Welbeck Wealth

#1

What does anyone know of this? HAs anyone been to the interview of late and would know what the questions are?
Please any help would be grateful!
Thanks in advance
THS

#2

Did you have an interview in the end?

#3

ive got one with welbeck in a weeks time . Have you got any hints?

#4

Hello Hedgehog87,

just wondering how you got on with your interview? i have just applied for a position and wondered if you would be willing to offer some insight to the recruitment process?

thanks in advance

PD

#5

I have been to two interviews with Welbeck, booked in for a third.

It is very relaxed, no HR-style questions. You will be with one of the Senior Managers/Founders for the first and CEO for the second.

First is just a chat about who you are, what you like etc… (they seem to be very personality based when recruiting)

Second is a chat in a group of about 5 with the CEO who tells you what they do, how they do it and some harsh truths about working as a broker! (Also a lot on how much money you could make)

At both times it has been ‘if you still want this job, call me in the morning and we will book you in for another round’.

There are 4 in total, The third will be with the same person who interviewed me first going over some more specifics of the job.

It is worth noting that they they pay a small basic salary whilst you do FSA exams (and hence cannot sell finance products) and a few months you are 100% Comission.

#6

hey bigfoot371

thanks for the information! just wondering, how do you define the term small? do they at least offer you around 17k for your first year?

also would you hv their no. by any chance? coz i tried calling them, but it always goes to answer machine…
thanks :slight_smile:

#7

hello, just thought I’d add to this as I went through their application process.

I applied online then a day or two later had a call from them, just sort of a brief telephone interview really, why would I be good at it, why me over other candidates etc

Got called into a one to one interview which went well, nice and relaxed, the person interviewing was friendly and relaxed and as someone already mentioned it’s more about personality than what you know about Welbeck.

and then the second ‘interview’. I was with about 10 other people, it’s more a company presentation to a group. They tell you about Welbeck, what they do, how they do it etc. Basically it’s a sales role, you will be searching for suitable people to sell financial products to.

They also covered the salary. The pay would be £1500 per month forthe first three months to put you through suitable exams etc but then after that it is purely commission, no basic salary at all. This is what put me off, I can’t afford to live in/around London on the chance I may earn nothing!

To be honest if I;d known that before applying I wouldn’t have applied and saved myself a couple of expensive train fares!

Hopefully this will be of some use to others thinking of applying!

#8

Oh and as Tom said… they dont cover train fares! They cancelled an interview due to staff sickness an hour before I got on the train… and didn’t reimburse me.

Most posiions it is 3 months @£1500 on a self employed basis (between the lines… dont bother paying tax on that as its under your allowance).

Tax Broker is is 6 months @£1500 (implied not to bother saving for tax, just take it out of the thousands you will make in the following few months) as tax deals take longer to foster (they expect a very quick close on financial advisor sales).

I declined the final interview in favour of a different career path (offered scholarship for further study/travel), as I decided comission, high-pressure working environments just arent for me at this stage in life. I know a number of people who have interviewed with welbeck and decided the same thing. Do note, that the figure for OTE earnings on milkround emails gets vastly inflated once you are in the office…make of that what you will.

At the end of each stage, you are told to go home and think about if that job is for you, and if so call back.

I know a number of people who work for the IBs, who have been approached by friends to join welbeck, do remember that you will be a salesman, rather than a finance expert.

#9

I’d avoid this place, they don’t have a great reputation and the job is pretty much an unpaid telesales role.

#10

Thank you very much to everyone for all their help. Very useful. I have recently had the second round and the presentation with the CEO. I was just wondering what kind of questions do they ask in the third round? Is it more technical based or still finding more about yourself. Any help would be hugely appreciated.

#11

I used to work there (summer job) so probably worth me chipping in.

Yes, it’s pretty much a sales role. The salary is usually £1,500/month for the first 3 months and purely commission based after that. So the 4th month is usually the worst but it seemed to pick up after that.

That said, the potential earnings are as big as they boast. Given their structure it’s purely down to how good a financial advisor you are (or for the cynical - how good a salesman you are), but the good ones can make 6 figures within 12-24 months no problem. If you’re very good then you could be talking a fair bit more.

The hours aren’t too bad. Probably early ish start (7.30-8.30 ish depending on client meetings) but they tended to be out of there by 7 most of the time. 4 on a Friday. The job isn’t terribly glamorous (lots of cold calling for the first few months at least) but the money is good for the hours. Also lots of client facing stuff so good transferable skills and networking opportunities.

They’re not too popular in some circles, though that’s definitely more down to their marketing technique (cold calling) than their service which, from an inside perspective, seemed pretty good. The advisers were probably more salesmen than experts but that’s not to say they didn’t do a good job for their clients. A lot of it was quite basic stuff (selling ISAs, various types of life/income insurance etc.) but it’s the sort of thing that the clients often couldn’t be bothered/have the time to do themselves.

Good atmosphere, great earning potential and sponsorship through professional exams means it’s not a bad place to work.

#12

I’ve been to three interviews so far, to be honest I like the sound of the job and would like to get on with it. I know it’s going to be hard work but if the potential rewards are there like they say then it’ll be worth it.

Someone said there was a fourth interview? My third was exactly a week ago, I expected them to call but no luck. I phoned the guy who interviewed me yesterday but got through to his answerphone.

Bit left in the dark, particularly as thought I did well in the last interview. It would help them a lot to have a dedicated HR person rather than just ad-libbing the recruitment through the partners (which is what they seem to do instead).

#13

does anyone know what the third interview consists of? I haven’t any idea what to expect as the first two were fairly different from previous interviews i’ve had!

#14

As a former ‘employee’ I urge you never to go to the interview or accept the job. This company is a joke, you will be cold calling 8 hours a day and not for the first few months but I knew people who had been there for 1+ years and they were still cold calling all day every day, still hoping ‘to make it’. If you are a good salesman and don’t mind being a mindless phone drone then this job is probably for you, for anyone else who realises what they are saying is an utter fabrication of the truth then stay away! You spend all day on the phone speaking from a script to people have already been called that same day or been pestered in the past. You have been warned.

#15

Davestevens is absolutely spot on. I am also a former slave at Welbeck and after reading more of the complete lies that are expressed over the internet about the ‘complete 12 month training programme’ and first year salary of £40k I felt compelled to write in and warn everybody to never accept an interview at this place. As dave has mentioned the job entails what can only be described as the mindless calling. I am open to alternative ways of marketing one’s company but the welbeck group take this to a completely different level. Each new ‘trainee’ is designated a space, (similiar to a chicken factory,) where you are given a phone, (no computer), and a script. You then painstakingly pester very busy city workers to come in for a meeting. As dave has also mentioned they are extremely good at selling the job to naive graduates who believe the drivel that comes out of the ‘partners’ that promise you are going to earn hundreds of thousands of pounds. In reality it is going into their pockets as well as the obnoxious ‘ceo’ greg knight. So much more I could fill you in on but I wouldnt want to bore you, simply stay away.

#16

Haha well I am in a way glad I have read these comments as I was due to ring one of the partners back tomorrow…
From what I have read i would agree 100%

Probably won’t call back tomorrow. Or I might just ring and say I did some research on the company and I won’t be coming back for the 2nd interview after seeing such bad reviews

#17

Poor company. They call themselves partners but it means nothing. You are part of a sales pyramid where you will never reach the top. You earn more money as you progress through the company by takings sales override on lower level works to yourself. They have a shot reputation they are desperately trying to fix but it won’t change. You will get a job here no problem if you got a low level degree and don’t mind all the cold calling and lack of real company progression. Waste of time in my opinion and doesn’t seem a hard business model to replicate if you wanted to create a sales company.