With ‘Project Evolution’ complete, Waddell & Reed IBD pivots to growth
May 23, 2019 By Tobias Salinger, FinancialPlanning Financial advisor Cheryl Marquez says her independent broker-dealer of 30 years deserves a closer look from an industry that may have missed what’s going on at Waddell & Reed. “We're going to be that hidden gem,” says the San Francisco Bay Area-based Marquez, the chairwoman of the IBD’s 2018 president’s council for its top advisors. “We're not what you think. When people start to figure that out, I think that’s going to be a very big draw.” The IBD’s fund company parent — as well as headlines about its shrinking advisor headcount — complicate its overhaul, Marquez admits. Recruiter Jon Henschen also says Waddell & Reed’s efforts to retain assets from departing advisors make it more of a captive firm than an indie. But the camaraderie and community...