Waddell & Reed

Overpriced. It took more than 7 months to received a true, complete, concise fee disclosure. When I finally received it, I could see why I had to fight so hard for it. They charge about twice as much as other advisers. That’s $ 1000’s of dollars I could have saved by switching 6 months ago. John said he thought his secretary sent it when I asked the first time. But when I asked for it again & again, he didn’t bother to «discover» the oversight for 7 months. Eventually, I created my own spreadsheet, based on multiple phone calls to Waddell & Reed and to the Administrator & Nationwide and reading pages of «disclosures». I asked John if that was everything. He said, «that’s pretty much everything». I asked «what’s ‘pretty much’?» Then I had a face-​to-​face meeting on the subject. I still didn’t get all a true and complete disclosure. I had to schedule yet another meeting to FINALLY get all the fees in 1 place. At least I think so.
A fiduciary should be completely trustworthy and competent. Even if this is truly an honest oversight, its a helluvan oversight. At a minimum, the client was not being well served. But in reality, I think I was being strung along.

John Cordeiro is the company’s leading advisor (2,800+ reps). We have known him for over 20 years and appreciate his investment advice, highly qualified staff and organization. He has also guided us to our trust attorney (Michael Mandred) whose knowledge has saved us taxes as well as financial and family grief. John doesn’t «dilly dally» around and is strictly business.