I have just started reading these forums and it does seem like there are a lot of “top dogs” on here working for the “big name” firms, or at least claiming to be.  I recently passed my 7 and 66 and have been working with W&R for a couple months now.  I would ultimately like to see my business model as fee-based only and W&R does have a “choice” platform that can allow for this.  Also if you do a certain amount of plans you can become variable fee licensed, and charge whatever fee you feel is appropriate.

As for not being a “top-tier” BD, I think that I will ultimately be working with mostly “middle-class” Americans.  We are talking rural Kansas here people and I don’t think a lot of your “techniques” will work out here.  Cold calling is basically out.  We are not talking 10-20 mil a year in production.  I just don’t really see that as being possible right now.  A lot of it is developing relationships and getting your name out in these small towns.  It would be nice to try and compete for some bigger companies 401ks…I haven’t really found a niche yet.

It ultimately comes down to the individual advisor.  Don’t be hatin’

[quote=danoodle]

I have just started reading these forums and it does seem like there are a lot of “top dogs” on here working for the “big name” firms, or at least claiming to be. I recently passed my 7 and 66 and have been working with W&R for a couple months now. I would ultimately like to see my business model as fee-based only and W&R does have a “choice” platform that can allow for this. Also if you do a certain amount of plans you can become variable fee licensed, and charge whatever fee you feel is appropriate.As for not being a “top-tier” BD, I think that I will ultimately be working with mostly “middle-class” Americans. We are talking rural Kansas here people and I don’t think a lot of your “techniques” will work out here. Cold calling is basically out. We are not talking 10-20 mil a year in production. I just don’t really see that as being possible right now. A lot of it is developing relationships and getting your name out in these small towns. It would be nice to try and compete for some bigger companies 401ks…I haven’t really found a niche yet.It ultimately comes down to the individual advisor. Don’t be hatin’ [/quote]



Danoodle - wow you’ve been out two months and you think you know a lot about how things work?



Take the W &R BS and go peddle it somewhere else. I’ve seen people’s lives destroyed by Waddell and Reed brokers.

Why is it that everyone who speaks positively about W&R is either recruiting for them or only has 1 post?

Peddling products…that’s all we do isn’t it?  I, for one, am focusing on the financial planning aspect of this business.  My fiduciary duty is to my clients.  I am building my business around the book raving fans.  Yea, maybe I am green and naive, but I’m doing the best with what I got and doing the right thing for my clients.  I can sleep at night.  I am positively impacting my clients’ lives.  That’s what’s keeping me going. 

This forum is just one big troll/flamefest anyway.  Just looking out for number 1 huh guys?  Can’t show a little constructive criticism?  Flame on…

U R not a fiduciary dude. If your bosses catch you telling potential clients that they’ll fire you on the spot. Your duty is to YOUR EMPLOyER, in an agency-employee relationship.

[quote=MinimumVariance]U R not a fiduciary dude. If your bosses catch you telling potential clients that they’ll fire you on the spot. Your duty is to YOUR EMPLOyER, in an agency-employee relationship. [/quote]

What are you talking about?  I am technically self-employed.  I have my 66.  I do not work FOR Waddell and Reed.  I am 1099’d.  Get you facts straight.

And just for the record, all of us “new guys” are all “self-employed” and fiduciary liable with a 7 and 66.  Like I said earlier, it comes down to the individual advisor.  People are knocking W&R pretty hard, but I am simply “partnered” with W&R.  I have access to a lot of different funds, and could even make up some no load, etf filled portfolio and charge a percentage of the assets.  Like I mentioned earlier, my goal is eventually to become completely fee-based, and even pass off the insurance sales to someone else so there are no conflicts of interest.  I know I am green and just off the boat and whatnot.  I am just stating my plans and will work with what I’ve got.  Flame away

What is the starting compensation at WR?  Does it vary by market?  How competitive are the other IARs in the office, do you find yourselves stepping on each others toes? 

Rich, sounds like you might be new to the biz.  Forgive me if I am wrong.  Anyway, don’t worry about stepping on other FAs toes.  You will run into multiple “advisors” from the wirehouses, banks, indys, insurance co’s, regional firms, and so on.  It will be of no competitive advantage to choose a less recognized name because they have less brokers.  What I would say is that it can be a competitive disadvantage to work at a large firm becauase you will find prospects who are with your firm already (and maybe that’s more what you meant).  That is ofcourse why going indy has it’s perks.  You can compete against anyone.  Whether you like EJ, ML (I would steer clear of ML right now), W&R, MS/SB, UBS, Wachovia/Wells, LPL, RJ, a bank, and ins co (please don’t), etc., just do what’s right for you.

I am new, so I’m not offended.  I’m working at a company, where layoffs are impending, so I’m evaluating some different career options.  I have a friend who suggested that I look at Waddell Reed or Edward Jones.