Job Responsibilities
Being a Financial Advisor with Waddell & Reed means I am
President to Chief Bottle Washer of my practice. I am
responsible for marketing myself to my clients, building an
image in the community, sitting down with clients to identify
their financial goals and dreams, putting together a financial
plan to help them visualize where they are and where they want
to go, and then giving them recommendations on how they can
accomplish their goals.
There is no "typical" day as a financial advisor. But on a
weekly basis the responsibilities break down this way.
4 hours a week in training on products or services that we offer.
20 hours a week contacting clients and prospects to offer an
opportunity to meet and address their financial goals and
concerns.
10 hours a week building an image in the community by attending
networking events, distributing articles/newsletters, talking to
and building relationships with community leaders.
10 hours a week meeting with clients and prospects face to face
10 hours a week doing research for cases and putting together
financial plans.
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Job Requirements
At Waddell & Reed there are no collegiate educational
requirements for being a financial advisor (something I consider
to be a strength of our company). We embrace the diversity of
our advisors backgrounds. Once Waddell & Reed and a potential
advisor feel they are a good fit, the advisor needs to become
insurance and securities licensed with their Insurance license,
Series 6 or 7, Series 63 & 65 or 66.
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Uppers
The best part of my job is two fold (at least). First I get to help people and
have a meaningful impact in their lives. Secondly no day is exactly the same.
So I don't have to feel like I'm in a rut, sitting in my cubicle shuffling the
same papers week in and week out.
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Downers
Not everyone wants my help when I offer it. Sometimes it's hard
not to take it personal, even though it isn't.
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Lifestyle
There is a lot of flexibility being a financial advisor with Waddell & Reed.
You get to create your schedule (around the mandatory meetings). So if you have
a personal issue to take care of in the afternoon, go do it. If you want to meet
with a client at 8pm, do it.
Ideally our advisors will dress in business professional dress, but business
casual is also allowed. Whatever image you are trying to project to your client
is what you should strive for.
Waddell & Reed has done a great job to provide social opportunities to its
advisors. At each conference (be it national or regional) there are official
meeting times as well as time left open for advisors to socialize and learn from
each other in an informal setting.
In a typical year there are at least three times you would travel for business
meetings (assuming you reached the benchmark required by Waddell & Reed). Two of
those meetings are completely paid for by the company.
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Compensation
For a seasoned advisor (more than one year with the company),
they receive commissions, bonuses for reaching certain
commission benchmarks, fees for financial planning and fees for
assets under management.
Additionally the advisor receives health insurance, dental and
co-oped Errors and Ommissions coverage.
The advisor can also receive restricted company stock for
reaching certain levels of production.
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Advice to Jobseekers
The job outlook for financial advisors is terrific. You have
absolute job security, as long as you do your job.
Anyone considering being a financial advisor should ask
themselves two questions. 1) Do I want to help people? 2) Do
I want to help people via financial planning?
If the answer is yes to both those questions then it's all
downhill from there.
Keep in mind this is not an easy business or career. It is
incredibly rewarding - personally, professionally, financially -
but it takes a lot of work and effort.
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