Appointing an incompetent and poorly run financial advisory firm is like gambling your money. There’s no place for ill-managed financial advisors in market. My experience with Waddell & Reed has been disappointing and frustrating. These guys lack dedication and drive. One of their managers, Peter, called me. I’d heard good things about them. I felt encouraged. The first conversation was equally impressive. It was 10th January and year couldn’t have started on a better note. My name is Joseph and I was about to enter the most testing phase of life.
I hired Peter. What happened next was totally an eye-opener. I think what got me into trouble was my rigid approach. I was living in the past and driven by company’s track record. It went against me. I realized my mistake, accepted and changed the approach. Nothing was happening. I started digging the website and other official channels. I got the first panic attack when I heard CEO putting the blame on Wall Street for poor results. That was one big dumb statement.
On browsing the official website, I stumbled upon similar stuff. These guys were not ready to take responsibility. I understood with time that these guys were irresponsible and incompetent.
These guys are running a scam. It’s a different kind of scam I must say. The financial advisors would put personal interests over client’s interest. They’d do everything to stop you from leaving the company. It doesn’t matter if they’ve to engage in ugly fights with clients and spoil business relationships.
I wasn’t really thinking of leaving them. I was just exploring options in spare time. They got panicked and made silly excuses to stop me. At one point, they made me felt guilty. I was able to hear some kind of threat in their voice. I got terrified.
I expressed my concern to Peter. I could have stayed with them or thought of giving another chance. I remember contacted support desk to get information. They blew the chance. The executive wasn’t able to answer pretty basic questions. She was like a kind of black spot. She wasn’t able to answer a single thing.
That weekend I thought long and hard about it. I knew I’d to make a decision. It was about making the right decision. I did analysis, compared things. They’d always cheated on me by selling over-priced, not-so- premium products. I felt betrayed.
I advise everyone to stay away from Waddell & Reed. They don’t have the talent, expertise and most important the spirit to make you rich. They’re scammers. The customer service team and managers are losers and second-best in market. My personal experiences were bad. I never got the feeling if they’re putting their best efforts. They give you an impression of someone who’s more concerned about not losing the client than working for him or her. I’m happy I was able to get rid of them and found a good team.
Waddell & Reed Financial Services