December 5, 2017
By Tobias Salinger, FinancialPlanning.com
One of the oldest mutual fund companies in the country is transforming its independent broker-dealer with a new structure and a higher payout for advisors. At the same time, new leadership at the IBD remains intent on cutting costs and overall headcount.
On the day before Thanksgiving, suburban Kansas City-based Waddell & Reed Financial disclosed a series of changes to its executive ranks. Thomas Butch, its chief marketing officer and the longtime head of the firm’s IBD and wholesale channels, stepped down after 18 years with the firm.
Just a few days later, former Waddell & Reed CEO Henry Herrmann announced his retirement as chairman of the firm’s board. Current CEO Philip Sanders took over from Hermann last year as the firm struggled with outflows following portfolio manager Michael Avery’s retirement,