How to get a job at Waddell & Reed.

Do you work at Waddell & Reed? How did you find the job? How did you get that first interview?

Any advice for someone trying to get in?

Be polite!

I just found out that Waddell and Reed only sell's mutual funds. How much longer is this company going to be in business with that outdated investment vehicle? My guess, until there are no more baby boomers left (which may be a little longer) since they are the only ones still using that archaic method to invest. I only have three letters for you, Waddell and Reed, ETF! Look for a job at more progressive wirehouses or broker/dealers.

I am in the process of interviewing. I've torn apart their internet site and all their materials. They are a full service brokerage firm that focuses on long term financial planning. They do have their own mutual funds, but if you see a better choice for your clients, you can sell anything. They are not looking for the day trader mentality.

As for the question of how I got the interview, I found them on a career site and submitted my resume through it. I also submitted through their company site. I got a quick response because I did both. The manager even commented on it.

The first interview was pretty standard. They asked me questions and then I got to ask them questions. I'll post more after my second interview. Good luck!

I completed the second interview and really enjoyed it. I felt comfortable just being myself. All I can say is that Waddell and Reed have some nice people working for them. I have one more meeting with them tomorrow. Hopefully it will be a formal offer!

My advice to a successful interview is to show them:

1. How outgoing and personable you are.
2. You are an energetic, super hard worker.
3. You are confident that you can do this job.
4. You are goal oriented.
5. Most importantly, you are concerned for the well being of the client (That's why I am getting into this business).

With all this and dedication, discipline, and desire you will be successful as a Financial Advisor.

Good luck everyone!

I thought I would post my results with Waddell & Reed. I was offered a position and I accepted it. It has been a "hit the ground running" situation. I have already taken my Life and Health exam and got an 88. Not bad for just 6 days worth of studying. My next hurdle is the series 7 and 66. I know they are monster tests, but I have been busting my tail learning the info. I am shooting for A's. If you have any questions about what it is like starting off at Waddell & Reed, let me know.

Take care and good luck!

Houstenor - I am interviewing with Merrill next week. Does Waddell offer a base salary while you are training?

Waddell is worst than Ameriprise. Ameriprise let's anyone in as long as you show up for the interview. Waddell does the same thing.

Financial advising at these firms are more like sales position in a pyramid scheme. Truth.

What is the base salary? How is the training set-up? How do you find clients? How is your experience so far?

that is interesting - I didn't think anyone was worse than Ameriprise!!! I have a interview with the managing director at Merrill next week, so hopefully that is a good sign and they will make an offer.

Merrill is a good firm. Even though i don't like the financial advisor route, Merrill lynch looks great on your resume and they actually let you expand to other ventures.

firm like Ameriprise, Waddell & Reed, & Fisher Investments stay clear. Other companies knows those positions are more sales than actually finance.

njpilot in North, New Jersey said: Houstenor - I am interviewing with Merrill next week. Does Waddell offer a base salary while you are training?

Unfortunately, they don't have paid training like some firms offer. I am lucky that I am a former teacher that is still getting paid my salary until Aug 15th. I hope to have all my exams done by then.

They do have a base salary after you get your licenses like a lot of folks. It is $2k a month thing for the first 12 months after your can-sell date. You can earn more than that with commissions. It completely depends on how much work you put into it.

I have a rebutle for some of the other comments on this thread recently. My father is a veteran financial advisor who works for Edward Jones. I spoke to him about Waddell & Reed before I accepted the position. He and his regional leader both say that Waddell & Reed is one of the good guys in the business. What makes them one of the good guys is that they are client centered. When a client sees that you are not looking at them for the next big commission, they stay and refer others. When you are in a market like we are now, clients can figure out pretty fast if you are acting in their best interest. If they think you are more interested in your own preservation, they will pull their accounts and go elsewhere. I am embarking in this business to help people. That is the kind of person I am. I know that at whatever company I hang my hat at, my clients will come first.

Waddell & Reed doesn't take just anybody. They do take a chance on people who haven't been in the business before, but you have to show that you are a hard worker and have been successful in your previous career.

I can't comment on Merrill because I haven't worked for them. It would be unfair to make comments on a company that I don't know anything about.

Good luck and I hope you find the job that is right for you.

Some Guy Man in New York, New York said: Waddell is worst than Ameriprise. Ameriprise let's anyone in as long as you show up for the interview. Waddell does the same thing.

Financial advising at these firms are more like sales position in a pyramid scheme. Truth.

Did you use to work for Waddell & Reed?

robertocp1999 in Louisville, Colorado said: What is the base salary? How is the training set-up? How do you find clients? How is your experience so far?

I answered the question on base salary in an earlier post.

The training is set up in 12 (2 hour) modules. Depending on your manager, you can do them all in a week or spread them out over time before you get your licenses. You will either be trained one-on-one or with other new hires. If you don't have your Life & Health, Series 7 & 66 licenses, you are on your own to learn the material and pass the exams. W&R gives you 6 months to do this once your testing window is open. This is plenty of time to get your licenses and stay at your current job. Many people are in that position.

As for client development, W&R finds out what your strengths are and together you tailor make a strategy to use to get clients. They want you to feel comfortable in your sales approach. Some people cold call, door knock, teach seminars, or attend networking meetings. In my situation, I am a 12 year veteran of teaching. I am going to set up seminars for retirement planning for the staff at my last school. My former boss will introduce me to other principals and get me in the door to do that at other schools. I also know the superintendent and will see what he can do for me as well. I have the potential to reach over 35,000 employees. I have a connection with them because I was one of them and know what financial struggles they face.

They also have lead sheets, demographic studies, and other resources to maximize your advertising efforts.

So far my experience has been really good with W&R. Right now I am primarily studying on my own, but the admin there has been on top of the whole licensing process. I get calls from them to see how I am doing and update me on anything I need to know. It has been a very professional experience. Tomorrow I go in for my first module of training.

Good luck!

I am currently studying for the exams as well. Just received my insurance study material in the mail. Any advice on how to study and pass the insurance exam? I am 22 and excited about this career. Houstenor, you have given some great info and advice on the site. Thank you.

bulldog153 in glenview, Illinois said: I am currently studying for the exams as well. Just received my insurance study material in the mail. Any advice on how to study and pass the insurance exam? I am 22 and excited about this career. Houstenor, you have given some great info and advice on the site. Thank you.

I went to Kaplan.com for my cram session. I just buckled down and read the entire book, highlighted like crazy, and took the chapter tests 4 days before the session. I wanted to make sure that I had a basic grasp of the information. Up to that point is was ZERO!

At the reveiw session, they gave us a condensed version of the book with the most tested information. After the session, I went home and took the provided sample exam test to gauge my progress. I scheduled my test the day after the cram session so the information stayed fresh. The day of the exam I went to starbucks and looked over the condensed book that I had highlighted during the session for a few hours before the exam and took it.

They gave me 2 1/2 hours to take the exam. I took 2 hours to take it. I could have blown through it faster, but I wanted to make sure I read each question carefully. I am of the mind set of it doesn't matter how long it takes as long as you get it right.

I just finished reading the books for the Series 7. I am going to review next week, take the Kaplan cram session the following week, and off to the exam before the end of July.

Thanks for the compliment. I am glad that my info is helpful. Good luck on your exams!

Well, I took the 7 this week for the first time. I got an 87 on it. It makes all that studying worthwhile. Now it is down to the 66. I am doing the same strategy of studying hard (this time a shorter period of three weeks), take a cram session, and pass the test.

I am ready to get to work and find some clients to help out. Good luck everyone!

bulldog153 in glenview, Illinois said: I am currently studying for the exams as well. Just received my insurance study material in the mail. Any advice on how to study and pass the insurance exam? I am 22 and excited about this career. Houstenor, you have given some great info and advice on the site. Thank you.

How is the studying going? I took the 66 today and passed. That was a nerve racking exam. The 7 and L&H was a cake walk compared to that one. Don't blow off the 66. Good luck with your exams!

Houstenor in Tomball, Texas said: How is the studying going? I took the 66 today and passed. That was a nerve racking exam. The 7 and L&H was a cake walk compared to that one. Don't blow off the 66. Good luck with your exams!

Passed L&H and just bought my Series 7 material. Any advice on how I should study for it. I am takin the cram school the week of Sept 22 so I have a few weeks to look over the book. Could you suggest which topics I should focus on the most? Any advice would be greatly appreciated. Thanks!

All I can say is start studying now. Options seems to throw everyone a curve. My advice with Options is follow the money. I can't really tell you what you need to focus on because it covered everything.

What materials did you get? If it is Kaplan materials, then it is super super boring and not very helpful. The cram class however was great. It helped solidify what I had been studying for 6 weeks. I used the Empire Stockbrokers Training Institute materials instead of Kaplans. It was so straight forward to understand, but remember that it is a lot to learn.

Don't wait to study until the cram class because you will fail. A collegue of mine tried that. He was cocky about just needing the cram course and he failed. If you fail the exam, you have to wait 30 days before you can take it again.

Once you get the exams out of the way, it feels like a huge weight is lifted off your shoulders. Good luck my friend. Put in the time and you will do great!

My superior told me to read the whole book once and then go back and do the review tests in each chapter. Is that good advice or would you suggest another way to do it? Also, my office insisted I use Kaplan material. Should I get Empire or just go with Kaplan? How many weeks should I study before taking the cram school?

That is a good way of studying, but what really helped me was to make notecards as I read each chapter. It is time consuming, but it makes review so much easier. I was able to take the cards with me to flip through the day of the test to remind me the items I was having difficulty with. It totally is up to how you study.

It cost me $200 for the ESTI materials(Book, Sample Tests, and CD). It was straight forward and easy to understand. It took out the fluff and gave me exactly what I needed to know. The Kaplan pre-study materials are so BORING and cerebral.

I studied a total of 6 weeks, 5 days a week, for 6-7 hours a day. Then I took the cram class. It really brought everything together. Let me know how you do.

To Houstenor and Bulldog153,
I am a retired Army officer and am currently a teacher. Teaching is fun but difficult to live on the salary. I'm seriously looking at other venues. I've interviewed with Edward Jones, found their techniques of door knocking not to my liking. Then I ran across W&R at a job fair and have interviewed once, was asked to come back for a second look. So far, I like what I see, the flexibility of the job once all the exams are completed is to my liking. How do you see yourselves getting clients if not door knocking?

I met up with some W&R people at FPA-Boston and they seemed like "good people". I also like their client focus, and when I told them I was interested in FINANCIAL PLANNING (v. financial product sales) they did not laugh at me. I've just taken the CFP exam in November and am in process of contacting them for follow-up and direct interviews in December. I'm a career-changer (engineer with an MBA) and a personal lifetime interest in financial planning topics . . . How much do you think one could make within the first year (2K/m ?) and within 5 years if I work real hard?

SpiderLakeCottage_com in Tucson, Arizona said: To Houstenor and Bulldog153,
I am a retired Army officer and am currently a teacher. Teaching is fun but difficult to live on the salary. I'm seriously looking at other venues. I've interviewed with Edward Jones, found their techniques of door knocking not to my liking. Then I ran across W&R at a job fair and have interviewed once, was asked to come back for a second look. So far, I like what I see, the flexibility of the job once all the exams are completed is to my liking. How do you see yourselves getting clients if not door knocking?

Say, how did your interview go in Tucson? Did you hire on to W&R? What has you experience been so far.... can you make any money?

Thomas in Grayling, Michigan said: Say, how did your interview go in Tucson? Did you hire on to W&R? What has you experience been so far.... can you make any money?

Thomas, the interview went fine. I like most everything about WR. They are decent, friendly and cooperative. I accepted their job offer and I am now getting into the series 7, 66 and state/health. This job offers me the flexibility to do other things e.g. Spider Lake Cottage in the summer which is just north of you by 45 minutes in Traverse City. So I'm pleased so far and I will post my findings as I move along here in the next few months.

Siper Lake, yes. Since you're a reitred Army officer, you must know of our National Guard base up here in Grayling?

Did W&R set you up with an office, or do you work out of your home? As an Army officer (Ret.) with obviously a pension from Uncle Sam, can someone like me - a career changer with limited income - survive on theor beginning salary?

Should I stay in Michigan - economy is SOOOOO bad here - or relocate?

Thomas, I spent a few summer's training at Camp Grayling and actually worked their as a Range Control Officer. During lunch, I would throw on my SCUBA gear and recover old bottles and trash on the lake bed that the early lumberjacks used to leave on the ice during the winter.

My pension enables me to do this job. But in 2007, we saw the economy crumbling in Michigan so we pulled plug and left to sunny Arizona. In the summer, we return and enjoy Jun - Aug. Waddle and Reed will allow you to do this as long as you are making your numbers and you are comfortable with the situation. You can actually conduct financial planning in two different states as long as you reciprocate license.

WR does provide you with an office but charges you a monthly fee of 150 for the rent, electronics and insurance. You get a base of 2000 during your first year which is really your training period.

I think the principal officer manager is important too, the compliance officer who will help train you. If you have a good one in the first three years, you should have no problem with this career.

Thanks SpiderLake !

SpiderLakeCottage_com in Tucson, Arizona said: To Houstenor and Bulldog153,
I am a retired Army officer and am currently a teacher. Teaching is fun but difficult to live on the salary. I'm seriously looking at other venues. I've interviewed with Edward Jones, found their techniques of door knocking not to my liking. Then I ran across W&R at a job fair and have interviewed once, was asked to come back for a second look. So far, I like what I see, the flexibility of the job once all the exams are completed is to my liking. How do you see yourselves getting clients if not door knocking?

I hadn't checked this thread in a while because people weren't posting. I have been activated with Waddell and Reed for three months now and I love it! It isn't easy though. You have to have several different ways to find clients. I use email campaigns, high net worth lists that are scrubbed for the do not call list, teach seminars, networking groups, and participate in trade shows. Starting off is hard because no one knows you are out there. It is all about branding yourself as an expert. They say it takes 3 years to really start cooking in the business because by that time you have repeat business and referrals coming in on top of your prospecting activities.

Waddell & Reed have many resources on the advisor website to help you promote your business. You have to find what works for you and do it and do it consistently. I am closing on business that I started prospecting back in September. It is a numbers game and the more you put yourself out there the better chance of striking gold. I have to remind myself that every "no" I get is one more step to getting a "yes".

Good luck and let me know if you get in with W&R.

SpiderLakeCottage_com in Tucson, Arizona said: Thomas, I spent a few summer's training at Camp Grayling and actually worked their as a Range Control Officer. During lunch, I would throw on my SCUBA gear and recover old bottles and trash on the lake bed that the early lumberjacks used to leave on the ice during the winter.

My pension enables me to do this job. But in 2007, we saw the economy crumbling in Michigan so we pulled plug and left to sunny Arizona. In the summer, we return and enjoy Jun - Aug. Waddle and Reed will allow you to do this as long as you are making your numbers and you are comfortable with the situation. You can actually conduct financial planning in two different states as long as you reciprocate license.

WR does provide you with an office but charges you a monthly fee of 150 for the rent, electronics and insurance. You get a base of 2000 during your first year which is really your training period.

I think the principal officer manager is important too, the compliance officer who will help train you. If you have a good one in the first three years, you should have no problem with this career.

If you get into the New Advisor Program the $100 technology fee is waived for the first 6 months. I am only paying for the health insurance that is $60 a month.

Also, once you reach your commission base of $17500 you can start getting the extra commission you earn on top of the 2k a month. I am still working hard to reach that. I have 40 appointments scheduled during the last two weeks of December so hopefully I will knock it out of the park and start making more salary sooner than later.

My Managing Principal thinks that making 50k in the first year is doable, but you got to work for it.

Glad to see you are joining the firm! We'll have to connect via email once you get set up.

Does Waddell & Reed help with Business Development, or is one on their own to drum up business?

How do they set up "areas" or "accounts" so that you're not stepping on your colleagues toes?

The managing principal of the office - how do they earn their compensation? Is this a pyramid?

What does the $100 technology fee cover?

Do they pay for FINRA licenses?

Thank you in advance for your answers and insight.

Does Waddell & Reed help with Business Development, or is one on their own to drum up business?

When you come on board with W&R you are trained while you get your feet wet. They don't just shove you out in the world and say good luck and pray you figure it out. My managing principal has really done a great job of helping me out. I came from a completely different field. He showed me different ways to prospect clients. My pipeline has filled up and things are really rolling now.

How do they set up "areas" or "accounts" so that you're not stepping on your colleagues toes?

W&R doesn't assign territories. I haven't had to worry about stepping on the other advisors toes. I'm in Houston, so it is rare to accidently prospect the same people. I have found that the experienced advisors don't even prospect anymore because they are getting referrals and repeat business from their clients. With the new advisors in my office, we share with what we are doing. We typically do different things and celebrate each other's successes.

The managing principal of the office - how do they earn their compensation? Is this a pyramid?

Advisors are contractors on a 1099. Managing Principals are employees of W&R and get a salary. They do get incentives when the advisors under them are successful. However, their incentives do not come out of your commissions. It isn't a pyramid scheme as some people think.

What does the $100 technology fee cover?

There is a ton of software and internet tools you get with the Tech fee. There is too many to list. It is something you have to pay, but if you get into the new advisor program, they waive it for the first 6 months.

Do they pay for FINRA licenses?

You do have to come up with the FINRA licensing fees at first. They did pay my renewal fee for my state the next time around. If you have clients in other states, you have to pay for those licenses.

I hope this info helps and good luck!

I have an interview at Waddell & Reed tomorrow. Any advice for me?

Houstenor - How is it going at Waddell? Are you building a client base?
Thanks much!

Hennessy1985 in La Crosse, Wisconsin said: I have an interview at Waddell & Reed tomorrow. Any advice for me?

Houstenor - How is it going at Waddell? Are you building a client base?
Thanks much!

Just be as polite, friendly and professional as possible!!!

Thanks! Did you get hired on at W&R? How is it going?

No, I did not pursue the position, but I suppose the job is open for me if I decide to go for it.

W&R does look for professionalism.... be polite, but do not be afraid to speak up, as they do want people with a certain amount of initiative / assertiveness.... my best wishes for you at W&R.

Rather, I just learned I PASSED the CFP Exam that was given in November 2008. I now want to focus my search to become a fee-only financial planner as this is more aligned the goals and objectives of both me and my clients.

I have been contacted by a Regional Office, they are interested in speaking with me regarding a managerial and/or advisor position.

Has anyone interviewed for a managerial position with them, and if so what tips do you have to offer.

I have been in the Compliance area of the financial world for the last 10 years and hold numerous licenses.

TKS

Houstenor in Tomball, Texas:

I just read all that you had to say and it is extremely helpful. I am a former 4th grade teacher in PA. I am going for my second interview as were some others above. I only taught for one year. My wife is a 4th grade teacher too. I was in the Lions Club (quit), and the Freemasons (quit), I am currently involved in my local church (Glad Tidings), but I'm new to Shillington, PA (PA Dutch populated). I hope I am making the right choice. I'm an extrovert and a millitary vet. How are things for you now with about a year in?

Things are going well after my 1 year anniversary with W&R. Here are a few things to consider before taking the plunge.

1. Have some savings you can tap if you need to. If you aren't on a draw (small salary), there will be some pay periods when you get nothing. That will change, but it takes time.

2. Learn how to prospect effectively. The days of cold calling are, for the most part, dead! Who likes to call people and be told no, no, no, no, maybe, no, no, no!?!? Do things like trade shows, client/guest events, take clients to lunch and invite their co-workers, networking, & join the chamber.

3. Marketing - Find a something that makes you different and use it to brand yourself. I was tired of being 1 of 12 financial advisors at networking meetings and getting lost in the crowd. I found a niche that had never been used. People now know me before I even meet them. I just started branding myself 4 months ago and it has been PRICELESS to my business.

If you have any other questions, you can email me at my handle plus yahoo dot com Good luck with your career. It is such a rewarding business helping people!

So, curious. Are you the "Singing FA?"

Houstenor in Tomball, Texas said: Things are going well after my 1 year anniversary with W&R. Here are a few things to consider before taking the plunge.

1. Have some savings you can tap if you need to. If you aren't on a draw (small salary), there will be some pay periods when you get nothing. That will change, but it takes time.

2. Learn how to prospect effectively. The days of cold calling are, for the most part, dead! Who likes to call people and be told no, no, no, no, maybe, no, no, no!?!? Do things like trade shows, client/guest events, take clients to lunch and invite their co-workers, networking, & join the chamber.

3. Marketing - Find a something that makes you different and use it to brand yourself. I was tired of being 1 of 12 financial advisors at networking meetings and getting lost in the crowd. I found a niche that had never been used. People now know me before I even meet them. I just started branding myself 4 months ago and it has been PRICELESS to my business.

If you have any other questions, you can email me at my handle plus yahoo dot com Good luck with your career. It is such a rewarding business helping people!

I would like to thank everybody who has posted to this forum as all of your information has been very helpful and insightful!

I'm currently in the process of scheduling an interview with W&R as well as EJ and I'm liking what I hear about W&R. The home office is very close to where I currently live and the company that I am currently employed by deals with their FAs on a regular basis. (I'm a transfer agent for a third-party company and have been for four years now; I deal with mutual funds, namely 529 college savings plans that I will definitely pitch when I become an FA)

I know that FAs through W&R are on a 1099, but what about benefits? Is there some kind of group insurance that they allow you to participate in or are you out on your own? And, since I'm currently not licensed for series 7 or 66, do they reimburse you the costs for taking the exams?

Any insight would be greatly appreciated.

Note: This forum is so much better than others I've read! No flaming :)

Also, might I add that the insurance would just be for my wife and myself, so there would be no more dependents than that. Thanks again!

Well, I was offered the position at Waddell and Reed. Fortunately I get unemployment too - ($475) per week for 23 more weeks. That should offset the no pay during training costs. I am anxious about the intense first year (my wife receives love via quality time, aka helping her with her "teacher stuff"). From what I gather I will be out and about until...like, 8p.m. pounding the streets for clients. The good thing I hear is the pay is good and the customers are happy.

Edward Jones was soon to offer me the position as well, but W&R pays more, has a better buisness model, and has a team in the office (I don't like the E.J. isolated office idea). The choice of 2 payment methods of W&R are kinda of a bummer. Either I have to make a certain comission to get a 2K base pay, or do the all commission plan. I guess it keeps people from slacking.

Today I sign my life away and cut an $833.80 check for the tests.

Also, Houstenor in Tomball, Texas, did you earn enough the first year to say it was worth it? Do you reccomend the all comission , entrepreneur plan or the 2K a month rising professional plan?

Cory, how you doing at Waddell......I'm almost going to be in same boat as you. Small salary (if) I meet the quota.

I will test for the series 7 come November 24th. They want me to do it sooner but I need lots of study time. I got a 72 on the insurance test. At my office they don't want us doing anything but the entrepreneur track to keep motivated. I'll be liscensed folowing the Series 66 in December. I have some in savings to take over unemployment pay (which is 950 every 2 weeks) once liscensed. You are a true worker then and should not have the unemployment in place...just looks bad like you plan to suck at your job. I need to start memorizing the FPP!

You need to buy a digital tape recorder, lots of white shirts, shiney dress shoes that you can polish, a nice watch, a few nice pens, a few good suits, etc... for the job before you are liscensed...highly reccomended.

Good Luck on the 7. Just do allot of the practice test, and you'll be fine.

Did your mentor show you how you gonna get 300 leads to get your first paycheck?

I'm worry about even getting my first pay check.

I have been talking to WR and might interview early 2010, the main reason I am looking at them is they seem to have a decent hybrid model for dually registered advisors. The fee-only cult likes to say advisors that are positioning themselves as fee-based are still doing 95% commission business with 5% of clients in mutual fund wrap accounts. I understand the purpose and function of the fee-only model but personally the dual registered route is more appealing to me and the WR platform might work for me. My problem is I have been a licensed rep in the industry for many, many years but never built a book of my own. And since I have a very specific vision for my business plan there are only so many firms that fit the model for what I need.

I have to agree with some of the other posts, if you are new to the industry or just getting your 7 you might want to try a bigger name firm first, especially if you have a clean record and went to college. Name recognition and a good training program are huge advantages when you are first starting out.

With WR I’m just scared that I will be expected or encouraged to sell their proprietary funds. Some of their lower minimum managed accounts are just WR and Ivy Funds that charge around 1.5%. That’s pretty bad. But for $50,000 and above things start to look better.

I’m also a little bit hesitant because it seems like their advisors are quasi-independent as the website states, plus the bottom-line is they are a mutual fund company as well as a publicly traded company, those conflicts of interest could be too significant to overcome.

I have been a licensed rep for about 8 years and honestly I never really heard of WR, good or bad. But in today’s environment of public hatred and distrust of all things Wall Street and Big Business maybe it could help to work for a lesser known name.

Has anyone worked with them recently who was not a brand new advisor?