Waddell & Reed Financial, Inc. (NYSE: WDR), has appointed industry veteran Derek D. Burke as president of Waddell & Reed, Inc., the firm’s broker/dealer, which encompasses the operations of its national network of financial advisors and is also known as Waddell & Reed Financial’s “Advisors Channel.”

Burke, who will join Waddell & Reed on July 14, most recently was CEO of First Investors Advisory Services, LLC, and president of First Investors Management Company, which manages $10 billion of assets distributed primarily through First Investors Corporation, an affiliated broker/dealer with more than 500 registered financial advisors in 40 offices around the country. He also brings experience from executive roles at UBS Wealth Management and New York Life Investment Management, LLC, and from other roles as a chief compliance officer, chief operations officer and as a regulator with the Securities & Exchange Commission (SEC).

“Derek brings strong experience in specific aspects of our business and understands the unique nature of our business model,” said Thomas W. Butch, executive vice president of Waddell & Reed Financial, Inc. and chairman and CEO of Waddell & Reed, Inc. “As our Advisors Channel has grown in sales, productivity and complexity, we have come to believe that adding to our talented executive team will help to support our continued growth. Derek has the ideal background to help us guide that growth.”

Burke will report to Butch and oversee day-to-day operations of the Waddell & Reed broker/dealer, which had $44 billion in assets under management at March 31, 2014, with 1,737 financial advisors across the country.

“Waddell & Reed has a differentiated position in the marketplace, with a strong growth model,” said Burke. “Joining the firm with the opportunity to help extend its growth and help advisors connect with investors around the country is a singular opportunity and I am pleased to become a member of the team.”

Prior to his work with First Investors, Burke spent six years at UBS, most recently as Managing Director, co-head of Investment Solutions, which encompassed all advisory programs, mutual funds and other packaged investment products. He also held executive positions with New York Life Investment Management, John Hancock Financial Services and Prudential Insurance Company. Burke started his career as an enforcement attorney with the SEC. Burke is trained as a lawyer; he received his J.D. from Rutgers Law School and an undergraduate degree in finance from Seton Hall University.

Through its subsidiaries, Waddell & Reed Financial, Inc. provides investment management and financial planning services to clients throughout the U.S. The firm had approximately $131 billion in total assets under management at March 31, 2014. Waddell & Reed Investment Management Company serves as investment advisor to the Waddell & Reed Advisors Group of Mutual Funds, Ivy Funds Variable Insurance Portfolios and InvestEd Portfolios, while Ivy Investment Management Company serves as investment advisor to the Ivy Funds. Waddell & Reed, Inc. serves as principal underwriter and distributor to the Waddell & Reed Advisors Group of Mutual Funds, Ivy Funds Variable Insurance Portfolios, and InvestEd Portfolios, while Ivy Funds Distributor, Inc. serves as principal underwriter and distributor to the Ivy Funds.

Investors should consider the investment objectives, risks, charges and expenses of a fund carefully before investing. For a prospectus, or if available, a summary prospectus, containing this and other information for any of the Waddell & Reed Advisors or Ivy Funds, call your financial advisor or visit www.waddell.com or www.ivyfunds.com. Please read the prospectus or summary prospectus carefully before investing.

Investment return and principal value will fluctuate, and it is possible to lose money by investing. Past performance is not a guarantee of future results.