Waddell & Reed Financial, Inc., provides investment management, investment product underwriting and distribution, and shareholder services administration to mutual funds and institutional and separately managed accounts. The Company operates business through three distinct distribution channels. The retail products are distributed through third-parties such as other broker/dealers, registered investment advisors and various retirement platforms, (the Wholesale channel) or through its sales force of independent financial advisors (the Advisors channel). The Company also markets its investment advisory services to institutional investors, either directly or through consultants (the Institutional channel). The Company operates its investment advisory business through its subsidiary companies, primarily Waddell & Reed Investment Management Company.