Waddell & Reed "100 commission" Reviews | Glassdoor.ca

Waddell & Reed Employee Reviews about "100 commission"

Updated Nov 3, 2017

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3.0
39%
Recommend to a Friend
69%
Approve of CEO
Waddell & Reed CEO Philip Sanders
Philip Sanders
55 Ratings
Pros
  • "Waddell & Reed Mutual Funds are fantastic with great leadership at the flagship(in 25 reviews)

  • "Exposed me to investment advisory and financial planning(in 20 reviews)

Cons
  • "Also they don’t pay for any of your licensing, so until you’re(in 22 reviews)

  • "100% commission and it can be difficult to build your own book from scratch(in 17 reviews)

More Pros and Cons

Reviews about "100 commission"

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  1. Helpful (1)

    "Financial Advisor"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Anonymous Employee 
    Recommends
    Negative Outlook
    Approves of CEO

    I worked at Waddell & Reed full-time

    Pros

    Ability to set schedule. No ceiling on earning abilities.

    Cons

    No benefits, 100% commission, must pay for office space, tech fees.

    Waddell & Reed2017-11-03
  2. Helpful (1)

    "Financial Advisor"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Financial Advisor in Tampa, FL
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at Waddell & Reed full-time for less than a year

    Pros

    Great work/life balance as you set your own schedule. Co-workers are kind and considerate. Upgraded technology with e-sign capabilities.

    Cons

    100% commission and it can be difficult to build your own book from scratch. Training not for beginners. Must have an understanding of the industry and have experience with Financial Planning. High fee structure. Managed account can only incorporate proprietary funds. Individual securities and non-proprietary funds held through third party brokerage (Pershing) and the ppw is hectic.

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    Waddell & Reed2017-05-12
  3. "Great Company"

    StarStarStarStarStar
     
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Waddell & Reed

    Pros

    Strong Support System. They give you the tools to be successful. Management is awesome and always there to help and steer you in the right direction. Office and staff is super friendly, feels like a family.

    Cons

    100% Commission, hard to hit benchmarks

    Waddell & Reed2016-09-30
  4. Helpful (3)

    "Financial Advisor"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Financial Advisor in Chicago, IL
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at Waddell & Reed full-time for more than a year

    Pros

    Good place to be an advisor if you already have a book of business. Above average payouts compared to industry standard.

    Cons

    Very tough place to break into the business. Upper management is all over the place, you have three different managers telling you nine different things. Little to no product training, you are all on your own in a business that requires guidance in the beginning. It is also a very conservative place to work. Also very proprietary, you can only sell W&R or Ivy funds and those haven't been so great in recent years. Worst part of all is you are on 100% commission from day one.

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    Waddell & Reed2016-09-28
  5. "Financial Advisor"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Contractor - Financial Advisor in Greenville, SC
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at Waddell & Reed for less than a year

    Pros

    Good Funds, Sponsoring for Series 7, 66, etc...

    Cons

    100% commission, Pyramid Scheme, Impossible goals for a young professional to meet. bringing in almost 300k in assets will only last you for 6 months, then you wont meet your production requirement anymore. To survive a full year, you roughly have to bring in 1 million in assets and if you choose the 3 yr upfront payment (Big Mistake) then you have to bring about the same amount the following years. Also choosing the 3 yr upfront payment, you are liable for "unearned" commissions should one of your clients leave, or should you leave and bring clients with you.

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    Waddell & Reed2016-04-27
  6. "Extremely tough to get started"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Contractor - Financial Advisor in Austin, TX
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I have been working at Waddell & Reed for less than a year

    Pros

    Everybody is very friendly, especially the Managing Principal. She goes out of her way to help you. Good benefits package.

    Cons

    Building your own book of business while making 100% commission is really difficult. It takes a really long time to get off the ground.

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    Waddell & Reed2016-03-14
  7. "Ehh"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Freelancer - Financial Advisor in Chamblee, GA

    I have been working at Waddell & Reed for less than a year

    Pros

    Good pay if can support yourself financial for a little over 6 months.

    Cons

    100% commission, they do not tell you the whole true of what they offer and when they offer it.

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    Waddell & Reed2015-08-27
  8. Helpful (4)

    "Advisor"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Anonymous Employee 
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I worked at Waddell & Reed full-time

    Pros

    Freedom to set your own schedule.

    Cons

    You need to meet your quota every quarter for the first year or they let you go. 100% commission. You spend money and it can take a while to close a deal. They want access to your network. If you fail, they still have your network.

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    Waddell & Reed2015-05-21
  9. Helpful (1)

    "Awesome Opportunities"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Financial Advisor in Colorado Springs, CO
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Waddell & Reed for more than 3 years

    Pros

    There is no ceiling on what you can do here if you're willing to work hard to achieve it. Being committed will earn the support of upper management; if you don't have the drive to succeed as an entrepreneur, don't bother. If you're just looking for a paycheck, don't bother. But, if you want to build a business that is targeted to your individual strengths and goals, this is the best opportunity available. Overall, commission schedules are better than they are at other firms.

    Cons

    Being a 100% commission business does lead to personal budget worries; if you don't already know this about being an advisors, then you don't know what you're getting into. Expect to put in 50 - 70 hour weeks the first few years (you are building a business).

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    Waddell & Reed2014-11-04
  10. "Overall, Waddell and Reed is a good company."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Financial Advisor in Sherman Oaks, CA
    Recommends
    Neutral Outlook
    Approves of CEO

    I have been working at Waddell & Reed full-time for more than a year

    Pros

    My manager was great. Pretty extensive and continual support of financial representatives.

    Cons

    100% commission. Only approximately 50% of their employees make it past their first year. No one has heard of Waddell and Reed for the most part.

    Continue reading
    Waddell & Reed2014-10-24

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