Waddell & Reed Inc. ripoff employment San Diego California

I was given a contract by the local branch, last September 2002, and the manager, Tom House, stated that I would be appointed by the company when my Series 7 and 66 licenses would be transferred. In this field, this typically takes 2-3 weeks. It actually happened the second week of October. That is when my nightmare began.

Because now I was informed I would have to enroll in my insurance class, to get my Life and Health license for the State of California, and that I could only be appointed after I would get the date for my insurance licensing exam. I would then only be appointed for investments, not for insurance. This would take, said Tom House, only 3-4 weeks.

I enrolled in the insurance classes the next week, and brought in my certificate the week after, mid October, so Waddell can send it in to obtain a date for the exam. One month later, mid November, I haven't received a date yet, checking the California Department of Insurance every day, and I contact Waddell again. Tom House lets me know he has the papers now ready to be sent in. In other words, he had been sitting on them for about a month.

Two weeks later, begin December, I finally get the ok from the Waddell licensing department that they have sent in my request for an exam date. I start waiting again. In the meantime, I am ushered by Tom House to attend training meetings, twice a week, that typically get their contenance when the meetings start. Hallelujah, when at the beginning of February, I finally get my exam date, for the beginning of March! I go to Waddell, to get my appointment proces going, but I now get the message that I can not be appointed. I will have to wait until the result of my exam will be posted on the internet. I am disappointed once again, and decide to wait a couple of more weeks, since it will 'only take a week' after my exam to have this done.

I pass my exam, and wait for one week. Nothing appears on my exam result, on the Department of Insurance site. One more week, there it is. I once more rush over to Waddell to have my application process start. But alas. They can't do it. Now their policy is that I have to have the material license in order to get the appointment.

Please understand that, without an appointment, I can not make any sales, or present myself as a representative of Waddell. And not make any money. This has now been going on for over 6 months! Finally, my paper license arrives. And it finally takes Waddell licensing department another 2 weeks (!!!) to have me appointed. At which time I am invited to a Regional Seminar in Costa Mesa, at the local Waddell branch.

Where I come to understand that a colleague, that started with the company in September of last year, got his appointment, for investments only, in October 2002! So he had an income for 6 months longer then I did. I consider my experience as pure theft, as discrimation, and warn any future employees before they sign up with Waddell to think twice before you get lured into their deceptive, untruthful promises. Lazy management in control of your well-deserved savings? Think twice.

Whenever I tried to reach the head office licensing department, I was turned down and returned to the branch. I came to understand that in the 18 months before me, another 6 people were the victims of these practices. To me, Waddell & Reed is an old-fashioned, incapable firm. I want to warn any future employees, or potential investors for the risks that are related to working with them.

Johan
SAN DIEGO, California
U.S.A.