Repapering at Waddell & Reed?

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Aug 2, 2011 10:54 am

Is Waddell & Reed requiring its advisors to repaper all of their clients' investment accounts by June 27, 2012? Has anyone at Waddell left because of this?

We've heard that many advisors may decide to leave the firm if they have to repaper their accounts anyway. If you have left Waddell recently because of this, please contact me at [email protected] I'm trying to get more information about this.

Sep 8, 2011 8:10 am

The BRSU initiative was one of several reasons I left W&R. It wasn't the major one, but I figured if I had to repaper my book I could just as easily do it elsewhere and pick the clients I wanted to move.

Sep 8, 2011 10:01 am

What is BRSU iniiative, and what do you mean by repapering your book ?

Sep 8, 2011 5:54 pm

W&R looks like a terrific up and comer to me.  If you want "sans bank" i think it's worth a look.

Sep 10, 2011 8:56 am

BRSU is Books and Records. W&R is moving to the SunGuard suite of software. It's been in process for a number of years and the rollout to the field was delayed several times.

"Repapering" is a term that means all the accounts (with some exceptiosn for their managed account program) need new account paperwork filled out, signed, and processed. The advisors have 10 or 11 months to complete the process. The division office then has a couple months to complete the rest. Accounts not repapered will be turned over to a call center and not returned to an advisor- at least that was the process in place when I left the firm.