Waddell & Reed or Prudential -or other
I'm a mid-career finance professional who is being recruited by both Waddell & Reed and Prudential for the Financial Advisor position. Second interviews coming up. Looking for a change and considering giving it a shot. I'm willing to accept a drastic pay cut for a few years and willing to work hard to make it work. I'm open to selling insurance and/or investment products, so either path is ok with me.
I've read every post on this site about both companies, and both seem lower tier. So, I have three questions:
1) Should I forget about both companies and start cold calling Edward Jones or a different company? Many posts say ED is a great place to start, offers base salary and training, etc. Of course, others say it's not a great company.
2) Are there significant fees I have to pay out on a monthly basis even if I'm not generating business? Assuming I'll hear about this on the next interview. But it looks like WR charges you a number of fees. So, if it doesn't work out in a year, I haven't earned much if anything AND I'm out many thousands in fees? What about Prudential?
3) What sort of support/training/lead generation do these companies offer? I don't mind being thrown to wolves. I'll jump right in and work as hard as I have to. BUT I need a company that is willing to meet me half way with decent support. If their business model is hire first year rep, advise to sell to friends and family, let him burn out and move onto next candidate, I'm not interested.
Anything you can possibly tell me would be much appreciated. Thanks!
I took my own advice, cold called EJ and got a phone screen set up. I also spent the last few hours reading the posts on this forum, including the 500 day war, and others about how successful FAs are making it. So forget my questions, I answered them myself. But stay tuned... I might have something intelligent to ask soon.
Do yourself a favor and ask yourself what kind of advisor do you want to be? Comprehensive financial planning as an independent advisor is far different than an employee at a firm who teaches you to door knock to get clients. The "fees" you speak of are to get your licenses, not to pay W&R directly. Any company offering to pay you to test probably doesn't care of you fail - you leave behind your top 200 friends & family names. If you really want to join this business to help people succeed in reaching their financial goals & dreams stop thinking about your pocketbook short-term and start thinking about the company who does Plannning the right way - client first. Waddell & Reed has an impeccable track record of successful training - don't take my word for it. Do the research.