Taken aback. Waddell & Reed Hiree, Prudential stil

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primetime21335's picture
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Guys.Guys.I just f***ing read that W&R thread I stumbled upon from google and I am befuddled. Why the hell is W&R a resume killer?Look, you guys were kind of a d*** to the guy who was hired there and started the topic years ago, so let me make this very very clear, I DON'T KNOW sh*t ABOUT THE INDUSTRY AND I am hoping for some knowledgeable people to really try and help me. Take me under their wing if you will.Here is the deal. I'm coming out of college and I do a great interview, but my gpa is only like 2.8. It's not on my resume and not a single place has asked me it yet (interestingly enough).I f***ing killed my 2 W&R interviews, I'm saying dude sped up the process for me and everything I just connected with him quickly. It seems like a great firm and that I will fit in well. I am interested in helping people, it's one of my biggest things. However, probably, ultimately, THE biggest thing is making money. I don't want to just be like a stock broker though you feel me? I don't want to just push product. I want make a postiive difference in people's lives. That is important to me.1.Does anyone here have experience with W&R?2.  My main concern is earnings potential. Can I be making a 100k/yr living in 7-10 years if I am highly motivated here?I am still in the running for Prudential, but they are more demanding with their 200+ known list before hiring. Here is the thing, I speak very well, I am confident and not afraid to be told no at all. My MAIN concern is building an initial base of clients. I am %110 confident that once I develop that initial base, the sky is the limit, and every one of my clients will be satisfied. I am that focused, that dedicated, and that determined.But 200 people with all their info is a f***ing bitch.Penn Mutual tried doing that same sh*t but I guess because I didn't think I would make 100k my first year they quit the interviewing process. I'm so confused. I'm laying it out there guys. 21 graduating from a major university with average grades, very nervous. Getting a job offer these days is hard, and I have one now, I accepted, but I am still exploring options.I need some advice from people who know the business and really want to help me out. I have no idea what I"m getting in to. Please. Someone help me.Thank you.

OS's picture
OS
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Joined: 2008-11-03

W&R is a joke.

NOVA's picture
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Joined: 2005-01-11

I think you could make $100K in 7 years and you write better than most.  I would also look at the bank channel and perhaps even team up with someone at a larger firm.  Call Stifel too since everyone seems to speak so highlt of them.  Where are you?  East Coast, West, or somewhere in between?

mattk20's picture
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I think the thing some people here seem to forget is his options may be pretty limited on picking his firm.  Hiring of unlicensed brokers with zero experience gives you pretty limited options.  I know limited amounts about W&R but they're probably still in the top tier for who actually is hiring new inexperienced brokers.  Along with EDJ.  Otherwise, you're going to firms like Ameriprise, or an insurance company.   W&R might not be the top pick for a licensed, experienced, producing broker making a change but it may not be a bad place to get your feet wet if they're willing to hire you. 

Sportsfreakbob's picture
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Joined: 2008-08-24

Primetime -No disresspect meant when i say this - i understand you are just out of school and only want to help....with that said....You have no idea what you are getting into. The large majority of folks who get into this business fail. That includes guys with 20 years business experience. And thats in a good market, right now people who were reasonably successful are on the verge of failing out.I am sure you are as good as you say, and while some might think your arrogant, i find it refershing for a kid out of school to hve that much confidence. But give yourself a fighting chance.First of all, forget about making 100k your first year. Plan to starve.Forget about coming into the brokerage business right out of school. F-A-I-L-U-R-EGet a sales job. If you want to be in financial sales, look at AXA, Northwestern. But it really doesnt have to be insurance. Just sales. You could sell trucks. It doesnt matter. Do it for 2-3 years. Use it to get sales experience, build a resume and most important build a rolodex of people who trust you.Then go out and join the Financial Planning commiunity, whether its a big firm like Morgan Stanely (or whatever the hell their name is 3 years from now - might be Bank of Iceland the way things are going), or a solid regional or independent firm.Then you will have a fighting chance.

troll's picture
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Joined: 2004-11-29

I'd definitly clean up your language....that many cuss words tends to not make you look too intelligent. If you are starting out with no experience, Edward Jones. And this market is perfect for people starting out. But I'd seriously calm down with all the language...

troll's picture
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wind3574 wrote: I'd definitly clean up your language....that many cuss words tends to not make you look too intelligent. If you are starting out with no experience, Edward Jones. And this market is perfect for people starting out. But I'd seriously calm down with all the language...That's how C students talk.

Amp2Indy2006's picture
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Joined: 2008-08-13

perhaps the 200+ names are all from Tuckstops of America?

Spaceman Spiff's picture
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Joined: 2006-08-08

Anyone but me have fond memories of being that young, confident, and full of myself?  Remember what it was like when you thought you had the world by the tail and that if you could only get a job somewhere you could light it on fire? 
 
Man I miss those days.  Now I get to come to the office, talk with clients who are pissed at the market, the government, and/or me all day long, then go home to do some house chores, hug the kids and the wife (who may or may not be pissed at me that day for some reason), feed the family,  get said kids ready for bed, then crash on the couch just long enough to let the brain settle down before bed so I can get some sleep to do it all over again tomorrow. 
 
primetime - enjoy your youth and your blissful ignorance of how difficult this business truly is.  All of us know without a doubt that if we only had that magical client base that you mentioned that the sky is the limit.  It's getting there that causes the huge failure rate in this industry. 
 

jkl1v1n6's picture
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Joined: 2008-10-06

Spaceman Spiff wrote:Anyone but me have fond memories of being that young, confident, and full of myself?  Remember what it was like when you thought you had the world by the tail and that if you could only get a job somewhere you could light it on fire? 
 
Man I miss those days.  Now I get to come to the office, talk with clients who are pissed at the market, the government, and/or me all day long, then go home to do some house chores, hug the kids and the wife (who may or may not be pissed at me that day for some reason), feed the family,  get said kids ready for bed, then crash on the couch just long enough to let the brain settle down before bed so I can get some sleep to do it all over again tomorrow. 
 
primetime - enjoy your youth and your blissful ignorance of how difficult this business truly is.  All of us know without a doubt that if we only had that magical client base that you mentioned that the sky is the limit.  It's getting there that causes the huge failure rate in this industry. 
 
 
Amen to everything you said!  Is this what they call a rut?

troll's picture
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Spaceman Spiff wrote:Anyone but me have fond memories of being that young, confident, and full of myself?  Remember what it was like when you thought you had the world by the tail and that if you could only get a job somewhere you could light it on fire? 
 
Man I miss those days.  Now I get to come to the office, talk with clients who are pissed at the market, the government, and/or me all day long, then go home to do some house chores, hug the kids and the wife (who may or may not be pissed at me that day for some reason), feed the family,  get said kids ready for bed, then crash on the couch just long enough to let the brain settle down before bed so I can get some sleep to do it all over again tomorrow. 
 
primetime - enjoy your youth and your blissful ignorance of how difficult this business truly is.  All of us know without a doubt that if we only had that magical client base that you mentioned that the sky is the limit.  It's getting there that causes the huge failure rate in this industry. 
 You could fix a lot of that if you were to sell index annuities.

Spaceman Spiff's picture
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Joined: 2006-08-08

No, then I'd have to add "track down my cocaine dealer so I can live with myself" to my to do list.  I just don't have that kind of time. 
 
j - yes, I think it is.  I'm not quite old enough for a mid life crisis car, but I'm seriously thinking about trading in the family minivan on this:
 

 
If I could only figure out a way to get the kid's car seats into the thing. 

voltmoie's picture
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Joined: 2008-11-05

This post is a joke!  W&R Rocks bro - you'll be a stud there.

OS's picture
OS
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Joined: 2008-11-03

Have you thought about washing your mouth out with a bar of f***ing soap?

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Spaceman Spiff wrote:No, then I'd have to add "track down my cocaine dealer so I can live with myself" to my to do list.  I just don't have that kind of time. 
 
j - yes, I think it is.  I'm not quite old enough for a mid life crisis car, but I'm seriously thinking about trading in the family minivan on this:
 

 
If I could only figure out a way to get the kid's car seats into the thing. 
 
Spiff,
 
Why on EARTH would you buy a Ford, when for the same price you could be driving Italian beauty (Gallardo, used F430), or even getting some bond action (not bondAGE) in an Aston Martin?!?!?
 
We need to have another talk.  Apparently the kool-aid is affecting your overall decision making ability...  (don't hold this against me, I'm starting the weekend early).
 
Seriously though, Gallardo or F430 > Ford GT (insert any number you like here).

Moraen's picture
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Joined: 2009-01-22

Waddell and Reed is garbage. 
 
Primetime, you seem motivated and self-assured.  I hope that doesn't translate into destroying clients lives based on the crap at W & R.

nestegg's picture
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Joined: 2007-06-14

I feel ya dawg...thats hot yo!

squid66's picture
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Joined: 2009-03-30

You are clueless.  What makes you think you can peddle mutual funds for a third rate firm when you cant even come up with 200 prospects to peddle life insurance to.  Certainly there are some badass college bars that you will hire you.

primetime21335's picture
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Joined: 2009-03-24

The language was out of line. Sorry guys. I'm not going to lie, I had been drinking a little bit when I wrote that and I was totally bugging out when I read the post made a few years ago where everyone here bashes W&R.It seems like most people here don't really have a great reason why W&R is so bad, which is kind of what I was looking for. "W&R sucks" just doesn't mean much to me.Why are the other suggested companies better to target? Say 10 years from now I choose to move out of W&R, won't that HELP my resume that I already have a lot of experience and some success at firm selling funds and insurance?Is there any advice you guys can give me to help me be successful? squid66, I'm graduation college, I barely know 200 people. In fact I told it to these two girls the other day, and they said the same thing - i don't even know if I know 200 people. Let alone 200 people I can contact and try to sell things to. I'm 21 and I guess you could say I should have been preparing better for this the past 4 years, but I honestly was clueless as to what I'd really do as FA. I honestly thought you'd work at a firm and the firm would appoint you clients. Stupid? Yes but hey how would I know?Advise guys? And thank you to the serious responders, it is greatly appreciated.

primetime21335's picture
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Joined: 2009-03-24

spaceman spiff, this may sound silly, does footballsfuture.com ring a bell? If not nevermind ignore that.And I'm on the north east coast.

primetime21335's picture
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Joined: 2009-03-24

*graduating college* uh, I hate when I make typos. 

Spaceman Spiff's picture
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primetime21335 wrote:spaceman spiff, this may sound silly, does footballsfuture.com ring a bell? If not nevermind ignore that.And I'm on the north east coast.
 
No.  I think I watched one football game last year.  Now, I did watch a ton of futbol games last year. 

Spaceman Spiff's picture
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iceco1d wrote:Spaceman Spiff wrote:No, then I'd have to add "track down my cocaine dealer so I can live with myself" to my to do list.  I just don't have that kind of time. 
 
j - yes, I think it is.  I'm not quite old enough for a mid life crisis car, but I'm seriously thinking about trading in the family minivan on this:
 

 
If I could only figure out a way to get the kid's car seats into the thing. 
 
Spiff,
 
Why on EARTH would you buy a Ford, when for the same price you could be driving Italian beauty (Gallardo, used F430), or even getting some bond action (not bondAGE) in an Aston Martin?!?!?
 
We need to have another talk.  Apparently the kool-aid is affecting your overall decision making ability...  (don't hold this against me, I'm starting the weekend early).
 
Seriously though, Gallardo or F430 > Ford GT (insert any number you like here).
 
1) no bailout money
2) loyalties that run deep
3) That car is just cool
 
Actually, if I had that kind of cash to spend on a car it would be on something more like this:
 
 or  or  or  
 
OR I could spend half that much money and get 90% of the performance with this:
 

 
Don't get me wrong, I have an appreciation for your Lambo's or Aston's or Ferrari's, but I love classic American muscle.  If you want to talk Ferrari's, send this guy an email  - james.weddle@edwardjones.com.  He's got a couple you can drool over.  A couple dozen from what I've heard.

Philo Kvetch's picture
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Joined: 2005-05-17

But Spiff, don't you realize that all those cars will ever be are Fords? Look to GTOs...the original muscle car!

bullsbearspigs's picture
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Joined: 2009-03-28

the problem is all these wiseguys on these blogs have absolutely nothing constructive or positive to say. people come here to share ideas and get positive input. the smarta** comments provide nothing. zero value. a bunch of burned out brokers who have probably destroyed their clients and themselves just taking shots at everything and everyone. disregard them.
 
stay focused on your clients, stay focused on a positive attitude. the macro and the tape is tough enough. work hard, try to do the best you can. intelligent, positive thinking is what we need. find out what's working, and what isnt and share it. what techniques work, what doesnt.
 
(to all of the wiseguys here: go to yahoo message boards or some other venue to take shots, argue and bitch. be professional and positive, add some value please. try to help the other guy instead of ridiculing all the competition. none of the firms that YOU work for are that good, dont try to condescend and fool other people and yourself. the whole game is tough and filled with weird stuff. do us a favor, say something good or go away and stay away. the ones who do it know who they are. add value or get out)

Spaceman Spiff's picture
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Philo Kvetch wrote:But Spiff, don't you realize that all those cars will ever be are Fords? Look to GTOs...the original muscle car!
 
The list of classic Detroit iron that I'd love to fill my garage someday is long.  The GTO would be in there.  I'm partial to the '65-'67 model years.  I'd also like to have a Firebird, Smokey and the Bandit style Trans Am, and a Charger.  For those nights out with the family I'd love to have a '67 Lincoln Continental convertible with suicide doors.  For daily commuting and grocery getting I'd love to pick up a '55-'57 Chevy truck.  I'd paint it EDJ green and put my business card info on the tailgate.
 
Mustangs are my first love though.  It's the only American sportscar besides the Corvette that has kept it's name and popularity since it was introduced.  And I can find a fully restored GT convertible for under $50K these days. 

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