Waddell and Reed FInancial Advisor Position Questions Please Help!

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Sep 17, 2015 6:08 pm

I am in interviews for Waddell and Reed Financial Advisor position. They say no base salary and it is all commission based. They do not pay for your licensing exams but they claim to reimburse you for them. Anyone with any thoughts if I should continue with interviews? What is a realistic salary from commissions in the first few years of working at Waddell and Reed? They say I can make over 100,000 dollars but are they lying or is it truly possible? I am new to the finance world so forgive me for any naive questions but any helpful tips would be greatly appreciated. Thank you!

Sep 18, 2015 9:53 pm

I will say that your first 5 years will be the toughest building your book. The 100k a year could be realistic depending on your market and how well you connect and close deals. One question to think of is how much time are you willing to go and network, contact prospects, and put in long hours building your business? I’m not trying to sound negative or scare you but just wanted to share some experience with you. If they’re hiring you they should reimburse you once you provide proof of passing. When you are in the final stage I would inquire about their commissions grid, E&O insurance, and other associated fees you may have to cover.