Posted on 10/18/2010 4:14:54 PM PDT by TheDailyChange
I have a friend who really needs a job and got an invite to orientation from Waddell and Reed. They contacted her via CareerBuilder job board.
I found this forum that seems to lean towards Waddell and Reed being a total farce / scam operation. I am not sure and thought I would put it out there and see if I may be able to learn more from those of you who are closer to the experience.
Thanks in advance for any suggestions.
http://www.scam.com/showthread.php?s=093494a6d416c255f941e034ccd89178&t=18186&page=3
(Excerpt) Read more at scam.com ...
But it's interesting how a little bad press can cause people to suspect the worst of someone/something for next to no reason at all.
It's disturbing, actually. It's the stuff of witch hunts.
I read somewhere that Financial Advisors with WR are not reimbursed for education and have to front $1500 for training materials and that it is for the most part a commission basis.
So for my friend, it would not be optimal because the RISK is all on her, not Waddell & Reed.
WTF is a Waddell & Reed??
As with most of the mutual fund pushers, W&R recruits persons to sell “investments”. The investments are legit, it’s the fees that are out of line.
Plus they emphasize that you see to your “natural market”, which means friends and family, putting you at odds with both.
Stay away.
Have them look into A.G. Edwards. Know several reps and they all seem happy with the company.
FYI, that entire business is strictly compensated through commissions.
No. Welfare would be "optimal," if making an investment in one's future is "sub-optimal."
When I started in 1986, I had to buy all my own study materials and pay all exam costs. Nobody guaranteed me anything. If I passed my exams I was offered a desk and telephone on probation. Period.
I did just fine.
Your friend should go try to find a union job somewhere, where you don't have to put up anything in advance. Except your soul.
Everybody does that these days.
And I agree, it sucks. Never did that. Of course, it helped that I came from a poor family.
Ok, so I am getting feeling from you that if she is willing to go work very hard and pay for her own training that you would encourage her to work with WR?
that's the thing about "feelings," they're so subjective.
And what's with that "closer to the experience" bit?
I can't help but notice your affinity for touchy-feely buzzwords. Is that what they teach you in school these days?
You say >>>I can’t help but notice your affinity for touchy-feely buzzwords.
I say >>> I can’t help but notice your inability to answer specific question.
Try again....
Ok, so I am getting feeling from you that if she is willing to go work very hard and pay for her own training that you would encourage her to work with WR?
Look, kiddo, telling me about your feelings is not asking "a specific question."
Any "feeling" you are "getting" is your own trip.
I worked for AG Edwards for about 10 years, but they have been taken over by Wells Fargo, and are no more.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.