Broker-dealer Waddell & Reed has hired five financial advisors from wirehouses, banks, and independent firms, who will work in registered offices in communities from San Antonio, Texas, to Hartford, Conn.
Each advisor will bring approximately 200 household clients to the firm, said Todd Esh, Waddell & Reed’s vice president of recruiting.
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The new advisors are Bonham"Ed" Freeman from Merrill Lynch, Michael Schlegel of Chase Investment Services, Charles Fetters, formerly of Citizens Investment Services, Scott Swinchock from Edward Jone, and Brad Bates from IPI investments.
The firm usually hires bank advisors less often and relies more on wirehouses and independent firms for recruiting.
Waddell & Reed’s spokesman, Roger Hoadley, added that despite those generalisations, the "end goal of the firm is to recruit experienced advisors around the country, independent of the types of firms they come from".
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