Problem with Waddell & Reed
73 RepliesJump to last post
My Inner Child and what firm were you with again? I forgot…oh yeah you don’t work for anyone. Well W&R might be “the worst place to work”, but I would take that over nothing any day. Oh and you forgot to mention how much you returned your “clients” last year.
[quote=anonymous]
No, that is not the point. The point of being a financial advisor is to maximize your clients chance of achieving their financial goals.
[/quote]
So have you ever had a client with a financial goal of not making a return on their money? Wow, I guess I still have alot to learn I thought clients wanted to make a return on their money and protect the assets they already have. I guess that is not what being a Financial Advisor is all about. Man, learn something new everyday.
[quote=WADRED]My Inner Child and what firm were you with again? I forgot........oh yeah you don't work for anyone. Well W&R might be "the worst place to work", but I would take that over nothing any day. Oh and you forgot to mention how much you returned your "clients" last year. [/quote]
Did that help you to feel better about your lot in life? There's no reason to mention how my clients did because you can't do what I do when you're at WR.
As a financial advisor, you don't have a rate of return. Each of your clients need to be treated as individuals and will have different goals and objectives necessitating different investments. On the other hand, if you want to be a money manager, then this would make sense, but that is a very different career.
Perfect understanding. The more you develop as an advisor, the more your experiences will reinforce this understanding.
[quote=WADRED][quote=anonymous]
No, that is not the point. The point of being a financial advisor is to maximize your clients chance of achieving their financial goals.
[/quote]
So have you ever had a client with a financial goal of not making a return on their money? Wow, I guess I still have alot to learn I thought clients wanted to make a return on their money and protect the assets they already have. I guess that is not what being a Financial Advisor is all about. Man, learn something new everyday.
[/quote]You do have a lot to learn little man. That's part of the problem....you ask a question but you're not willing to learn from what you hear.
Good luck starting out at a second-rate firm.
The reality is that once you're established you can go just about anywhere you want, as long as the firm offers what you need. But, starting out it can be very helpful, maybe even essential, to have a good well-known brand to help you out, not to mention the best possible training.
[quote=WADRED][quote=anonymous]
No, that is not the point. The point of being a financial advisor is to maximize your clients chance of achieving their financial goals.
[/quote]
So have you ever had a client with a financial goal of not making a return on their money? Wow, I guess I still have alot to learn I thought clients wanted to make a return on their money and protect the assets they already have. I guess that is not what being a Financial Advisor is all about. Man, learn something new everyday.
[/quote]
Of course people want to have a return on their investments and not lose money, but that isn't always the most important goal for the client. If you are telling clients and prospects what your "return" is, while that may sound really good to you, it isn't always what impresses the prospects. In fact, if an advisor were to approach me with that blowhard used car salesman strategy, I would not want to work with him/her.
Their goal may be to avoid paying estate taxes and secure the transition of wealth from one generation to the other. The goal may be to sell everything and take a permanent cruise around the world. (Something that is sounding better to me all the time ) The goal may be to take care of a disabled dependant child. While we need to get a good return on assets to do these things, that isn't the goal. People are more emotionally attached to their goals and dreams. Hitting them with statistics and return figures sometimes turns the client off.
I find that my clients want to talk about the emotional stuff and want my nuts and bolts of how I am going to accomplish the goal to be in the background. Kind of like how I feel about my car. Don't tell me in excruciating detail how you plan to retard or advance the timing to make my car perform better......just make it hum and I'll be happy.
[QUOTE]
Wow, I guess I still have alot to learn I thought clients wanted to make a
return on their money and protect the assets they already have. I guess that
is not what being a Financial Advisor is all about. Man, learn something new
everyday.
[/quote]
[QUOTE]
Their goal may be to avoid paying estate taxes and secure the transition
of wealth from one generation to the other.
[/quote]
Thank you for making my point!
[quote=WADRED]
Wow, I guess I still have alot to learn I thought clients wanted to make a
return on their money and protect the assets they already have. I guess
that is not what being a Financial Advisor is all about. Man, learn
something new everyday.
Their goal may be to avoid paying estate taxes and secure the transition
of wealth from one generation to the other.
Thank you for making my point!
[/quote]
10,000,000 sperm cells and YOU are the one that made it? Oy!
[quote=WADRED]
Wow, I guess I still have alot to learn I thought clients wanted to make a
return on their money and protect the assets they already have. I guess that
is not what being a Financial Advisor is all about. Man, learn something new
everyday.
Their goal may be to avoid paying estate taxes and secure the transition of
wealth from one generation to the other.
Thank you for making my point!
[/quote]
Dork. Go ahead …run with scissors. We don’t care.
WAD,
I have lost any shred of sympathy I had for you. Can you succeed at W&R? Sure.....BUT, this is a buisness of probabilities; why try to juggle chainsaws if you only have one hand...can it be done? Sure. Would you do it? I wouldn't.
Have fun juggling.
To everyone ripping on WR, just relax and keep doing whatever you're doing wherever you are. There are plenty of very successful and very intelligent individuals at WR. It's remarkable to read some of the slanderous and vicious comments I've heard on this wall about the company. My only hope is that it's just defense mechanisms in action.
There are plenty of very successful and very intelligent individuals at WR.
There are plenty of great ways to make money and feel good about what you are doing. The great thing about this industry is, the boomers need a ton of help. Chainsaw: I think of a nice Stihl, a crisp cool fall day, a giant fallen oak, a powder blue '65 Chevy truck and a loyal German shepherd. Have fun wearing your denim and making a pile.