Problem with Waddell & Reed

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Nov 18, 2006 9:32 am

I'm new to this board and not yet an FA. I've interviewed 3 times with Smith Barney and sat in twice w/ 2 of their FA's. I'm hoping for an offer this week or next. My headhunter said it almost guaranteed at this point....


At the same time I had WR calling me wanting an interview so I said what the hell...I interviewed w/ them, took the tests etc..They where very positive about moving forward.


Now, today I stumble across this forum and nobody has anything positive to say about WR, but I've yet to read a specific reason why not. I understand their not a wirehouse, but they do offer every product including many many MF's that are not propritary. They said their also moving to an selling stocks in the coming year. The BM I interviewed w/ said their avg. returns range from 12-20% for their clients. Thats in line w/ any wirehouse....


They offered me 65K for my 1st 12 months. So why would I want to work w/ WR v/s SM. SB's offer according to my HH will be 70-80k salary. Thats only about an extra 500-900/month. However, WR is right by my house and the SB office requires a 1 hour commute each way when you factor in traffic in am and pm rush hour. If I go to work w/ SB I'll probably never see my kids. If I work w/ WR atleast I'll be right by the house.


So before I make a dumb decision, can someone please give me some specifics why WR is a bad company?



thanks!

Nov 18, 2006 9:47 am

just to clarify, WR said that "if they offer me the salary would be 4k per month 1099" which is about 65k W2 wages.

Nov 18, 2006 9:51 am

It depends...do you prefer the McDonald's next door, or the fine restaurant

an hour away?



Hands down, no question IMHO; Smith Barney.

Nov 18, 2006 10:25 am
cfgroup:

just to clarify, WR said that "if they offer me the salary would be 4k per month 1099" which is about 65k W2 wages.



HAHAHAHAHAHAHAHAHAHAHAHAHA!!!!!!!!!!!!!!!!!!!!!!!!!! How did they explain the math on THAT??????????????

Nov 18, 2006 11:11 am

4K X 12 = $48K...with no taxes paid.  Once you pay your income taxes, not to mention roughly 15% FICA & Medicare taxes, you'll be nowhere near $65K.  Much closer to half of that.  I can't think of any fuzzy math that gets this even close to $65K.


If you're gonna make it in this business, you'd better sharpen your math skills a bit.

Nov 18, 2006 12:52 pm

Smith Barney... On the hour commute in in the morning, have a prospect list and cold call small business owners. Get them engaged, leave messages, maybe you can catch a couple and have a nice chat to get a meeting. That hour will fly by.


As for the hour drive home- it will suck after a long and mentally gruelling day. Deal with it. Make follow up calls to prospects, have a couple good conversations with people you are trying to do business with. Use that time to plan out your activites the following day, write down things to do or reminders to yourself. That hour will fly by.


Do not short change yourself, your income potential in the years to come, and your career by going with a DRAMATICALLY lesser firm, just to save a couple bucks in gas and some time away from the family.


Work your ass off for 3 years, and hopefully you will be doing well enough to set your schedule. You can get access to a remote signal where you can work out of your home 1 day a week. You can work from home a couple mornings a week, leave later, beat the traffic, and still be poductive...


As for the kids, your family needs to know that Dad will be working a tremendous amount of time for the next few years. It will make the time spent with them that much more enjoyable...


On another topic- GO JETS!!!! BEAT THE BEARS!!!!

Nov 18, 2006 1:17 pm

I'd go with reputation, for the benefit of your natural market.  W&R's isn't very good.  SB's is much better.  My only question is why aren't you checking out the other wirehouses: ML, MS, and UBS?  Or even AGE (which is nearly a wirehouse)?  Don't just look at one (or two).  Good luck.


Ace

Nov 18, 2006 7:28 pm

I understand what each of you are saying and I agree that SB has the prestiege, name brand and so forth. All things being = I will take the SB job assuming it is offered.


I actually interviewed w/ ML also and they wanted a 2nd interview, but I just didnt feel comfortable there like I do in the SB office or even the WR office. ML is one of the last to follow suite w/ the total wealth managment approach and they are still not much more then a "stock pumper"...I know people that are clients that have been hosed my ML AF's that where being preassured by their BM to toute a stock and make a quick buck...!


And as for WR...Nobody on here has yet to give a single reason why WR is a bad company. You can crack jokes about name brand and being a small company and so forth, but WHAT IN PARTICULAR makes them a bad company to work for?????????????????  I'm looking to make an educated decision and am on this board looking for genuine legitimate insight...not 2 bit jokes that have no merit. WR may be in fact be the trailor trash of the industry and if so fine...I just want somebody to back it up with facts....who, what, when, where why are they a crap pile? What in particular makes them a bad company? From what I can gather they have most of the capabilities of the big boys in terms of products...can somebody give me a comparison approach...?


I'm not knocking this board or anybody on it by the way, but I do see alot of comments w/out any merit. If you're going to bash or toute a company back it up w/ facts.  thanks!


thanks!

Nov 18, 2006 8:26 pm

Here's something specific.  Google "Stephen Sawtelle".


If this is how they treated one of their top people, how will you get treated?

Nov 19, 2006 12:40 am
cfgroup:

I understand what each of you are saying and I agree that SB has the prestiege, name brand and so forth. All things being = I will take the SB job assuming it is offered.


I actually interviewed w/ ML also and they wanted a 2nd interview, but I just didnt feel comfortable there like I do in the SB office or even the WR office. ML is one of the last to follow suite w/ the total wealth managment approach and they are still not much more then a "stock pumper"...I know people that are clients that have been hosed my ML AF's that where being preassured by their BM to toute a stock and make a quick buck...!


And as for WR...Nobody on here has yet to give a single reason why WR is a bad company. You can crack jokes about name brand and being a small company and so forth, but WHAT IN PARTICULAR makes them a bad company to work for?????????????????  I'm looking to make an educated decision and am on this board looking for genuine legitimate insight...not 2 bit jokes that have no merit. WR may be in fact be the trailor trash of the industry and if so fine...I just want somebody to back it up with facts....who, what, when, where why are they a crap pile? What in particular makes them a bad company? From what I can gather they have most of the capabilities of the big boys in terms of products...can somebody give me a comparison approach...?


I'm not knocking this board or anybody on it by the way, but I do see alot of comments w/out any merit. If you're going to bash or toute a company back it up w/ facts.  thanks!


thanks!



Ok those who know me on this board will tell you I'm no fan of Mother Merrill or the wires in general....and with that disclaimer....


If you really think Merill was the last to get on board with the 'wealth management approach' and they're not much more than 'stock pumpers', well dude then you DESERVE to be at W&R.

Man you're a candidate for a daily ride on the hockey helmet bus.....

Just remember....google is your friend....unless you're a MORON!!!!!

By the way, was the BM at W&R wearing a shiny silk suit?

Nov 19, 2006 9:20 am

again, you prove my point....Stephen sawtelle....ok so he got screwed....google ML and SB and read about their class actions...I dont care about that garbage....that happens at all companies...


I more concerned with where I'll have more success at. I know it sounds like leaning towards WR but thats just b/c it'll be more convenient. But all said and done I want to take the one that will afford me a greater chance of success.


In terms of compensation, it appears that WR has a more aggressive plan on the fee based planning side. I actaully have a detailed copy of their plan. I've not specifically talked money in 3 interviews w/ SB, but from what the branch VP said I would have to have under advisement to make $X amount is significantly more then I would have to have to make the same amount at WR. In terms of products they both appear to be about =. In terms of training, SB is more thorough for sure, but WR has product specialists that come into the branch and train you and they have plan & product specialists that help you make your presentations to your clients. As far as how nice each office was...well the SB office is very nice in one of the biggest building downtown....very nice....the WR office is kinda out in the burbs but is also very nice....nothing slouchey about it....and no the BM didnt look like a cheap buy here pay here used car salesman...


Back to product offerings though...WR basically has all of the same products as SB. WR is more oriented towards MF however. WR has slightly less under management, but SB didnt acquire alot of its assetts until the Legg swap and acquisition by Citi so that being said they used to be about the same size. SB's MF are propritary also....btw.


Other then Brand, I dont see much difference. I'm not pro for one more then the other, but just playing devils advocate...I've yet to see anyone on here give a particular reason that WR is a bad company. Serioulsy, can anybody give 1 single reason why?  I don't think you can...

Nov 19, 2006 10:59 am

I shouldnt even justify you w/ a response, but what the hell...


Like I said, you're all fluff....no substance....no facts....nothing but pokey little jabs....


again, I'm not saying WR is even = to SB...not even on the same playing field....by the way their in 2 diff. sectors, but anyway....I'm just challenging somebody to sight a reason WHY WR is bad company and so far nobody has been able to do that.

Nov 19, 2006 12:51 pm
cfgroup:

I shouldnt even justify you w/ a response, but what the hell...


Like I said, you're all fluff....no substance....no facts....nothing but pokey little jabs....


again, I'm not saying WR is even = to SB...not even on the same playing field....by the way their in 2 diff. sectors, but anyway....I'm just challenging somebody to sight a reason WHY WR is bad company and so far nobody has been able to do that.



THey haircut the crap out of you, they pressure you to sell their products, their products suck, they will treat you like a child, and their clients are idiots.

Nov 19, 2006 2:12 pm

THey haircut the crap out of you, they pressure you to sell their products, their products suck, they will treat you like a child, and their clients are idiots.



150% fact  

Nov 19, 2006 4:29 pm

cfgroup,


If you don't think that what they did to Sawtelle matters, you deserve what you get.  


By the way, if you have information about SB or ML treating people that way, you would be an idiot to consider working for them also.



Nov 19, 2006 6:23 pm

  For all of those ignorate enough to think that the Stephen Sawtelle has any merit what so ever to W&Rs current status in the industry I dug up something on S&B. 


http://www.securitiesfraudfyi.com/salomonsmith_barney.html


The Stephen Sawtelle happen over 20 years ago, do you actually think any of the people involved are still with the firm?  Or better yet do you think a potential client has a clue about any of it?  A Smith Barney firm had a fraud case just 3 years ago does that mean S&B is a bad place to work?  Every firm has skeletons Waddells is 20+ years old. 



CFgroup,  I thank you for your thread.  I am still feeling out W&R, but the reason I chose them was because I worked retail sales for 2 years and tried every other firm first and no one would talk to me.  The only downside is the name and trying to sell the name to the customer.  They offer just as many funds as any wirehouse, that was my main question during my interviews.  You are not limited to W&R funds at all, although the way they are performing it might not be a bad thing.  You are not limited on insurance sales either, I already went through all this with my division manager.  I have let the guys on this board get me discouraged about W&R but I am just going to ace the series 7+66 and kick around my options later.  Once, again the only downside I see is the name and they don't whore themselves out on CNBC like every other firm in the industry which makes them not as noticable as other firms. 


Oh, and you are getting a better offer than what I did, they told me I only get 2,000 a month salary + commisions for 12-months. 

Nov 19, 2006 7:07 pm
WADRED:

  For all of those ignorate enough to think that the Stephen Sawtelle has any merit what so ever to W&Rs current status in the industry I dug up something on S&B. 


http://www.securitiesfraudfyi.com/salomonsmith_barney.html


The Stephen Sawtelle happen over 20 years ago, do you actually think any of the people involved are still with the firm?  Or better yet do you think a potential client has a clue about any of it?  A Smith Barney firm had a fraud case just 3 years ago does that mean S&B is a bad place to work?  Every firm has skeletons Waddells is 20+ years old. 



CFgroup,  I thank you for your thread.  I am still feeling out W&R, but the reason I chose them was because I worked retail sales for 2 years and tried every other firm first and no one would talk to me.  The only downside is the name and trying to sell the name to the customer.  They offer just as many funds as any wirehouse, that was my main question during my interviews.  You are not limited to W&R funds at all, although the way they are performing it might not be a bad thing.  You are not limited on insurance sales either, I already went through all this with my division manager.  I have let the guys on this board get me discouraged about W&R but I am just going to ace the series 7+66 and kick around my options later.  Once, again the only downside I see is the name and they don't whore themselves out on CNBC like every other firm in the industry which makes them not as noticable as other firms. 


Oh, and you are getting a better offer than what I did, they told me I only get 2,000 a month salary + commisions for 12-months. 



Thanks for making my point. The other firms wouldn't talk to you because you are a loser and only losers would sign on at WR. You're not here for the truth. You're here for information that will support your stupid mistake.

Nov 19, 2006 7:24 pm

    Their loss, hide and watch!

Nov 19, 2006 7:25 pm

Inner child,  


who exactly do you work for since you know everthing?  I suspect that you dont even work in the field...youre just a wanna be.  A loser that can't land a job as an FA w/ anybody...you're probably still in college praying for the day that you can transfer from the local tech school that your at and maybe just maybe youll get accepted at a reputable university and maybe just maybe you'll land an internship at the local wire house. 


THe WR offers are based on experiance in sales. I have 7 years in sales so I qualified for the higher offer.

Nov 19, 2006 7:29 pm

  let us know where you decide to sign on.  Does that offer come from corporate or from each individual Division Managers descrection?