Waddell & Reed Info

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May 15, 2008 7:40 pm

Can someone tell me what limitations or obstacles I might face working at Waddell & Reed? 

May 19, 2008 1:15 pm

Are you dense?  People have responded multiple times to your question.


Did you not search for "Steven Sawtelle"?  It's pretty obvious you didn't.  If you had, you would stop asking the same question over and over again.
 
For the love of all that is holy, search on the internet for Steven Sawtelle.  Report back to us what you find.  Then ask us what we think of W&R.
May 19, 2008 1:20 pm

Hope this helps




Ethics?



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Joined: July 19 2007
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   Quote  Reply Posted: May 17 2008 at 4:38pm


PraiseHim,

I formally worked, and actually started out at W&R prior to going the insurance BD route.  Feel free to PM me with your questions about W&R and I will do my best to answer them.

EDJ would probably be most comparable to W&R as the prospect base is nearly identical (size of assets, income etc,..).  However EDJ, would have a better track, as I understand it, to run on.  A bank would have a salary, captive clients, a comfort that the other options would not provide, but with that comes an ever decreasing payout.  W&R sells "financial plans" (which are cookie cutter plans) and then their MF's to implement said plan (although I understand they may be just allowing large producers to sell individual stocks, though I cannot be sure if this is accurate). In my experience insurance was rarely sold at W&R - and if it was, it would have been term with a non-mutual ins. company. The wirehouses would also rarely sell insurance, as your primary concern is in asset gathering.

Where do you want your practice to go?  What are your strengths?  My wife had a patient the other day who is an EDJ broker going on 12 years.  Naturally, he asked what her husband did. She told him that I worked for an Insurance company.  He said that he "Couldn't imagine selling insurance ALL DAY".  Well, I couldn't imagine knocking on doors to open a Roth or searching for assets all day!  The point is, it depends on what gets you going and what best compliments your strengths.

If what you want to do is gather serious assets and have a sophisticated platform for the Investments - then ML, SB, Morgan Stanley might fit your bill. EDJ would differ with the wirehouses in that they deal more with middle America and thus have a less sophisticated platform.  Obviously, their approach is unique as is their office setup. However, if what you want to have is more of a focus in Life Insurance & financial planning, with the ability to place securities business then NYL, MassMutual, NWMFN or Guardian may suit you better. There again, if you wish to sell overpriced financial profile MODIFIED plans called 'focus plans' that are not worth the paper they are printed on 5 min. after the ink dries - then perhaps W&R is your flavor.

At the end of the day there are people successful and rather happy at all of the above mentioned outfits.  Even W&R, I think.

FWIW, If I were to start again and all the choices were before me - the companies that would be on my short list would be:

Middle income investment management
1. EDJ
2. AGE (Only second because of the recent change)
3. Any Bank Program
4. W&R

Insurance & Financial Planning
1. NYL
2. Guardian
3. MassMutual
4. NWMFN

Wirehouses
1. ML
2. Wachovia/AGE
3. SB
4. MS
5. UBS

IMHO, Insurance & Financial Planning route gives one the most liberty, prospects and future options.  Of course that is what best compliments my strengths.

Agent
May 19, 2008 3:24 pm

DK,

 
Look at the date I posted that question.  No one responded so I tried in another forum.  freaking relax.  And if it bothers you just ignore it.  Yes, I have read the results of the Sawtelle lawsuit.  Yes W&R screwed him and he won.  You saying not one other firm in the history of this business has ever made an unethical decision?  Or emplyed unethincal FA's like Old Spice talked about? 
 
I was asking for actual experiences from those who had worked there regarding training, platform, structure, etc..  Did you work there?  For crying out loud they have 2,000+ FA's you would think one or two are on here with either good or bad testimonies.
 
Agent finally found one of the posts and gave me more details in a reply just the other day......hence the reason for posting similar question after not getting response in other forum earlier.......are you so dense you can't figure that out?
 
It's not like there is a lot of info about W&R on here like there is for EDJ or others.  You would think that if W&R is the great evil they would take more of a beating then EDJ.
 
 
 
 
May 19, 2008 3:44 pm
PraiseHim:

DK,

 
 
It's not like there is a lot of info about W&R on here like there is for EDJ or others.  You would think that if W&R is the great evil they would take more of a beating then EDJ.
 
 
 
 
 
It's kind of like beating up on a retarded kid.  It's unfair and just isn't right...hence why we don't beat up on W&R.
May 19, 2008 5:30 pm

My mistake on the date posted.  I realize you re-posted the question one day after you posted your original inquiry about W&R.


That said, if you still don't get it after I've referenced Steven Sawtelle TWICE (!), you should work for W&R.  Or EJ.  Or whoever you can get an offer from.  'Cause people with no common sense don't survive in this business.  It won't matter what firm you work for.
May 19, 2008 5:50 pm
PraiseHim:

DK,

 
Look at the date I posted that question.  No one responded so I tried in another forum.  freaking relax.  And if it bothers you just ignore it.  Yes, I have read the results of the Sawtelle lawsuit.  Yes W&R screwed him and he won.  You saying not one other firm in the history of this business has ever made an unethical decision?  Or emplyed unethincal FA's like Old Spice talked about? 
 
I was asking for actual experiences from those who had worked there regarding training, platform, structure, etc..  Did you work there?  For crying out loud they have 2,000+ FA's you would think one or two are on here with either good or bad testimonies.
 
Agent finally found one of the posts and gave me more details in a reply just the other day......hence the reason for posting similar question after not getting response in other forum earlier.......are you so dense you can't figure that out?
 
It's not like there is a lot of info about W&R on here like there is for EDJ or others.  You would think that if W&R is the great evil they would take more of a beating then EDJ.
 
 
 
 
 
 
Touchy, touchy.
 
Naturally, I looked first at your moniker and then read your post, and it reminded me of those folks who put the Christian "fish" (Ichthys) on the backs of their vehicles and then shoot the bird at anyone and everyone who cuts them off in traffic.
May 19, 2008 6:51 pm

I don't think I'm the touchy one.....I was attacked and referred to as dense and retarded for searching additional information beyond the Sawtelle deal, not to mention not having any common sense.  I like the application of broad generalizations based on such little knowledge of me.


That woud be like me saying you were a complete dumb ass for not knowing the differences if you asked who the best golf instructor would be to learn from.  I use this analogy because I was a PGA golf pro and tournament mini-tour player for 7 years.  Each major instructor has a different approach to developing a golf swing/player and if the beginner can't discern the difference who woud be best then I could just chalk it up to them not having any sense.  If that's the case, 99% of the smartest and successful people who are trying to learn the game of golf would be considered dense because I can guarantee they will not be able to determine who the best teacher is based on the success of their students. 


I don't have any fish or lame dove stickers on the back of my car for that very purpose.....I enjoy telling people to f--- off when they cut in front of me.....or anytime and any reason for that matter.....it makes me feel good about myself to belittle and be condescending to others.  Actually, this might help all the dense people to identify with me and think it's Ok to be a Christian and tell others to F--- off and then want to make a decision to accept Jesus as Lord & Savior.  (Ok....a hint of sarcasm there)
 
So now that I know about Sawtelle, DK told me to ask what everyone thought of W&R......your thoughts?  Just kidding.  Agent gave me the scoop based on his actual employment with W&R.
 
I appreciate the enlightenment through all the detailed feedback on W&R.
 
 
May 19, 2008 7:43 pm
PraiseHim:

I don't think I'm the touchy one.....I was attacked and referred to as dense and retarded for searching additional information beyond the Sawtelle deal, not to mention not having any common sense.  I like the application of broad generalizations based on such little knowledge of me.


That woud be like me saying you were a complete dumb ass for not knowing the differences if you asked who the best golf instructor would be to learn from.  I use this analogy because I was a PGA golf pro and tournament mini-tour player for 7 years.  Each major instructor has a different approach to developing a golf swing/player and if the beginner can't discern the difference who woud be best then I could just chalk it up to them not having any sense.  If that's the case, 99% of the smartest and successful people who are trying to learn the game of golf would be considered dense because I can guarantee they will not be able to determine who the best teacher is based on the success of their students. 


I don't have any fish or lame dove stickers on the back of my car for that very purpose.....I enjoy telling people to f--- off when they cut in front of me.....or anytime and any reason for that matter.....it makes me feel good about myself to belittle and be condescending to others.  Actually, this might help all the dense people to identify with me and think it's Ok to be a Christian and tell others to F--- off and then want to make a decision to accept Jesus as Lord & Savior.  (Ok....a hint of sarcasm there)
 
So now that I know about Sawtelle, DK told me to ask what everyone thought of W&R......your thoughts?  Just kidding.  Agent gave me the scoop based on his actual employment with W&R.
 
I appreciate the enlightenment through all the detailed feedback on W&R.
 
 
 
Nobody called you retarded.  I know of a wirehouse guy that played on the PGA Tour, now he's got a $100MM+ book.  It beats getting drunk in trailers and trying to make it through Q school every year.
 
Jul 24, 2008 11:54 pm

Did you ever start at Waddell & Reed? I was offered a job and I am still thinking about it.

Jul 25, 2008 10:03 am

DOn't most of them work from home?  I met a girl that worked from them.  Her business card listed a "regional office" that she was based out of, but that was 100 miles from her home, where she really worked out of.  She had no real goals, it seemed sort of like a Primerica thing.

Jul 25, 2008 3:17 pm

Jannie,

 
I started with W&R before they even approved my application, did my 52 hours for insurance, went to a few weekly meetings and then found out the real truth.  They said they would pay me $2,000/month salary after licensing.  Turns out this is not a salary but rather a loan against my future commissions.......basically what we refer to as a forgivable draw.  Plus, their approach requires you to initially solicit your close friends and family.  I wasn't comfortable with that approach.  I would rather walk up to a complete stranger and have them spit in my eye.
 
Plus, you are stuck selling only W&R funds.  Their mutual funds and brokered life insurance is it.  I'm not in the business yet but it feels a bit limited to me. 
 
Their training process is very shoot from the hip approach compared to Jones from what I can tell.
Jul 25, 2008 6:57 pm

Hello,

 
I was also offered a job from Farmers Insurance any advice?
Jul 25, 2008 9:48 pm

Praisehim, may I respectfully suggest that you change your screen name?  I'm saying this because you have probably given enough personally identifying information to allow someone who knows you to know that Praisehim is you.

Jul 30, 2008 9:20 am

The Ivy Funds Wholesaler was in our office last week and I was asking him about his parent company Waddell & Reed.  He said that W&R has some good funds and good management but terrible Advisor Platform.  He said based on what he saw at their annual meeting he would be surprised if W&R kept the Advisor Platform open through 2008.  I don't think W&R makes any money off their advisor platform, I think IVY funds and particular IVY asset strategy makes them pile of money every year. 

Jul 30, 2008 11:59 am
BullBroker:

The Ivy Funds Wholesaler was in our office last week and I was asking him about his parent company Waddell & Reed.  He said that W&R has some good funds and good management but terrible Advisor Platform.  He said based on what he saw at their annual meeting he would be surprised if W&R kept the Advisor Platform open through 2008.  I don't think W&R makes any money off their advisor platform, I think IVY funds and particular IVY asset strategy makes them pile of money every year. 

 
Yeah, but they make a good amount of money on Fred's Natural Resources fund too.  A lot of advisors are going to be dissappointed in the Asset Strategy fund when it returns 7% in a 15% year.  They're still selling it as this fund that did 40% in 2007.
 
I personally like the IVY Asset Strategy/Blackrock Global Allocation mix as a part for many of my accounts.  Good track records and it's something the EDJ/Primerica/Ameriprise/and other clients aren't hearing about.
 
 
Aug 9, 2008 11:12 pm

I presently work at W&R and may not be pleased with many things, but I'm happy with many of the resources available to me, the flexibility (we don't have to sell W&R funds), and the fundamental approach.

PraiseHim:
 Plus, their approach requires you to initially solicit your close friends and family.  I wasn't comfortable with that approach.  I would rather walk up to a complete stranger and have them spit in my eye.



I don't know what your local office recommends, but obviously most new advisors will have to find a market somewhere. A lot of sales organizations recommend contacting your "natural" market rather than cold-calling, which I have found to be the best way for me to build my practice.

PraiseHim:

Plus, you are stuck selling only W&R funds.



Absolutely false. W&R has selling agreements with many mutual fund companies, including the darling of EDJ - American Funds.

PraiseHim:

Their mutual funds and brokered life insurance is it.  I'm not in the business yet but it feels a bit limited to me.



Most W&R advisors are unable to directly purchase stocks, derivative contracts, and bonds. I am not a stock picker and do not feel that I have the time or expertise to do so. I feel mutual funds and indexes suit most average investors.


[quote=PraiseHim]Their training process is very shoot from the hip approach compared to Jones from what I can tell.[/quote]

I don't have any experience with Jones, so I can't comment. Every W&R office is going to have different training procedures. My office's training is horrible, for example, but if you're ambitious enough to be in this type of career, you can find your own resources and training within the organization or without.

While W&R may not have a great reputation here, I believe there are lots of bad apples within every financial organization. I know that I am an ethical advisor that seeks to always do the best for my clients. I have taken accounts away from Jones and wire houses alike, because I'm providing service above and beyond what an asset-gatherer typically does.

Hope this helps. I'll do my best to be an unbiased perspective.
Aug 14, 2008 8:45 pm

Dee I can't help but LMAO until I cry everytime a Wadred newbie asks about Waddell.  Your post is probably a good indication about how long the rep will last