You will be selling overpriced life insurance and annuities just to stay afloat. Also they don’t pay for any of your licensing, so until you’re $2000 in the hole you won’t be able to even sniff a dime. Their in-house funds are straight garbage so good luck selling those. My best advice is to get some sales experience and find a company that will pay for your tests. MS, Merrill, UBS, Edward Jones, etc. are much better options and will support you a lot more. This place is a chopping shop that takes your money.

    Continue reading
    Waddell & Reed2018-08-14
  3. "Good overall job, but either move up or get out"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Anonymous Employee 
    Doesn't Recommend
    Positive Outlook
    Approves of CEO

    I worked at Waddell & Reed full-time

    Pros

    Great hours, decent pay

    Cons

    Could be paid more. Management babies workers until you move up. I suggest you get your licenses or find elsewhere to work

    Continue reading
    Waddell & Reed2018-03-21
  4. Helpful (3)

    "You take all the risk..."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Financial Advisor in Denver, CO
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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

    Pros

    Waddell hires some decent people, and you might meet some. I can't think of much more than that.

    Cons

    At Waddell, they will make you pay all the fees for licenses, technology, desk space, paper, etc, and when you close business, they will come after you to repay them after you leave. There is no training and their funds (Ivy and Waddell) have dramatically underperformed.

    Continue reading
    Waddell & Reed2017-11-22
  5. Helpful (2)

    "Financial Advisor"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Contractor - Financial Advisor in Indian Wells, CA
    Doesn't Recommend
    Negative Outlook
    Approves of CEO

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

    Pros

    Ability to pay your way into the industry. Training and development resources, as well as earnings potential.

    Cons

    Have to pay for your own training and licensing, pay for office space and technology, and pressured to schedule new client meetings each week with a manager who was only available for a few hours one day each week. Two weeks after being "activated", I was told my office was being closed in two months due to their inability to keep it staffed. It would have been nice to know this closure was being considered before I spent $1200 and 7 months on this company.

    Continue reading
    Waddell & Reed2017-10-30
  6. Helpful (8)

    "If you want to work 60+ week right out of college and have nothing to show for it years later, work here!"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Financial Advisor 
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

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

    Pros

    The people are nice and the training courses are fairly helpful most of the time. Some management is very helpful act like they want you to be very successful.. only because their success is measured by yours and if you make money, they make money off of you. About 20% of the people in the office are friendly and wish you success and will help you in any way that they can. A lot of people have been successful at this company but if you don't meet the criteria below, you will most likely crash and burn.

    Cons

    Where do I even start? Unless you are over the age of 40 and want this to be your second career, do not work here as a financial advisor. You have ZERO benefits, no salary, no nothing. They will charge you for absolutely everything that they can think of even if you're not using whatever it is that they're charging you for. They will con you into working for this company right out of college saying that you can "definitely make $80,000 in your first year." They are basically telling you what they have to in order to get you to work there no matter what and make you feel like you're a failure if you don't do well. They do put a lot of effort into weekly meetings as long as you live up to their standards. If you don't, they are very disappointed and it shows. Weekly meetings as an advisor, for example, if you don't set 15 appointments a week, good luck. They make you feel like you're not good enough for working 60 hours a week and not having anything to show for it. Yes, I typed that right. You can expect to work and work and work and stress your head off until you hit their standards. You can expect to cold call (except they pretend that you're not cold calling because you know these people) until you set a certain amount of appointments. Doesn't seem that difficult, right? Not when LITERALLY NO ONE ANSWERS YOU BACK. Even when these people filled out surveys saying that they want to work with you, they will be insanely difficult to contact to set a meeting with, won't show up, will never contact you back, or will waste hours of your time and never make you any money. You have to pay 100% of your certification and license training and will be compensated back I think $200 (they changed it right before I was activated as an advisor. It used to be something like $1500). To be fair, they increased your commission percentage to offset it; however, that doesn't help when you struggle to make any sales at all. If it takes you longer than their "designated study timeline" to get a certification, prepare yourself to feel like a disappointment in every. single. meeting. Sometimes, they won't even look at you or address you at all and make you feel awful because you didn't get enough surveys/meetings that week although you are truly trying your hardest to succeed. Some of the "trainers" are miserable to be around (will literally make you cry and hate yourself because of the way that they speak to you.) while others were sincerely helpful. Sometimes they just didn't show up for meetings without letting anyone know and you're stuck there on a Tuesday night waiting for someone to show up. Or they show up late with no respect for your time at all. You're a cog in their machine and they will push you to make sales--some of it being necessary tough love but some of it is taken WAY too far (no encouragement to balance off the tough teaching style). They say that if you're not making any money, then you're clearly not trying hard enough and to get rid of your "head trash", have confidence in yourself, and get clients! Easier said than done when you put in as much work as humanly possible and can't live up to their standards. If you want to leave the company and haven't delivered a plan to a client, they will ask you for a refund of what you were paid which is completely understandable; however, I barely made anything working there. Not even enough to pay one credit card bill; however, I will never recommend someone to work here unless they have a group of people who are guaranteed to become clients. Other places give you a stipend or will give you clients from the get-go to get started. Not here. They make you invest over $2000 for licenses and certifications and then push you out into the world of cold calling expecting you to be able to make enough money to live off of. ***Unless you have a sugar daddy to pay all of your bills, have a full time job on the side and don't sleep, buy a book of business, or have 200 people with loads of money just sitting around waiting to become your clients, you will go bankrupt. Do not work here right out of college no matter what they tell you unless you or your parents have rich friends with no financial advisor (hardly ever the case). If you work your butt off, you can be successful in this career; however, it is extremely difficult. I knew it was difficult when I signed up for the challenge but for me, it was impossible.

    Continue reading
    Waddell & Reed2017-06-14
  7. Helpful (7)

    "Financial Advisor"

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

    I have been working at Waddell & Reed full-time

    Pros

    Great commission payouts. Great opportunities for advisors who have previously established books of business.

    Cons

    - Almost no support for new advisors - Technology (which advisors are charged to use) is horrible - Licensing/Tech/Insurance Fees consume most of your paychecks in your first years - BAD PLACE TO BEGIN A FINANCIAL ADVISING PRACTICE

    Continue reading
    Waddell & Reed2015-12-10
  8. "BAD"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Intern in San Diego, CA
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

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

    Pros

    None, no one really cares for you to succeed, you really have to do it on your own.

    Cons

    You pay your own licensing, commission based only. bad lazy unorganized managers.

    Waddell & Reed2015-08-24
  9. Helpful (15)

    "You become a salesmen......not a financial professional"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Financial Advisor Trainee in San Jose, CA
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at Waddell & Reed

    Pros

    The illusion of being part of a big financial firm.

    Cons

    This company is a marketing sales engine. Your not expected to know anything about finance at all. You're expected to pay for your licensing and build your client list out of thin air. Expect to preform high pressure talks to your family and friends and "centers of influence" then start cold calling people. Please know that this is a "sales job" with high pressure pitch tactics. Management only cares about your minimum sales figures and you'll get fired if you cant get accounts opened. Management focuses on getting new recruits. Your "sales script" and "elevator pitch" is proof enough that this position is not about finance, it's about getting sales and accounts, that's it. They look at you like a you're a used car sales man, because that what you have become.

    Waddell & Reed2015-05-20
  10. Helpful (1)

    "This is a solid firm to work for if you can handle commission only sales."

    StarStarStarStarStar
     

    I worked at Waddell & Reed

    Pros

    They have a great financial product mix and little to no micro management.

    Cons

    You have to pay for everything out of pocket. Licensing fees, technology fees, printing fees, etc.

    Continue reading
    Waddell & Reed2015-02-20
Found 22 reviews