Waddell & Reed

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Nov 29, 2005 6:51 pm

Can anyone tell me anything about this firm?  Good, bad or ugly, I may work with them, but want more opinions from my fellow professionals.  Thanks

Nov 29, 2005 8:35 pm

Proprietary products.

They sell their plans as a package (a la the former American Express).

Nov 30, 2005 12:24 pm

W & R has a pretty good line of funds, expenses and sales charges may be a bit high. They also own Ivy fund company, which also is solid and is brokered out by many other dealers. They have been around for a long-time and must do ok. They pretty much serve the middle class. They might be a good place to learn the business for a few years.

Nov 30, 2005 1:09 pm

Looked at them briefly in my search for independence.  They appeared to be a firm that really emphasized financial planning, which is certainly not a bad thing at all.  In the end, I went with LPL because I wanted to operate as a true independent and I didn’t get he impression that I would have as much freedom.  That said, they looked like a decent firm with a good local reputation.

Nov 30, 2005 1:43 pm

You should look into some of their settlements regarding (truly) abusive annuity settlements over the last few years.

From what I recall most of the Ivy funds were pretty lame...

Nov 30, 2005 2:15 pm

Look at Asset Strategy and Global Natural Resources....I will sell those.

You may be right about abusive annuity sales, that is prolly just a few bad reps making improper reco's.

Nov 30, 2005 3:05 pm

Actually, if I recall, it was a firm wide decision to move clients with a certain type of prop annuity in to a new annuity type, thus causing a great deal of churning… Could be wrong, but probably not because I am the smartest person ALIVE…

Nov 30, 2005 3:50 pm

Yeah , I think you are right actually.

Nov 30, 2005 10:59 pm

It was a corporate strategy.

Dec 2, 2005 9:59 am

 I worked for W&R many years ago, before they had any training salary. Good place to get your feet wet with financial planning.However you as an adviser can only sell W&R funds and Ivy, most of which suck. Check out the Morningstars on 'em. I recently rolled about 300,000 out of a new clients IRA with W&R, it was easy.

Point being, you'll get clobbered by the competition without the ability to offer many different funds, and W&R doesn't sell stocks. Also limited to 1 or 2 insurance companies. W&R also caters to middle/ low income. So if YOU want middle to low income yourself, go with W&R.


Dec 3, 2005 3:30 am

In my lame opinoin. Waddell and Reed didn't seem to have a good "consumer" opinion. I looked at that when trying to find the right firm to work for. Let me know how it goes...

As for annuities... we gotta stop pushing clients into these. I cannot stand annuities. Sorry, that's a little off topic.

Dec 8, 2005 3:18 am

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