Shawnee Mission, Kansas-based Waddell & Reed Financial, an asset management, and financial planning company, whose sale to Sydney, Australia-based Macquarie Asset Management, an investment bank, and financial services company, is pending, has announced a reduction in force that will impact 219 employees located in Overland Park, Kansas commencing April 30, 2021.
Macquarie plans to sell Waddell & Reed's wealth management business to Boston, Massachusetts-based LPL Financial Holdings in mid-2021 for $300 million. While LPL said it expected to offer Waddell employees a position, additional layoffs are expected as the company cherry-picks "investment advisers."
roughly 900 advisers and client assets onto its platform.
According to a company spokesperson, "Macquarie, Waddell & Reed and LPL are committed to taking a very careful and thoughtful approach in bringing together the capabilities and resources needed to help advisers, intermediary partners and their clients achieve their investment objectives while delivering exceptional service. Funds investment teams, which are expected to continue managing their portfolios after the sale."
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?