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Financial Advisor Recruiters Update

Financial Advisor Recruiters Update

Financial Advisors bolt from Waddell & Reed

The broker dealer lost 56 brokers & financial advisers in the third quarter, and not all of them were low-producers the firm wanted to shed

Financial Advisor Recruiters News Update:

According to Bruce Kelly, reported on Investment News, October 31, 2018 –¬†Waddell & Reed Financial Inc. lost another 56 brokers in the third quarter, as senior management continued to stress its strategy of shedding low-producing talent and building the firm around its most productive advisers.

For the 12 months ended in September, Waddell & Reed lost 407 reps and advisers, a decline of 27.5% from the previous year. The firm now has 1,074 advisers.

The minimum annual fees and commissions the firm has set for its advisers to generate is $125,000, noted Shawn Mihal, president of the firm’s broker-dealer, during a conference call on Tuesday with analysts to discuss company earnings. The average adviser leaving Waddell & Reed produces $112,000 in fees and commissions, or less than the company target.

Management at the firm this year has said that it was focused on retaining high-performing financial advisers, but some large teams also left over the summer. Read More>>

Posted in: Independent Broker Dealer News

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