Problem with Waddell & Reed...

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cfgroup's picture
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I'm new to this board and not yet an FA. I've interviewed 3 times with Smith Barney and sat in twice w/ 2 of their FA's. I'm hoping for an offer this week or next. My headhunter said it almost guaranteed at this point....
At the same time I had WR calling me wanting an interview so I said what the hell...I interviewed w/ them, took the tests etc..They where very positive about moving forward.
Now, today I stumble across this forum and nobody has anything positive to say about WR, but I've yet to read a specific reason why not. I understand their not a wirehouse, but they do offer every product including many many MF's that are not propritary. They said their also moving to an selling stocks in the coming year. The BM I interviewed w/ said their avg. returns range from 12-20% for their clients. Thats in line w/ any wirehouse....
They offered me 65K for my 1st 12 months. So why would I want to work w/ WR v/s SM. SB's offer according to my HH will be 70-80k salary. Thats only about an extra 500-900/month. However, WR is right by my house and the SB office requires a 1 hour commute each way when you factor in traffic in am and pm rush hour. If I go to work w/ SB I'll probably never see my kids. If I work w/ WR atleast I'll be right by the house.
So before I make a dumb decision, can someone please give me some specifics why WR is a bad company?
 
thanks!

cfgroup's picture
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just to clarify, WR said that "if they offer me the salary would be 4k per month 1099" which is about 65k W2 wages.

Starka's picture
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It depends...do you prefer the McDonald's next door, or the fine restaurant
an hour away?

Hands down, no question IMHO; Smith Barney.

My Inner Child's picture
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cfgroup wrote:just to clarify, WR said that "if they offer me the salary would be 4k per month 1099" which is about 65k W2 wages.

 
HAHAHAHAHAHAHAHAHAHAHAHAHA!!!!!!!!!!!!!!!!!!!!!!!!!! How did they explain the math on THAT??????????????

Indyone's picture
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4K X 12 = $48K...with no taxes paid.  Once you pay your income taxes, not to mention roughly 15% FICA & Medicare taxes, you'll be nowhere near $65K.  Much closer to half of that.  I can't think of any fuzzy math that gets this even close to $65K.
If you're gonna make it in this business, you'd better sharpen your math skills a bit.

blarmston's picture
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Joined: 2005-02-26

Smith Barney... On the hour commute in in the morning, have a prospect list and cold call small business owners. Get them engaged, leave messages, maybe you can catch a couple and have a nice chat to get a meeting. That hour will fly by.
As for the hour drive home- it will suck after a long and mentally gruelling day. Deal with it. Make follow up calls to prospects, have a couple good conversations with people you are trying to do business with. Use that time to plan out your activites the following day, write down things to do or reminders to yourself. That hour will fly by.
Do not short change yourself, your income potential in the years to come, and your career by going with a DRAMATICALLY lesser firm, just to save a couple bucks in gas and some time away from the family.
Work your ass off for 3 years, and hopefully you will be doing well enough to set your schedule. You can get access to a remote signal where you can work out of your home 1 day a week. You can work from home a couple mornings a week, leave later, beat the traffic, and still be poductive...
As for the kids, your family needs to know that Dad will be working a tremendous amount of time for the next few years. It will make the time spent with them that much more enjoyable...
On another topic- GO JETS!!!! BEAT THE BEARS!!!!

Ace Planner's picture
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I'd go with reputation, for the benefit of your natural market.  W&R's isn't very good.  SB's is much better.  My only question is why aren't you checking out the other wirehouses: ML, MS, and UBS?  Or even AGE (which is nearly a wirehouse)?  Don't just look at one (or two).  Good luck.
Ace

cfgroup's picture
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Joined: 2006-11-18

I understand what each of you are saying and I agree that SB has the prestiege, name brand and so forth. All things being = I will take the SB job assuming it is offered.
I actually interviewed w/ ML also and they wanted a 2nd interview, but I just didnt feel comfortable there like I do in the SB office or even the WR office. ML is one of the last to follow suite w/ the total wealth managment approach and they are still not much more then a "stock pumper"...I know people that are clients that have been hosed my ML AF's that where being preassured by their BM to toute a stock and make a quick buck...!
And as for WR...Nobody on here has yet to give a single reason why WR is a bad company. You can crack jokes about name brand and being a small company and so forth, but WHAT IN PARTICULAR makes them a bad company to work for?????????????????  I'm looking to make an educated decision and am on this board looking for genuine legitimate insight...not 2 bit jokes that have no merit. WR may be in fact be the trailor trash of the industry and if so fine...I just want somebody to back it up with facts....who, what, when, where why are they a crap pile? What in particular makes them a bad company? From what I can gather they have most of the capabilities of the big boys in terms of products...can somebody give me a comparison approach...?
I'm not knocking this board or anybody on it by the way, but I do see alot of comments w/out any merit. If you're going to bash or toute a company back it up w/ facts.  thanks!
thanks!

anonymous's picture
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Joined: 2005-09-29

Here's something specific.  Google "Stephen Sawtelle".
If this is how they treated one of their top people, how will you get treated?

troll's picture
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cfgroup wrote:I understand what each of you are saying and I agree that SB has the prestiege, name brand and so forth. All things being = I will take the SB job assuming it is offered.
I actually interviewed w/ ML also and they wanted a 2nd interview, but I just didnt feel comfortable there like I do in the SB office or even the WR office. ML is one of the last to follow suite w/ the total wealth managment approach and they are still not much more then a "stock pumper"...I know people that are clients that have been hosed my ML AF's that where being preassured by their BM to toute a stock and make a quick buck...!
And as for WR...Nobody on here has yet to give a single reason why WR is a bad company. You can crack jokes about name brand and being a small company and so forth, but WHAT IN PARTICULAR makes them a bad company to work for?????????????????  I'm looking to make an educated decision and am on this board looking for genuine legitimate insight...not 2 bit jokes that have no merit. WR may be in fact be the trailor trash of the industry and if so fine...I just want somebody to back it up with facts....who, what, when, where why are they a crap pile? What in particular makes them a bad company? From what I can gather they have most of the capabilities of the big boys in terms of products...can somebody give me a comparison approach...?
I'm not knocking this board or anybody on it by the way, but I do see alot of comments w/out any merit. If you're going to bash or toute a company back it up w/ facts.  thanks!
thanks!Ok those who know me on this board will tell you I'm no fan of Mother Merrill or the wires in general....and with that disclaimer....If you really think Merill was the last to get on board with the 'wealth management approach' and they're not much more than 'stock pumpers', well dude then you DESERVE to be at W&R.Man you're a candidate for a daily ride on the hockey helmet bus.....Just remember....google is your friend....unless you're a MORON!!!!!By the way, was the BM at W&R wearing a shiny silk suit?

cfgroup's picture
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again, you prove my point....Stephen sawtelle....ok so he got screwed....google ML and SB and read about their class actions...I dont care about that garbage....that happens at all companies...
I more concerned with where I'll have more success at. I know it sounds like leaning towards WR but thats just b/c it'll be more convenient. But all said and done I want to take the one that will afford me a greater chance of success.
In terms of compensation, it appears that WR has a more aggressive plan on the fee based planning side. I actaully have a detailed copy of their plan. I've not specifically talked money in 3 interviews w/ SB, but from what the branch VP said I would have to have under advisement to make $X amount is significantly more then I would have to have to make the same amount at WR. In terms of products they both appear to be about =. In terms of training, SB is more thorough for sure, but WR has product specialists that come into the branch and train you and they have plan & product specialists that help you make your presentations to your clients. As far as how nice each office was...well the SB office is very nice in one of the biggest building downtown....very nice....the WR office is kinda out in the burbs but is also very nice....nothing slouchey about it....and no the BM didnt look like a cheap buy here pay here used car salesman...
Back to product offerings though...WR basically has all of the same products as SB. WR is more oriented towards MF however. WR has slightly less under management, but SB didnt acquire alot of its assetts until the Legg swap and acquisition by Citi so that being said they used to be about the same size. SB's MF are propritary also....btw.
Other then Brand, I dont see much difference. I'm not pro for one more then the other, but just playing devils advocate...I've yet to see anyone on here give a particular reason that WR is a bad company. Serioulsy, can anybody give 1 single reason why?  I don't think you can...

cfgroup's picture
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I shouldnt even justify you w/ a response, but what the hell...
Like I said, you're all fluff....no substance....no facts....nothing but pokey little jabs....
again, I'm not saying WR is even = to SB...not even on the same playing field....by the way their in 2 diff. sectors, but anyway....I'm just challenging somebody to sight a reason WHY WR is bad company and so far nobody has been able to do that.

My Inner Child's picture
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cfgroup wrote:
I shouldnt even justify you w/ a response, but what the hell...
Like I said, you're all fluff....no substance....no facts....nothing but pokey little jabs....
again, I'm not saying WR is even = to SB...not even on the same playing field....by the way their in 2 diff. sectors, but anyway....I'm just challenging somebody to sight a reason WHY WR is bad company and so far nobody has been able to do that.

THey haircut the crap out of you, they pressure you to sell their products, their products suck, they will treat you like a child, and their clients are idiots.

DirtyDeltaBro's picture
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THey haircut the crap out of you, they pressure you to sell their products, their products suck, they will treat you like a child, and their clients are idiots.
 
150% fact  

anonymous's picture
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cfgroup,
If you don't think that what they did to Sawtelle matters, you deserve what you get.  
By the way, if you have information about SB or ML treating people that way, you would be an idiot to consider working for them also.
 
 

WADRED's picture
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  For all of those ignorate enough to think that the Stephen Sawtelle has any merit what so ever to W&Rs current status in the industry I dug up something on S&B. 
http://www.securitiesfraudfyi.com/salomon_smith_barney.html
The Stephen Sawtelle happen over 20 years ago, do you actually think any of the people involved are still with the firm?  Or better yet do you think a potential client has a clue about any of it?  A Smith Barney firm had a fraud case just 3 years ago does that mean S&B is a bad place to work?  Every firm has skeletons Waddells is 20+ years old. 
 
CFgroup,  I thank you for your thread.  I am still feeling out W&R, but the reason I chose them was because I worked retail sales for 2 years and tried every other firm first and no one would talk to me.  The only downside is the name and trying to sell the name to the customer.  They offer just as many funds as any wirehouse, that was my main question during my interviews.  You are not limited to W&R funds at all, although the way they are performing it might not be a bad thing.  You are not limited on insurance sales either, I already went through all this with my division manager.  I have let the guys on this board get me discouraged about W&R but I am just going to ace the series 7+66 and kick around my options later.  Once, again the only downside I see is the name and they don't whore themselves out on CNBC like every other firm in the industry which makes them not as noticable as other firms. 
Oh, and you are getting a better offer than what I did, they told me I only get 2,000 a month salary + commisions for 12-months. 

My Inner Child's picture
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WADRED wrote:
 
  For all of those ignorate enough to think that the Stephen Sawtelle has any merit what so ever to W&Rs current status in the industry I dug up something on S&B. 
http://www.securitiesfraudfyi.com/salomon_smith_barney.html
The Stephen Sawtelle happen over 20 years ago, do you actually think any of the people involved are still with the firm?  Or better yet do you think a potential client has a clue about any of it?  A Smith Barney firm had a fraud case just 3 years ago does that mean S&B is a bad place to work?  Every firm has skeletons Waddells is 20+ years old. 
 
CFgroup,  I thank you for your thread.  I am still feeling out W&R, but the reason I chose them was because I worked retail sales for 2 years and tried every other firm first and no one would talk to me.  The only downside is the name and trying to sell the name to the customer.  They offer just as many funds as any wirehouse, that was my main question during my interviews.  You are not limited to W&R funds at all, although the way they are performing it might not be a bad thing.  You are not limited on insurance sales either, I already went through all this with my division manager.  I have let the guys on this board get me discouraged about W&R but I am just going to ace the series 7+66 and kick around my options later.  Once, again the only downside I see is the name and they don't whore themselves out on CNBC like every other firm in the industry which makes them not as noticable as other firms. 
Oh, and you are getting a better offer than what I did, they told me I only get 2,000 a month salary + commisions for 12-months. 

Thanks for making my point. The other firms wouldn't talk to you because you are a loser and only losers would sign on at WR. You're not here for the truth. You're here for information that will support your stupid mistake.

WADRED's picture
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    Their loss, hide and watch!

cfgroup's picture
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Inner child,  
who exactly do you work for since you know everthing?  I suspect that you dont even work in the field...youre just a wanna be.  A loser that can't land a job as an FA w/ anybody...you're probably still in college praying for the day that you can transfer from the local tech school that your at and maybe just maybe youll get accepted at a reputable university and maybe just maybe you'll land an internship at the local wire house. 
THe WR offers are based on experiance in sales. I have 7 years in sales so I qualified for the higher offer.

WADRED's picture
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  let us know where you decide to sign on.  Does that offer come from corporate or from each individual Division Managers descrection?

anonymous's picture
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Stephen Sawtelle's case is 20 years old?  Is that what they told you?
He got fired in 1997 and I'm not sure if he has yet been paid for W & R's
behavior.  He certainly hadn't been since May of 2005.

Waddell, ex-broker mediation yields no resolution (Kansas City Business
Journal)

My Inner Child's picture
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anonymous wrote:
Stephen Sawtelle's case is 20 years old?  Is that what they told you?
He got fired in 1997 and I'm not sure if he has yet been paid for W & R's
behavior.  He certainly hadn't been since May of 2005.

Waddell, ex-broker mediation yields no resolution (Kansas City Business
Journal)

Forget about Steven Sawtelle, WR is still the laughing stock of the
industry. Even the kids at american express laugh at them.

cfgroup's picture
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WR and SB offers come right from the BM according to my head hunter. of course I'm sure corp. gives them the discretion they need but under certian guidelines.
I'm hoping to hammer somthing down in the next week or so...
I see Inner Child didnt respond to me....I guess I'm Money! BoooYA!

My Inner Child's picture
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cfgroup wrote:
Inner child,  
who exactly do you work for since you know everthing?  I suspect that you dont even work in the field...youre just a wanna be.  A loser that can't land a job as an FA w/ anybody...you're probably still in college praying for the day that you can transfer from the local tech school that your at and maybe just maybe youll get accepted at a reputable university and maybe just maybe you'll land an internship at the local wire house. 
THe WR offers are based on experiance in sales. I have 7 years in sales so I qualified for the higher offer.

I work for myself.

cfgroup's picture
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So you run your on office as an FA?
What qualifies you to give an opinion on these firms? Have your worked for them?

Starka's picture
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I can't imagine how anyone could equate SB with W&R in terms of AUM or
product offerings. If you honsetly believe that they are equals, go with the
one closest to your home and be done with it. However, please don't think
that anyone with any knowledge of our business at all, here or anywhere
else, to validate your decision. That would appear to be all that you want
anyway.

My Inner Child's picture
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cfgroup wrote:
So you run your on office as an FA?
What qualifies you to give an opinion on these firms? Have your worked for them?

Listen, little girl... if trying to discredit me makes you feel better about the career limiting move you are making, keep your head in the sand. Better you than me.

cfgroup's picture
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well I equate them based on their product offerings. they are about the same. sure WR is more oriented towards MF's but they can basically do anything. SB has their on MF's also.
As for you inner child, that was a great come back. still dancin around like a fool and refuses to answer my questions. I can tell you dont work as an FA. In fact I'm not sure many people reading this forum do b/c if you did it would be too easy for you to offer up a couple sound points of view thats based on facts, not just your arbitrary opinion.

Starka's picture
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To say that WR and SB aren't even close to being in the same league by ANY
metric, including product offerings, is a gross understatement. My only
advice to you would be to check your research very carefully before signing
anything.

WADRED's picture
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anonymous wrote:
Stephen Sawtelle's case is 20 years old?  Is that what they told you?
He got fired in 1997 and I'm not sure if he has yet been paid for W & R's
behavior.  He certainly hadn't been since May of 2005.

Waddell, ex-broker mediation yields no resolution (Kansas City Business
Journal)

Stephen Sawtelle (On Wall Street)
It all happened back in the 80's, we are now in the year 2006 "welcome",
which equals 20+ years.  Even your own article states still in arbitration in
1997 over 10 years ago.  Point is don't hold that against W&R.  I have
never said that Waddell & Reed is a better or even equal company to the
major wirehouses.  Fact is I could care less what name is on the front
door, all I care about is where is the best place for me to make the most
money.  All I ever asked was "can I make money at Waddel & Reed", then
everyone and their secretary (except for My Inner Child, No secretary
there) started dogging W&R.  I don't care who is the best wirehouse all I
care about is making myself and everyone around me more money than
they can ever spend.

Starka's picture
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WADRED, the article states that Mr. Sawtelle was fired in 1997, and that
the arbitration has been going on for eight years. It goes on to say that W&R
is facing a rash of cases, totaling $32.5 million. While I might agree that the
firm shouldn't be slammed for an isolated case, this number suggests that
the behavior is systemic.

My point is that if I were trying to decide between offers from a firm with
this kind of problems and a major, well-respected wirehouse, there would
have to be something extraordinary in the offing from W&R.

tenthtee's picture
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You're a retard and you should go to WR with the other retards. Have a nice day.
I'd hate to know your inner child. You've got about as much intellectual firepower as "Joe duh browkah" going on this string or forum. "All us kids at American Express" think you are really funny. Thanks for the cheap adrenaline shot.

wlooney's picture
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This is the dumbest conversation I have ever heard. W&R is crap. The people in the office near me are the most unprofessional people I have met in the business. While that doesn't mean that's how it is everywhere, let's explore only the obvious:
It has already been brought to your attention that (just like with eddy jones) they will "force" you to push certain products.  How they do that, I don't exactly know.  I actually interviewed at my local office and was told you can offer other products, but their products are so good that it is "frowned upon" to offer anything else. I of course walked out the door with no intentions of going back. 
Secondly, are you seriously going to compare the resources you will get at SB with the resources at W&R?  I have not worked there, but if it's anything like MS (and I am sure it is) you will have experts in every possible area at your disposal.  If they are not in your office, they are a simple phone call away.  If you have a serious money prospect, you'll be surprised to know that they will do anything in their power to help you secure them as a client, which means if someone local can't help, they will fly an expert in or at least go through a conference call with you.
There are many more, but I have already typed too much, so I'll just mention that you will have many more products to offer.  For me, it's our second to none fixed income products and alternative investments.  For you, if you land the SB job, you obviously have superior banking products and services at your disposal.  These of course should count towards you asset goals as a trainee.  If you are not sure about that, ask the BM.  It's amazing how much easier it is to get in and talk with someone with money when you have something different to offer.  Where is W&Rs competitive advantage?
Sorry about the long post, but you wanted clear and concise reasons why MS, ML, SB, UBS are better.  I hope this helps.
 

tenthtee's picture
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 I don't care who is the best wirehouse all I care about is making myself and everyone around me more money than they can ever spend. 
Considering the boomers are in trouble, Social Security and Medicare are failing, and the level of financial ignorance in this country, that shouln't be too hard. With America's leadership position in free marketing and the development of Asia, and creative debt restructuring, the party should continue.
As for the little blowhards at the big wires (not the big producers who already feel good about themselves), let them pump themselves up here before their next review with their sales manager. They're just trying to feel better in case they get moved out of the bosses' window desk.
Here is WRs competitive advantage as my competitor: staying power, and down to earth individual reps, like anywhere else. Some folks can't wait to get to MS, (which was in the dog house with reps a year ago), so they can figure out if the grass is greener at ML, SB, UBS. Some reps just have a need to pee on their industry colleagues to feel good about themselves.

anonymous's picture
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Wadred, can we assume that you failed any test that included reading comprehension?  
 

wlooney's picture
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I believe I discussed the "down to earth" part of our local W&R office.  The most unprofessional people I met with in my few interviews.
Whether they are like that everywhere (as it appears is most people experience in here) or not,  you don't have much right to attack my post.  I kept it specific to the facts for the most part, and W&R will ALWAYS be fighting an uphill battle because of those facts.  That's all cfgroup wanted to hear; compelling reasons why not to go with W&R.  I think I provided him something to think about.
As far as your MS attacks go, you aren't hurting my feelings.  Your "exposing" MS as being in the doghouse last year, and their complete turnaround this year is a perfect example of how volatile this business can be.  Who really cares.  It's the same story everywhere, if you don't produce you get shown the door.  I agree that we shouldn't attack our colleagues (a philosophy that you aren't exactly following that well right now, either).  I just don't support companies that push particular products.  It's not ethical.  Believe it or not, when the big wigs come down from NY to talk with us, they tell us to do what is best for our clients every time.  I've heard the stories about W&R and EJ "pushing" non-compliant people out of the door one way or another and it upsets me.  At least the major wirehouses tell new hires upfront that if they don't reach certain goals by certain time periods they are out.  If you don't like it you have the option to do something before hand.
tenthtee wrote:
 I don't care who is the best wirehouse all I care about is making myself and everyone around me more money than they can ever spend. 
Considering the boomers are in trouble, Social Security and Medicare are failing, and the level of financial ignorance in this country, that shouln't be too hard. With America's leadership position in free marketing and the development of Asia, and creative debt restructuring, the party should continue.
As for the little blowhards at the big wires (not the big producers who already feel good about themselves), let them pump themselves up here before their next review with their sales manager. They're just trying to feel better in case they get moved out of the bosses' window desk.
Here is WRs competitive advantage as my competitor: staying power, and down to earth individual reps, like anywhere else. Some folks can't wait to get to MS, (which was in the dog house with reps a year ago), so they can figure out if the grass is greener at ML, SB, UBS. Some reps just have a need to pee on their industry colleagues to feel good about themselves.

dude's picture
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To all the individuals asking for input on their interest in Waddell and Reed.
First, understand that this is not a career choice like most others...where you choose to work WILL greatly affect your opportunities down the road. 
If you are really successful at Wadell then fine....you'll have many options.
Someone commented (as a potential NEW Financial Advisor) that they don't care about what name is on the door, just where can he make the most money.  OK, for a little insight...NAME does affect potential for success.  If you were a wealthy person and you had to choose between a broker who could TRULY leverage a world class financial firm with expertise ranging from industry leading stock and market analysis to the intricacies of estate planning or insider stock/options transactions who is also a household name....OR some 'down to earth' guy who could essentially hawk mutual funds, VA's and insurance?
I don't care what Waddell and Reed says about what products they offer.....they are NOWHERE near a major wirehouse.  I know this because I worked with a lady who came to a wirehouse from W&R (I assure you it's extremely rare for a wirehouse to hire an 'average' W&R rep) and she was EXTATIC about the exponential increase in capabilities she had at the wirehouse. 
I also ended up going to work for a bank that promised they could do everything that a wirehouse could (other than fee based)...well, I found out that in order to do stock business I had to buy a subscription for research from a company that covered maybe 500 companies and my recommendations had to be limited to those stocks!!! In addition, I did not have any access to quotes, realtime or otherwise, I had to go to the internet!  I said "forget it" and ended up hawking mutual funds and annuitites.
For people who have no clue about the business to be strutting around like they do is stupid.  
Sure some posts are a bit harsh here, but what do you want; people to be nice or straight up honest.  Truth is of value whether wrapped in thorns or rose petals.
You're getting free career advice here, which you asked for and most here who have been around are shooting you straight: Waddell and Reed is a hack shop where it will be much more difficult to gather assets, grow a business and become truly competent at delivering a complete financial package to your clients.
Quit digging yourselves into a hole.  Remember that right now you have no clue what this business is like...I did probably 10 times the research that most do before getting into this business and I was completely suprised by all the misconceptions I had.  Take heed if you truly care about your success....pride will get you cut down real quick.

My Inner Child's picture
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F this punk. Let him learn his own lessons. It's a moot point because he can't get hired by a real firm anyway. His only choice is WR or cosmetology school.

skolbrother's picture
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dude, you are so right and i was going to post to that effect but this individual is choosing not to listen. the problem with people at certain firms is they don't know what they don know because they have never had access to the product and platforms they don' know.

troll's picture
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skolbrother wrote:dude, you are so right and i was going to post to that effect but this individual is choosing not to listen. the problem with people at certain firms is they don't know what they don know because they have never had access to the product and platforms they don' know. Who's on second?

My Inner Child's picture
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Joined: 2006-10-08

joedabrkr wrote: skolbrother wrote:dude, you are so right and i was going to post to that effect but this individual is choosing not to listen. the problem with people at certain firms is they don't know what they don know because they have never had access to the product and platforms they don' know. Who's on second?

I saw The Who a few nights ago. They were "on second" after The Pretenders.

skolbrother's picture
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Joined: 2005-07-12

Who, is Jones gp in China i think.

tenthtee's picture
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Joined: 2006-11-16

Who really cares.  It's the same story everywhere,
 
About sums it up. Last I checked, it was the bottom line that matter. Considering the industry and its clients, I'll bet a young guy could get as good a start at WR as he could anywhere. Each to his own personality. Plenty of good reps I know at WR.

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Joined: 2006-06-03

Wow. You should be a politician. You took my words, twisted them, and regurgitated them in a way that makes it look like I made your argument.
You don't know what the hell you are talking about and that's the harsh reality.  Go back and read dudes post, as it sums this argument up quite well. To say that someone starting at WR could do as well as he could anywhere is completely ignorant and naive. They do not have the resources and therefore cannot attract nearly as many HNW individuals and businesses as a major wirehouse.
Those are the simple facts. Stop fighting them.

troll's picture
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skolbrother wrote:Who, is Jones gp in China i think.NO...that would be Mr. Hu .

Proton's picture
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Joined: 2005-08-28

There are some good posts on this thread and dude and wlooney and others make their points quite effectively.
I'll simply add one anecdote to the comments thus far about W & R.
I had a new prospective client in my office a few months ago that was (at that point) a W & R client.  Her exact words after just a few minutes to me were "you are a lot smarter than the guy at Waddell and Reed."  Needless to say, it wasn't too tough to get that account.
Anyone with half a brain knows that these guys are a schlock outfit and cannot be compared in any way to Smith Barney, ML, MS, AGE, EJ (yes even EJ), etc.
Does this mean that the proponents of W & R are in the 'half a brain' or less crowd?  Yes, indeed it does.
I respect the fact that the rest of you, in good faith, tried to explain the facts to these guys, but I think you are wasting your time.  Not to worry though - just think of them as future sources for incoming ACATs.
 

troll's picture
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Proton wrote:Does this mean that the proponents of W & R are in the 'half a brain' or less crowd?  Yes, indeed it does.
I respect the fact that the rest of you, in good faith, tried to explain the facts to these guys, but I think you are wasting your time.  Not to worry though - just think of them as future sources for incoming ACATs.
 Sometimes you just can't stand between a man and his learning experiences....Love the "source of ACATS" idea!

tenthtee's picture
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Joined: 2006-11-16

Those are the simple facts. Stop fighting them.
Yet WR continues to occupy a place in the market. A person could sign on, go through the training, join the men's or women's league at a couple of local muni golf courses, and make as much as anyone at any wirehouse. While one greaseball in a suit dials and sweats, and closes with his manager,  the peon proprietary fund guy swings and sweats, and closes with a few beers.  Guess you got it all figured out.
To quote a big hitter, Joe dah browkah, master of dah wun linah,
Sometimes you just can't stand between a man and his learning experiences....

tenthtee's picture
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Does this mean that the proponents of W & R are in the 'half a brain' or less crowd?  Yes, indeed it does.
You high rent fans really deserve each other.

tenthtee's picture
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Joined: 2006-11-16

They do not have the resources and therefore cannot attract nearly as many HNW individuals and businesses as a major wirehouse.
The Ivory Tower speaketh. Most HNWs look will looking  at your eyes while you explain that fancy MSAWS report.

skolbrother's picture
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Joined: 2005-07-12

tenthtee, this is simply a question. Do you honestly believe individuals and institutions with greater than 5 million do not look at the resources backing the eyes they are looking at?  My experience is that they do.

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