Ameriprise Financial

[quote=gotstabnoel]

If not, would it be good for me to stick with Ameriprise and just grind it out and find out formyself?  I love my personal life, and Im hoping to buy a home and get married soon with the love of my life.  Putting 60/70 hours a week i know will put a strain on me and my life, any input!?  I just turned in my check for ameriprise but my windows for sponosrhip hasn't been opened.  What should i do!?

[/quote]

Get a job working for the post office.

[quote=gotstabnoel]

Hey guys, this would be my first post for the site.  I've done some searching and reading and what not and I've been getting a lot of negative or at least some disheartening news that AMP is the worst firm to get into.  I recently graduated from college with a B.A in Finance and International Business.  I do realize this is a sales job, and MAKING your market is the key.  I'm really concerned on helping clients and providing some great financial advice. 

From my understanding, other major firms such as Merrill, Morgan Stanley, etc etc, are great firms to work for but each firm requires and demands their advisors to meet goals / quotas.  I realize this is for every firm, but I mean, I was offered a sponsorship through Ameriprise, so I took it. 

I guess what I'm trying to ask is, with all these comments im reading is, should i just take my series 7, 66, and life with ameriprise sponsorship and jump ship when i get my license?  Currently I work for a bank, they do not offer sponsorship, so I'm thinking i just fork over the money I've paid for the series 7,66, and life exam and classes and just lose it to reapply at the bank I work at. 

If not, would it be good for me to stick with Ameriprise and just grind it out and find out formyself?  I love my personal life, and Im hoping to buy a home and get married soon with the love of my life.  Putting 60/70 hours a week i know will put a strain on me and my life, any input!?  I just turned in my check for ameriprise but my windows for sponosrhip hasn't been opened.  What should i do!?

[/quote]

First of all. Great first post.  Compared to the other college grad that posted today, you are by far more intelligent.

What concerns me about your question is that you fear working 60-70 hour weeks, which is essential to being a success in this business.  You have to have a 'do whatever it takes attitude' to make it.  Ask yourself why you want to do this job and what you are willing to do.

[quote=Bobby Hull][quote=gotstabnoel]

Hey guys, this would be my first post for the site.  I've done some searching and reading and what not and I've been getting a lot of negative or at least some disheartening news that AMP is the worst firm to get into.  I recently graduated from college with a B.A in Finance and International Business.  I do realize this is a sales job, and MAKING your market is the key.  I'm really concerned on helping clients and providing some great financial advice. 

From my understanding, other major firms such as Merrill, Morgan Stanley, etc etc, are great firms to work for but each firm requires and demands their advisors to meet goals / quotas.  I realize this is for every firm, but I mean, I was offered a sponsorship through Ameriprise, so I took it. 

I guess what I'm trying to ask is, with all these comments im reading is, should i just take my series 7, 66, and life with ameriprise sponsorship and jump ship when i get my license?  Currently I work for a bank, they do not offer sponsorship, so I'm thinking i just fork over the money I've paid for the series 7,66, and life exam and classes and just lose it to reapply at the bank I work at. 

If not, would it be good for me to stick with Ameriprise and just grind it out and find out formyself?  I love my personal life, and Im hoping to buy a home and get married soon with the love of my life.  Putting 60/70 hours a week i know will put a strain on me and my life, any input!?  I just turned in my check for ameriprise but my windows for sponosrhip hasn't been opened.  What should i do!?

[/quote]

Another dumbass asks for advice AFTER he's made a decision.

[/quote]

wow amazing, talk about getting help.  First and foremost, if you actually read my post, I am currently in my sponsorship phase.  It's not an OFFER for a position.  Secondy, my question was whether or not going to Ameriprise for training versus taking my exams and passing and going somewhere else for training and what not.  Another dumbass asking for advice, i wonder how you treat your clientel if you even have any.  Step up chump and be helpful instead of a post whore.

As for Ferris, thanks for the input, I don't mind the hours, its just the opinions of numerous people about ameriprise.  Regardless of what firm I go to, doing the work isn't that much of a worry.  I'm more concerned of opinions such as, "Worry about selling friends and family crap insurance and low ball products.  Worry about forcing family and friends to buy products". 

If you're serious and can put in the 60-70 hour weeks there are much better firms.  Starting with AMP to get licenses and then jump ship is a bad idea if you want to get a job at another firm.  It's better to start where you want to be for 3-5 years and then reevaluate.

Almost every firm out there will encouarage you to start out with your "warm" market (friends and family), so AMP is no different there.  The biggest difference is at most other firms the products will have more value than the VA, VUL's, and crappy funds you'll sell at AMP.

The bank route is good for some that don't like/can't do their own prospecting but the average wirehouse or insurance agent will make much more $$$ for doing some prospecting.

Heres my take, and I think you've already realized that--Ameriprise Financial is a joke. Its a laughing stock in the financial world. www.amexsux.com Check out that website. You've already technically become hired by Ameriprise since you are taking your exams through them. It will show up on your file that you did work for them, however short it was. Take my advice, as well as everyone elses--if you're serious about the industry and you want to make a living, and if this is truly for you, etc. I highly recommend finding another firm to work for. If you're into pushing insurance, and phony products suckering people into choosing it, then go for it.

I'm not sure if I understood you, if you have already signed on with Ameriprise and forked over the money to take the exams or not, but if you haven't made that mistake, go else where. Start looking at the bigger wirehouse firms, MS, ML, UBS, Smith Barney, etc.. It won't be easier at those firms, but a) they will sponsor you and pay for your training to study and pay for your exams b) these are firm that you want to work for, you will be a much more experienced and well rounded candidate coming out of there. I'm not in anyway pushing those companies, but I sincerely advise you to step away from Ameriprise Financial. They're ploy is to pull you in, have you pay the 1400 dollars for the exams, then work you to death without any compensation. Review that website I listed above, there are individuals who have worked there and their experiences are outlined well. If you feel you fit in there, go for it.

As far as what you mentioned with your future plans, getting married, buying a house, etc. That’s great, I'm truly happy for you. There are some who have made it with a wife and kids and just starting out. Perhaps, it gives them more motivation to try for not only themselves but their family, understanding failure is not an option. What you do with your personal life is your own decision, and please do not let anyone dictate what you choose for the future. Do however, understand and accept, that this industry, and occupation is physically and mentally taxing. It will and does require 60-80 hours a week, generally not leaving time for socializing, etc. This isn't to say that this industry sucks. There can be a lot of fun in it as well. Doing activities that you enjoy with other individuals while at the same time “working” is one of the greatest parts about this job. But, the first five years will be taxing, not only on yourself, but your relationships and friendships. If you are lucky enough, your significant other will understand and support you till the end. <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

If you’re serious about all this, jump in with both feet, and don’t look back. It’s a fun ride, but it certainly isn’t easy.

I am an Ameriprise franchisee.  I like the culture and platform.  sounds like you're starting out on the "trainee" platform, called P1.  If you want a career in this business, stop talking about "enjoying your personal life".  you won't have one for 3 years.  see if you can hack it, then start your own office, or franchise on the P2 platform.  you'll own your business and client base, unlike many shops out there, and can sell it someday.  I don't like P1, but you gotta start somewhere, and have a long-term vision.

I read other posts (above) about being "forced" to sell VUL, VA, Mutual Funds.  It's all BS.  Sell whatever is appropriate.  I can sell from a variety of insurance companies, funds, etfs, whatever.  Before the Wach merger, I believe Ameriprise was the 4th largest B/D in the country, so they have a diverse platform of investment offerings.  The only area an Ameriprise Financail advisor is captive is annuities.  But the Riversource variable annuities are less expensive than over 90% of the industry's products (as rated by Morningstar).  You also don't have to sell the in-house mutual funds, nor do you get any extra compensation for doing so.  They're not a substantial part of my fund business, as I don't want to seem like I have a conflict of interest.  But, since the spinoff from AmEx, there's been a lot more of our revenues pumping back into our systems and departments, including hiring good fund management.  Barron's ranked us at #3 for 2006 of 50 fund companies.

Also, you have to get your Series 66 to work at Ameriprise.  This broadens your investment product and service offerings, as you can charge for your advice, set up wrap accounts, etc.  From my understanding, many wirehouses and other firms don't want the responsibility of being a B/D and an RIA.  I like the asset based fee platform, and it's most of my investment business.

I've noticed that many of the folks that call Ameriprise the "worst" firm (or whatever adjective they use) failed out there, whether they'll admit it or not.  I'm sure this will start some flaming... eh. 

There are other reasons I like Ameriprise, and I have done my due dilligence over the years.  There's an indy platform that I've always liked, but not enough to jump ship.  And ever since the '05 spinoff, this place has gotten much better.  We don't just hand all of our profit to AmEx anymore.  The technology & infrastructure upgrades and platform broadening, leadership and niche identification has been unprecedented.

It doesn't matter to me whether or not you get on this ship or another.  But if you have questions, PM me.

Ameriprise Financial is a joke. Its a laughing stock in the financial world.

It seems like you have a hard-on for the company. Are you qualified to broadly condemn others who would train you, like Jones, or the "new" A.G.,  and should we ask your opinion about some of the smaller independent broker dealers, too?

Do you run that hate web site or are you just a frequent flier there?

Your appparent ignorance is what helps drive the b/d " change industry ", and helps poison the water for trainees who might otherwise be left out of our inddustry. Consider another mental path to help elevate your own self esteem, if you failed on one path.

don't work for amerijoke

go to ubs,ml, ms, or a large bank

Ameriprise does not deserve any bit of your time if you are serious about this field.

Why not be a bank financial advisor? 

Check out the payouts at a bank, ml, ms, ubs.  Then consider whether you want yourself, or your firm to own your client base.

[quote=gotstabnoel]

Hey guys, this would be my first post for the site.  I’ve done some searching and reading and what not and I’ve been getting a lot of negative or at least some disheartening news that AMP is the worst firm to get into.  I recently graduated from college with a B.A in Finance and International Business.  I do realize this is a sales job, and MAKING your market is the key.  I’m really concerned on helping clients and providing some great financial advice. 

From my understanding, other major firms such as Merrill, Morgan Stanley, etc etc, are great firms to work for but each firm requires and demands their advisors to meet goals / quotas.  I realize this is for every firm, but I mean, I was offered a sponsorship through Ameriprise, so I took it. 

I guess what I'm trying to ask is, with all these comments im reading is, should i just take my series 7, 66, and life with ameriprise sponsorship and jump ship when i get my license?  Currently I work for a bank, they do not offer sponsorship, so I'm thinking i just fork over the money I've paid for the series 7,66, and life exam and classes and just lose it to reapply at the bank I work at. 

If not, would it be good for me to stick with Ameriprise and just grind it out and find out formyself?  I love my personal life, and Im hoping to buy a home and get married soon with the love of my life.  Putting 60/70 hours a week i know will put a strain on me and my life, any input!?  I just turned in my check for ameriprise but my windows for sponosrhip hasn't been opened.  What should i do!?

[quote=Big Taco]

Check out the payouts at a bank, ml, ms, ubs.  Then consider whether you want yourself, or your firm to own your client base.

[/quote]

I think the difference in payout between LPL and Ameriprise is about 5% for the midlevel producer. I guess that is the cost of branding or other franchising benefits.

Commonwealth payout would be a couple of points higher than Ameriprise.

Do you get business from the branding?

"Do you get business from the branding?"

Yes, actually.  Just yesterday I met with someone (I know, sounds very convenient, but the appointment was actually set almost 2 weeks ago).  The guy called out of no where because he just moved into my area, and is with AMP, and home office referred him to me, gave him my number.  Literally a 215K account.  His advisor in the other state is not licensed in mine.  This has happened a few times, but it's really just money moving from one part of the company to my part (but as long as it's moving to me).  And I've lost a few people to moving, although I'm way up, net-net.

Another way branding has paid off is people just call after they watch a commercial sometimes.  These are usually not qualified prospects (the people with $30K in revolving debt, and a $25K annual income), but sometimes there's a gem.  Since Ameriprise started really advertising (end of '05?), I've got 2 good clients from call ins that said they got interested after seeing our advertisements.

And there've been a few people that have been good clients who called my office because a relative or friend loves thier Ameriprise advisor from wherever, and said "oh, see if there's an Ameriprise office where you live", or however the conversation went.

That's what comes to mind, I'm sure there's other examples.  So is branding important?  Yes, but I make pains to play down the AMP connection at times.  I want clients to realize that I'm the important variable in the equation, not my B/D RIA.  They do the accounting, send statements, advertise, enable me to offer financial products, and create my technology tools.  I'm the one that makes decisions for clients and knows who they are and what's important to them. 

[quote=Big Taco]

I am an Ameriprise franchisee.  I like the culture and platform.  sounds like you're starting out on the "trainee" platform, called P1.  If you want a career in this business, stop talking about "enjoying your personal life".  you won't have one for 3 years.  see if you can hack it, then start your own office, or franchise on the P2 platform.  you'll own your business and client base, unlike many shops out there, and can sell it someday.  I don't like P1, but you gotta start somewhere, and have a long-term vision.

I read other posts (above) about being "forced" to sell VUL, VA, Mutual Funds.  It's all BS.  Sell whatever is appropriate.  I can sell from a variety of insurance companies, funds, etfs, whatever.  Before the Wach merger, I believe Ameriprise was the 4th largest B/D in the country, so they have a diverse platform of investment offerings.  The only area an Ameriprise Financail advisor is captive is annuities.  But the Riversource variable annuities are less expensive than over 90% of the industry's products (as rated by Morningstar).  You also don't have to sell the in-house mutual funds, nor do you get any extra compensation for doing so.  They're not a substantial part of my fund business, as I don't want to seem like I have a conflict of interest.  But, since the spinoff from AmEx, there's been a lot more of our revenues pumping back into our systems and departments, including hiring good fund management.  Barron's ranked us at #3 for 2006 of 50 fund companies.

Also, you have to get your Series 66 to work at Ameriprise.  This broadens your investment product and service offerings, as you can charge for your advice, set up wrap accounts, etc.  From my understanding, many wirehouses and other firms don't want the responsibility of being a B/D and an RIA.  I like the asset based fee platform, and it's most of my investment business.

I've noticed that many of the folks that call Ameriprise the "worst" firm (or whatever adjective they use) failed out there, whether they'll admit it or not.  I'm sure this will start some flaming... eh. 

There are other reasons I like Ameriprise, and I have done my due dilligence over the years.  There's an indy platform that I've always liked, but not enough to jump ship.  And ever since the '05 spinoff, this place has gotten much better.  We don't just hand all of our profit to AmEx anymore.  The technology & infrastructure upgrades and platform broadening, leadership and niche identification has been unprecedented.

It doesn't matter to me whether or not you get on this ship or another.  But if you have questions, PM me.

[/quote]

DON'T LISTEN TO THIS PERSON, IT HAS TO BE A AMERIPRISE MOLE OR AN AMERIPRISE RECRUITER.  JUST GO TO AMEXSUX.COM AND YOU WILL GET ALL OF THE INFORMATION YOU NEED.

I would also recommend looking elsewhere. I always hear how Ameriprise guys can sell other insurance products, other mutual funds, etc.  However, almost every Ameriprise client I talk to has a RiverSource VUL and Riversource mutual funds.  And, usually the VUL premiums are giving the client heartburn. I talked with a guy this morning who wants to come over to me, and he recently got ANOTHER "send in your payment or your VUL will explode" letter, but we both hate that he will take a 23% surrender fee to get out!

Don't get me started on the stupid "Stock Market Certificates"

Oh yeah, this same client was convinced by his Ameriprise guy to convert his IRA to a ROTH last year. Not a bad idea, BUT they liquidated the Riversource funds, converted the IRA to a ROTH, and REBOUGHT more Riversource funds at a full sales charge! I am not making that up. Despicable.

[quote=vbrainy]

DON'T LISTEN TO THIS PERSON, IT HAS TO BE A AMERIPRISE MOLE OR AN AMERIPRISE RECRUITER.  JUST GO TO AMEXSUX.COM AND YOU WILL GET ALL OF THE INFORMATION YOU NEED.

[/quote]

Ameriprise is an excellent place to start if you're young and need to gather experience.

The AMEXSUX website was set up by malcontents, and it is never a good idea to pay attention to malcontents.

So is branding important?  Yes, but I make pains to play down the AMP connection at times.  I want clients to realize that I'm the important variable in the equation, not my B/D RIA.

Yeah, I think a lot of people with money want to see a brand, it is really an extension of the idea that some folks may not want to do business with an RIA who is just regulated by the state, or even the feds but is a small name.

And I like how Jones is branded and close to the market. I'm talking about from Jones the company point of view, not the occasional disenfranchised Jones rep who is wanting to switch companies.

And in the case of Ameriprise and Jones, maybe you are talking about effective stragies for going after the "mass market". I would think advisors would be interested in just making money and having the lifestyle that they want - if you want to wear a suit and work downtown and chase CEOs, by all means go work for ML, MS, UBS.

So much of it is perception. Branding helps there too, of course, Ameriprise guys are branded franchise owners with rights and Jones guys have their own secure thing and wire house guys " own their book".

But I like branding, it will be interesting if LPL ever decides to brand, probably not as the strategy is to give the money to the advisors in the form of a slightly higher payout.

DON'T LISTEN TO THIS PERSON, IT HAS TO BE A AMERIPRISE MOLE OR AN AMERIPRISE RECRUITER.  JUST GO TO AMEXSUX.COM AND YOU WILL GET ALL OF THE INFORMATION YOU NEED.

Where do you get vbrainy out to this type of muddled thinking? You have demonstrated nothing. Prove your point or consider changing your screen name. My impression of the hate site is it's just a big ego trip for a lot of people, the losers that hang there and especially the ego tripping purveyor who gets all the attention.

You're talking about a Fortune 500 company with a lot of money under management that brings a lot of new advisors into this industry through expensive training. Substantiate your claim, if you can.

[quote=now_indy]

I would also recommend looking elsewhere. I always hear how Ameriprise guys can sell other insurance products, other mutual funds, etc.  However, almost every Ameriprise client I talk to has a RiverSource VUL and Riversource mutual funds.  And, usually the VUL premiums are giving the client heartburn. I talked with a guy this morning who wants to come over to me, and he recently got ANOTHER "send in your payment or your VUL will explode" letter, but we both hate that he will take a 23% surrender fee to get out!

Don't get me started on the stupid "Stock Market Certificates"

Oh yeah, this same client was convinced by his Ameriprise guy to convert his IRA to a ROTH last year. Not a bad idea, BUT they liquidated the Riversource funds, converted the IRA to a ROTH, and REBOUGHT more Riversource funds at a full sales charge! I am not making that up. Despicable.

[/quote]

In my opinion, this is interesting. In my early career, I sold industrial propriety products. We positioned ourselves by providing a better product but charged more and gave a lot of personal attention and service, including special engineering support and so on. There were always potential customers who never " got it ". A lot of them were never that successful in their business, or totally focused on costs and successful in that niche, at the expense of other opportunities.

So is the real problem proprietary products, or the fact that trainees are selling them? Everyone can't start out indy. One interest of mine is encouraging young people to get a start in the biz.

Jones gets a bad rap for a lot of reasons. Guys figure out how to bail after 3 years and make more money, never getting to the " sweet spot ".  They signed up for the long term, got trained, and then found something better. More power to them, this is the fuel for the entire Indy industry.

Making a virtue out of that transition, or somehow calling other people stupid, I think this is an example of how we as colleagues get egotistical and turn on ourselves. It may be the nature of those who spend time blogging, myself included. Just an observation.

Oh yeah, this same client was convinced by his Ameriprise guy to convert his IRA to a ROTH last year. Not a bad idea, BUT they liquidated the Riversource funds, converted the IRA to a ROTH, and REBOUGHT more Riversource funds at a full sales charge! I am not making that up. Despicable.

In my opinion, this really weakens your argument. I know an RIA who pulled all his clients into cash in 2001 and left it there for four years. A Merrill guy was hosing his client for about 5% a year in fees by churning. A gal at Ameriprise was jamming annuities at IRAs and there was a big lawsuit. Over at Jones, and advisor never called her client for four years after 9/11. An LPL guy I know is a snake.  Waddell - Lincoln? Never had a complaint.

[quote=vbrainy]

DON'T LISTEN TO THIS PERSON, IT HAS TO BE A AMERIPRISE MOLE OR AN AMERIPRISE RECRUITER.  JUST GO TO AMEXSUX.COM AND YOU WILL GET ALL OF THE INFORMATION YOU NEED.

[/quote]

I try not to resort to ad hominem, but you're an idiot. 

Good job on not refuting anything I wrote.   

It's very obvious to me that you're a failed Ameriprise advisor who got another job in the industry (it's not hard if you have a series 7 and insurance license), and now you love to blame your failure on a previous employer.  Good luck with that.

And no, I'm not a "mole" or "recruiter".  I'm a P2 advisor.

"amexsux" will teach you "everything you need to know"?  Yeah, look at how you turned out.  

I have personal experience with Ameriprise, I worked there for 7 years. There is a significant difference between P1 & P2 guys. P2 guys are fairly independent although they are induced to sell a number of financial plans ($450+) in order to meet their score card numbers. 

If you're not P2 don't be fooled, when I worked there you sold everyone a financial plan for $450+ followed by a canned presentation  for VUL, front load funds, and idiotic "certificates" for their cash reserves. Everybody pretty much received the same speel and as a P1 you either did it or you were out within a year.

[quote=GolFA]

Oh yeah, this same client was convinced by his Ameriprise guy to convert his IRA to a ROTH last year. Not a bad idea, BUT they liquidated the Riversource funds, converted the IRA to a ROTH, and REBOUGHT more Riversource funds at a full sales charge! I am not making that up. Despicable.

In my opinion, this really weakens your argument. I know an RIA who pulled all his clients into cash in 2001 and left it there for four years. A Merrill guy was hosing his client for about 5% a year in fees by churning. A gal at Ameriprise was jamming annuities at IRAs and there was a big lawsuit. Over at Jones, and advisor never called her client for four years after 9/11. An LPL guy I know is a snake.  Waddell - Lincoln? Never had a complaint.

[/quote]

They did the sell, the move, and the re-buy within a week. It wasn't like he went to cash as a defensive move.  I actuall saw an Ameriprise conversion form that made the client check the "don't sell my assets" box, or all of their assets would be sold before the conversion. I think they have changed that now, but that is just crazy.

As for your propietary comment, Jones doesn't have any proprietary products. If you can hold it at Jones, you can pretty much hold it somehwere else. So, I would recommend starting at Jones versus Amex. At least if you do leave, you can move your clients without having to liquidate everything.

[quote=Charlie Brown]

I have personal experience with Ameriprise, I worked there for 7 years. There is a significant difference between P1 & P2 guys. P2 guys are fairly independent although they are induced to sell a number of financial plans ($450+) in order to meet their score card numbers. 

If you're not P2 don't be fooled, when I worked there you sold everyone a financial plan for $450+ followed by a canned presentation  for VUL, front load funds, and idiotic "certificates" for their cash reserves. Everybody pretty much received the same speel and as a P1 you either did it or you were out within a year.

[/quote]

I've said it before on this site, I don't like P1, and feel that any blemishes on the Ameriprise brand comes mostly from that platform.  That said, what national brokerage can you start at and not be pushed to sell!, sell!, sell! ?  Seriously, what garbage gets sold at a bank, wirehouse, indy, insurance company, etc. just because someone is a trainee who needs to keep his job?  I don't like it at all, but it's not an AMP specific issue.

What's good that I've seen so far, is that AMP has been pushing its Associate Financial Advisor program, which pairs new advisors with established P2s as an apprentice type relationship.  Then they can take over the part of the book that the P2 doesn't want, and not have the conflict of interest as much to build a book from scratch and not starve to death in the process.

All of us who've been around for a little while see the statements from other firms and think: "what a ripoff".  Maybe.  Maybe not.  Usually, if you're looking at statements from other firms, something's not being done right in the first place.  Time to point out any flaws with a cert, or mutual fund, REIT, insurance policy you can think of (I know I do). 

Time to create urgency to move assets.  'Sign here, that AMP guy's no good'... after a while, you may start believing that local Smith Barney or Ed Jones, or the life insurance guy are just out for themselves, or are incompetent.  That's fine, but probably not true.  In some cases, you could even be screwing up an appropriate strategy, because you don't really understand it as an outsider looking in.

[quote=joedabrkr] [quote=Big Taco]

I try not to resort to ad hominem, but you're an idiot. 

Good job on not refuting anything I wrote.   

[/quote]

Go easy on him Taco.  He's too stupid to understand that there is a HUGE diff between P1 and P2(indy) advisers.  I'm no amex fan, but I certainly realize the distinction.
[/quote]

Point taken.

Good points. I realize Jones or any start is tough, heck, I'm recruiting Jones reps. But they seem to be a fair outfit, and should be respected.

I would hope compliance would ensure an in-kind transfer on A share conversions, what client would refuse the option.

The thing that interests me about Ameriprise is, they staunchly defend the right to sell annuities, annuities inside IRAs, VUL, plans - there must be lobbyists in DC, and a ton of disclosure.

While everyone needs to make up their own mind, don't think that strategy should be condemned per se.

Here, Bobby represents a kind of straight viewpoint, a baseline to any hypocracy that exist in terms of how we all get paid or even our planning strategies - we may not agree, but we are all professionals.

In other words, if Bobby were to turn his nose up at all Ameriprise reps, or even Ameriprise as a company, because they sell proprietary products but he offers a lot of choice, and then Allreit, who is not even licensed to sell insurance, comes in and makes a moral argument about how only RIAs are objective, and Bobby is a schmuck, and so on, really all just based on some kind of moral relativism, well, I think we degrade ourselves as professionals.

We can all hold our viewpoints and still respect each other.

I had a religious studies professor in college who taught many religions, but said you ultimately had to affirm yours above all others to find meaning. But in order to find meaning, you have to respect teh other viewpoints.  

I think Napolean Hill would call that transformation, and what it can do for our businesses is exciting.

Not trying to sound heavy, just trying to communicate my conclusion after a lot of soul searching about where I want to take my business.

I don't think anyone has to give up their moral or professional beliefs, rather, in this case, entertain the notion that with proper disclosure and oversight of reps, a company has the right to manufacture proprietary products and promote those products in an ethical manner.

Not putting your clients into proprietary products so you can be free to move your book just sounds like good business, so maybe the guy at the head of the string here should have joined Jones. But he should be very careful to think for himself about the reality of the ethics of the right to sell proprietary products in any industry, and especially this one, since so much of the so-called altruistic concern for getting out of certain products or having choices is really about getting paid. Allreit is the best example here regarding someone who is selling  that little "moral crusade."

As if the media isn't selling us a big " no load " and " effect of fees " story that is a big disconnect with how we all apply broad finanical planning principals and experience to create wealth for our clients, many of whom would otherwise not be winners in the race for financial security.

And I get the impression that Big Taco is a respectable fellow. Since he is respectable, we should at least test the idea that his affiliate is fundamentally respectable, since it is subject to the same scutiny and regulation of all broker dealers. Not saying to overlook history, but who amongst large broker dealers shall cast the first stone?

[quote=Bobby Hull][quote=GolFA]

Oh yeah, this same client was convinced by his Ameriprise guy to convert his IRA to a ROTH last year. Not a bad idea, BUT they liquidated the Riversource funds, converted the IRA to a ROTH, and REBOUGHT more Riversource funds at a full sales charge! I am not making that up. Despicable.

In my opinion, this really weakens your argument. I know an RIA who pulled all his clients into cash in 2001 and left it there for four years. A Merrill guy was hosing his client for about 5% a year in fees by churning. A gal at Ameriprise was jamming annuities at IRAs and there was a big lawsuit. Over at Jones, and advisor never called her client for four years after 9/11. An LPL guy I know is a snake.  Waddell - Lincoln? Never had a complaint.

[/quote]

Why does it make you so angry that people put annuities in IRA's? Do you advise your clients not to insure their homes, cars, and lives? More people have lost money in the stock market than have lost their homes due to a catastrophy. How do you reconcile this, asshole?

[/quote]

Bobby, if review any posting where I mentioned you, I respected you.

So I take your name calling to be in the Tony Soprano sense. Correct me if I'm wrong, and I'll just ignore you forever.

So, over time, I have move from strongly opposing the concept of annuities in IRAs, to not condemning those who do.

By the way, in an earlier post you made it sound like you thought a guy was a sucker for inheriting such accounts. I don't get your thinking, but I'm still open minded about you. Please don't remove all doubt. An apology for calling me an a****** would be a good start, if you are capable. If not, I have a pretty good idea of the type of person you might be.  

[quote=GolFA][quote=Bobby Hull][quote=GolFA]

Oh yeah, this same client was convinced by his Ameriprise guy to convert his IRA to a ROTH last year. Not a bad idea, BUT they liquidated the Riversource funds, converted the IRA to a ROTH, and REBOUGHT more Riversource funds at a full sales charge! I am not making that up. Despicable.

In my opinion, this really weakens your argument. I know an RIA who pulled all his clients into cash in 2001 and left it there for four years. A Merrill guy was hosing his client for about 5% a year in fees by churning. A gal at Ameriprise was jamming annuities at IRAs and there was a big lawsuit. Over at Jones, and advisor never called her client for four years after 9/11. An LPL guy I know is a snake.  Waddell - Lincoln? Never had a complaint.

[/quote]

Why does it make you so angry that people put annuities in IRA's? Do you advise your clients not to insure their homes, cars, and lives? More people have lost money in the stock market than have lost their homes due to a catastrophy. How do you reconcile this, asshole?

[/quote]

Bobby, if review any posting where I mentioned you, I respected you.

So I take your name calling to be in the Tony Soprano sense. Correct me if I'm wrong, and I'll just ignore you forever.

So, over time, I have move from strongly opposing the concept of annuities in IRAs, to not condemning those who do.

By the way, in an earlier post you made it sound like you thought a guy was a sucker for inheriting such accounts. I don't get your thinking, but I'm still open minded about you. Please don't remove all doubt. An apology for calling me an a****** would be a good start, if you are capable. If not, I have a pretty good idea of the type of person you might be.  

[/quote]

I'm tired of ignorant people and their contempt prior to investigation. I apologize for calling you an asshole. Please help me out by not being one.

[quote=joedabrkr]

[quote=Big Taco]

I try not to resort to ad hominem, but you’re an idiot. 

Good job on not refuting anything I wrote.   

Gotstabnoel-

I worked at AMEX for close to 6 years, licensed, but not a Financial Advisor. I have worked for the last 4 years at a bank.  I have talked to Financial Advisors for about 9 years/ 40 hours a week.

You mentioned in your post that your bank doesn't pay for sponsorship. Would you want to work there? At the bank that I work for, we do not hire FA's unless they have been in the biz for 2 years. What is your bank's policy?

I felt the need to "but" into this thread because Ameriprise was being slammed. It is by no means perfect, but I feel it presents a fair opportunity. Some of the bank reps that I work for are some of the most likable people in the world, but they can be lazy/lack desire for product knowledge compared to an Ameriprise FA.  Also, there are a lot of different channels and flexibility for FA's that the bank may not offer.

However, if you like the bank environment, don't leave. Perhaps you need to interview with more banks.

I did an internship for Ameriprise before graduating and accepting my position with a wirehouse.  I interviewed for the p1 platform, a position with my current (p2) advisor-boss, and the wirehouse job.  Here are my thoughts (I am 23, have 4mm AUM with 1.5mm in fee-based accounts):

The p1 platform at Ameriprise stinks.  I believe that when I was hired there they had not actually ever graduated a broker through it (this COULD be totally BS but I think there is some merit in it).  I think this platform focuses a bit too much on the ‘fishbowl’ marketing scheme and utilizing your ‘natural market’ (read: Friends and Family).  My problem with these two avenues is that 1, you don’t get NEARLY the number of contacts you probably need to be successful and 2, I think your first 2 months in the business is the exact WRONG time to call your best friends’ parents for money.

The p2 platform, from my experience, appears to be decent to good.  I base this on the fact that you do build equity in your book (in fact my old boss was a huge buyer of books) and that there don’t seem to be many incentives to do a certain kind of business.  I have to agree with Taco here that he really can do any kind of business he wants (although I would say that the vast majority of even p2 advisors, in practice focus on the insurance side of the business and use average fund managers for the rest). 

All that being said, I think if you want to survive in the Ameriprise system your best bet is seek out a p2 advisor and throw yourself at him/her.

The wirehouses will ask you to cold call for medium sized accounts, put them into managed accounts, and repeat.  In my estimation, while this business model might not be totally free of conflicts-of-interest, it does represent the fewest and the best opportunity to excel in this business and help people.

That is my 2 cents that is probably really worthless, sorry for asking you to read it.

Oh yeah and I don’t believe that age thing at all.  I team up with older advisors daily and in a significant amount of cases, I find the prospect making eye contact only with me and speaking directly to me despite the fact that I look like I am 16.  If you act the part, you are simply a young hot-shot who everyone wants to grab a piece of on his/her rise to stardum.

[quote=drewski803]Oh yeah and I don’t believe that age thing at
all.  I team up with older advisors daily and in a significant
amount of cases, I find the prospect making eye contact only with me
and speaking directly to me despite the fact that I look like I am
16.  If you act the part, you are simply a young hot-shot who
everyone wants to grab a piece of on his/her rise to stardum. [/quote]



I’m sure everybody wants to grab a piece of an up and comming life insurance agent.

[quote=AllREIT] [quote=joedabrkr] [quote=Big Taco]

I try not to resort to ad hominem, but you're an idiot. 

Good job on not refuting anything I wrote.   

[/quote]

Go easy on him Taco.  He's too stupid to understand that there is a HUGE diff between P1 and P2(indy) advisers.  I'm no amex fan, but I certainly realize the distinction.
[/quote]

That's all well and good, but the antics of the P1 platform give the P2 advisors a bad name. And a fair number of x-P1's moving into the P2 platform continue the problem.


[/quote]

That's silly.  Mostly market forces will incent business owners (P2) to be good stewards of their business, and keep clients happy, and grow a good business that will look attractive to a buyer someday (part of their retirement packages).

With the P1s or newbies who go into P2 as an Associate FA, they should have incentive to be good stewards as future buyers of these senior FA's practices... And, the P2 advisors that spent so many years busting their butts to build businesses should be watching their Associates to make sure they're not doing anything detrimental to their firms.

It's not like most FAs who comes out of P1 are screaming convicts.  To advocate this viewpoint is like saying that every FA from every FA training program will hurt their clients, and eventually tarnish their firms reputation.

[quote]It's not like most FAs who comes out of P1 are screaming convicts.  To advocate this viewpoint is like saying that every FA from every FA training program will hurt their clients, and eventually tarnish their firms reputation.[/quote]

[quote=AllREIT]

[quote]It's not like most FAs who comes out of P1 are screaming convicts.  To advocate this viewpoint is like saying that every FA from every FA training program will hurt their clients, and eventually tarnish their firms reputation.[/quote]

That's not too far from the truth.

Taco you are missing the point that I'm making.

I'm sure the P2 advisors do a fine job by their clients, but the brand they operate under is tarnished by the VUL pushing P1's.

I've heard a fair number of AMP horror stories, that were done at the P1 level.

This is like Red China and Hong Kong. Two systems, One flag.

[/quote]

I think I get it. 

Everyone in Red China and P1 are guilty by association because of some stories you heard.  Furthermore, whenever someone from the mainland China visits Hong Kong, or whenever someone from P1 goes P2, everyone's reputation gets tarnished.

I interned for a P2 advisor with Amex before they were Ameriprise when I was in college.  For someone new in this business it was a good education in time management, forming a business model, client segmentation, etc.  At the time, this guy was their #2 producer in California.  Ameriprise is quite content to cater to non-affluent individuals unlike ML, MS, or the likes.  ML is unlikely to hire someone fresh outta college with little experience as they’re really seeking seasoned professionals networked in affluent circles.  Best of luck.

Ameriprise is where you go if and only if you cannot get an offer from a decent firm.  NOBODY goes from ML, SB, AGE, LPL, RJ to Ameriprise.  They do not treat their advisors or their clients very well.

[quote=Big Taco]

I am an Ameriprise franchisee.  I like the culture and platform.  sounds like you're starting out on the "trainee" platform, called P1.  If you want a career in this business, stop talking about "enjoying your personal life".  you won't have one for 3 years.  see if you can hack it, then start your own office, or franchise on the P2 platform.  you'll own your business and client base, unlike many shops out there, and can sell it someday.  I don't like P1, but you gotta start somewhere, and have a long-term vision.

I read other posts (above) about being "forced" to sell VUL, VA, Mutual Funds.  It's all BS.  Sell whatever is appropriate.  I can sell from a variety of insurance companies, funds, etfs, whatever.  Before the Wach merger, I believe Ameriprise was the 4th largest B/D in the country, so they have a diverse platform of investment offerings.  The only area an Ameriprise Financail advisor is captive is annuities.  But the Riversource variable annuities are less expensive than over 90% of the industry's products (as rated by Morningstar).  You also don't have to sell the in-house mutual funds, nor do you get any extra compensation for doing so.  They're not a substantial part of my fund business, as I don't want to seem like I have a conflict of interest.  But, since the spinoff from AmEx, there's been a lot more of our revenues pumping back into our systems and departments, including hiring good fund management.  Barron's ranked us at #3 for 2006 of 50 fund companies.

Also, you have to get your Series 66 to work at Ameriprise.  This broadens your investment product and service offerings, as you can charge for your advice, set up wrap accounts, etc.  From my understanding, many wirehouses and other firms don't want the responsibility of being a B/D and an RIA.  I like the asset based fee platform, and it's most of my investment business.

I've noticed that many of the folks that call Ameriprise the "worst" firm (or whatever adjective they use) failed out there, whether they'll admit it or not.  I'm sure this will start some flaming... eh. 

There are other reasons I like Ameriprise, and I have done my due dilligence over the years.  There's an indy platform that I've always liked, but not enough to jump ship.  And ever since the '05 spinoff, this place has gotten much better.  We don't just hand all of our profit to AmEx anymore.  The technology & infrastructure upgrades and platform broadening, leadership and niche identification has been unprecedented.

It doesn't matter to me whether or not you get on this ship or another.  But if you have questions, PM me.[/quote]

Well, glad you're happy.  Ameriprise is better than it was but is still FAR AWAY from their franchise owners like you being an indy.  Riversource is a PROPRIETARY product, something those of us working at indies were trying to get away from.......

Thanks, I am happy. 

[quote=bluestars80]Well, glad you’re happy.  Ameriprise is better
than it was but is still FAR AWAY from their franchise owners like you
being an indy.  Riversource is a PROPRIETARY product, something
those of us working at indies were trying to get away from…[/quote]

[quote] Ameriprise Financial
Services and its affiliates generally receive more revenue from the sale
of the RiverSource Investments family of funds than from the sale of other
funds. Ameriprise Financial Services receives inter-company allocation payments
from its affiliates on revenue generated on the sale of RiverSource Investments
family of funds. Employee compensation and operating goals at all levels
of the company are tied to the company’s success. Certain employees may receive
higher compensation and other benefits based, in part, on assets invested
in the funds of RiverSource Investments.[/quote]



http://www.ameriprise.com/amp/individual/products/investing/ mf-revenue-sharing.asp

I can think of a couple of other fund companies that generally receive more revenue when they sell their own funds:

1) Vanguard

2) Fidelity

3) Every fund family!

Do you think they'll make more selling their own products, or other companies' products? 

Allreit, next time you sell Vanguard or Fidelity funds, realize that they participate in revenue sharing also (it's in their disclosures), and that you've caused them to make "generally more revenue" than if you had NOT sold their funds.   

Yes, Ameriprise makes more money selling prop funds than non-prop.  Does that mean that I make more on prop vs. non?  No.  And I don't sell much prop funds anyway (less than 10% of my fund biz).

Did you have a point?

[quote=Big Taco]

Allreit, next time you sell Vanguard or Fidelity
funds, realize that they participate in revenue sharing also (it’s in
their disclosures), and that you’ve caused them to make “generally more revenue” than if you had NOT sold their funds. 

Ameriprise is rubbish and you’ll want to take the advice of other posters as well as the info you read on amexsux.com. Ameriprise is a joke in the industry. Your focus will be to bring in as many people into the office and sign them up for a financial plan and then convert those plans into VULs, annuities, and RiverSource mutual funds. At the start you’ll have to do this by bringing in all family members and friends. Ameriprise products are expensive so once your family and friends see the hit they’ll take on their portfolio you’ll probably lose some friends. These VULs and annuities are good for the advisor and Ameriprise since they pay the most to the advisor and they generate guaranteed profits for 10 years due to the surrender charge. If the client pulls out early, then Ameriprise pockets the surrender charge. Consumer Reports did an article on Ameriprise and they found Ameriprise to have some of the highest costs in the industry.

With Ameriprise, you won’t see very many high affluent clients as those people go elsewhere. In a SEC filing, Amerprise said the average client asset is about 93,000 per client per branded advisor. While they tout that this number is increasing, don’t believe this. About 9 or so months back, Ameriprise took all their clients that had little assets and were not actively working with an advisor and shifted these clients to the home office thus artifically inflating the average client asset per branded advisor.

Re Riversource being ranked number 3, don’t believe this either. If you look at the 10 year number you’ll see RiverSource is 47 out of 50. They achieved the high one year ranking by merging poor performing mutuals funds into better performing mutual funds thus wiping away the poor performance for one year. This poor performance is still calculated in the 10 year number.

Re annuities inside an IRA, doing this will be a costly mistake for the client but it’ll be good Ameriprise. The supposed advantages of an annuity are tax deferred, principal guarantee, and payout for life. Do not believe these benefits especially inside an IRA. The IRA is already tax deferred so this is a waste. The principal guarantee is achived by an M&E cost for an IRA this is 0.85% per year so on 100,000 dollars you pay approx 850 dollars for the guarantee and you pay this as long as you own the policy so say the policy falls to 90K and you die you just paid 850 dollars per year 10K worth of insurance. You can go out and buy a long term term life insurance policy and receive a much higher payout versus cost. The income for life is no good. The payout rate depending on how old and what option is about 4.25% per year for a male around 65. As you can see this isn’t very good and this is the reason it pays for life. If you die, Ameriprise pockets the value of the policy. While you can get a payout that guarantees payout for so many years, the payout will be less than the value of the policy plus this’ll decrease the 4.25% to a lower number.

Re P2s VULs and annuities, you’ll hear that P2s don’t push proprietary products. Don’t believe this. Last quarter AMP did around 3.3B in annuities so based on 1000 P1 advisors this would equate to 3.3M per P1 advisor. I don’t think so. This means that P2 advisors push annuities just like the P1s. Same holds true for the VULs.

Back to your question. Avoid Ameriprise or you’ll be sorry.

Ameri-Who…thanks for the info.

I’ve had several buddies tell me they are going to go work for Ameriprise, or excited that they got offers/interviews with Ameriprise. I don’t say much, except tell them to be prepared and read up on the company. They are doing well, and a lot of their advisors do well, so something, even if its minute, has to be going right. So in essence, it depends on your office, your BM, your “boss”, your mentor, the situation, your clientele, etc etc…

Don’t judge the whole firm, but read up on it.

Here’s an example of the brain power of an Ameriprise rookie advisor.  One of my good clients had 2 accounts with me.  A joint account with his wife and a single account in his daughters name which had $155k.  She inherited this from an aunt that passed away a couple of years earlier at a cost of $125k.  The daughter recently married the Ameriprise rookie and she wanted to transfer her account to her new husband.  Makes sense, no problem.

But here’s what he did.  I expected a change of broker of record to come in, nope, got a full liquidation and ship ACAT.  She owned American CIB, GFA, Balanced, and Cap Wld G+I.  All class A.  (I really don’t do much American, but in this case I did).  So he incurred the 30k of LTCG to transfer, and sold out of some of the best funds for the last few years.

When I spoke with my client and informed him, he told me the reason the son in law gave was that “he would be able to save money by owning shares at NAV”. Later found out he bought Riversource which are more expensive than American. Client never found out if those were at NAV though.  My gut tells me his new bride’s account was the only trades of the month. 

[quote=GoingIndy????]Here's an example of the brain power of an Ameriprise rookie advisor.  One of my good clients had 2 accounts with me.  A joint account with his wife and a single account in his daughters name which had $155k.  She inherited this from an aunt that passed away a couple of years earlier at a cost of $125k.  The daughter recently married the Ameriprise rookie and she wanted to transfer her account to her new husband.  Makes sense, no problem.

But here's what he did.  I expected a change of broker of record to come in, nope, got a full liquidation and ship ACAT.  She owned American CIB, GFA, Balanced, and Cap Wld G+I.  All class A.  (I really don't do much American, but in this case I did).  So he incurred the 30k of LTCG to transfer, and sold out of some of the best funds for the last few years.

When I spoke with my client and informed him, he told me the reason the son in law gave was that "he would be able to save money by owning shares at NAV". Later found out he bought Riversource which are more expensive than American. Client never found out if those were at NAV though.  My gut tells me his new bride's account was the only trades of the month. 
[/quote]

So he could of gotten trades at NAV as a broker for his WIFE, and put her in Riversource?  Man, I hope he sleeps with one eye open from now on.........

[quote=AllREIT] [quote=Big Taco]

Allreit, next time you sell Vanguard or Fidelity funds, realize that they participate in revenue sharing also (it's in their disclosures), and that you've caused them to make "generally more revenue" than if you had NOT sold their funds. 

[/quote]

Please find a revenue sharing agreement involving VG. TIA
[/quote]

Please, allreit, just think about it for a second.  Does Vanguard make more selling their own funds, or other investment companies' funds? 

Why do they push all their own funds when you call them?  Are they going to suggest you invest in Fidelity, American Century, Schwab?  I don't think so.  They want to your money to go into Vanguard.  They make more money that way.

Here's a link to the rev sharing pdf.

https://flagship.vanguard.com/VGApp/hnw/SearchResultsSec?que ry=revenue%20sharing&origin=home

It must have been reworded by their legal dept. recently, as a few months ago it actually read that revenue sharing is a "significant portion of revenue" for Vanguard.

[quote=Big Taco][quote=AllREIT] [quote=Big Taco]

Allreit, next time you sell Vanguard or Fidelity funds, realize that they participate in revenue sharing also (it's in their disclosures), and that you've caused them to make "generally more revenue" than if you had NOT sold their funds. 

[/quote]

Please find a revenue sharing agreement involving VG. TIA
[/quote]

Please, allreit, just think about it for a second.  Does Vanguard make more selling their own funds, or other investment companies' funds? 

Why do they push all their own funds when you call them?  Are they going to suggest you invest in Fidelity, American Century, Schwab?  I don't think so.  They want to your money to go into Vanguard.  They make more money that way.

Here's a link to the rev sharing pdf.

https://flagship.vanguard.com/VGApp/hnw/SearchResultsSec?que ry=revenue%20sharing&origin=home

It must have been reworded by their legal dept. recently, as a few months ago it actually read that revenue sharing is a "significant portion of revenue" for Vanguard.

[/quote]

"So he could of gotten trades at NAV as a broker for his WIFE, and put her in Riversource?  Man, I hope he sleeps with one eye open from now on........."

Well ole "one eye" ain't gonna be doin much else anyway...!

[quote=Whomitmayconcer]

“So he could of gotten trades at NAV as a broker for his WIFE, and put her in Riversource?  Man, I hope he sleeps with one eye open from now on…”

Well ole "one eye" ain't gonna be doin much else anyway...!

[quote=AllREIT] [quote=Big Taco][quote=AllREIT] [quote=Big Taco]

Allreit, next time you sell Vanguard or Fidelity funds, realize that they participate in revenue sharing also (it's in their disclosures), and that you've caused them to make "generally more revenue" than if you had NOT sold their funds. 

[/quote]

Please find a revenue sharing agreement involving VG. TIA
[/quote]

Please, allreit, just think about it for a second.  Does Vanguard make more selling their own funds, or other investment companies' funds? 

Why do they push all their own funds when you call them?  Are they going to suggest you invest in Fidelity, American Century, Schwab?  I don't think so.  They want to your money to go into Vanguard.  They make more money that way.

Here's a link to the rev sharing pdf.

https://flagship.vanguard.com/VGApp/hnw/SearchResultsSec?que ry=revenue%20sharing&origin=home

It must have been reworded by their legal dept. recently, as a few months ago it actually read that revenue sharing is a "significant portion of revenue" for Vanguard.

[/quote]

You don't understand what VG Brokerage services is. VG operates their own mutual funds, and they are operated as a co-operative and thus for minimal profit.

They also run a brokerage platform as a convenience to customers, through that platform its possible to have acess to all the funds that Pershing offers. Those funds with 12b-1 fee's are No-transaction fee funds, other funds have ticket charges.

The big issue is the "supplimental" revenue sharing that takes place at AMP/EDJ to encourage "financial advisors" to promote the sale of RVS and other preferred funds.

VG's brokerage platform is fully client directed, so 12b-1 fee's have no effect on client choices. AMP's/EDJ's platform is  nominally client directed , (but in reality people follow the brokers advice) and so 12b-1 fee's and supplimental revenue sharing (kickbacks) have a major effect on fund choices made.

 


[/quote]

C'mon, man.

Vanguard uses the 12b1s as a "significant source of revenue".  It's in their "revenue sharing disclosure".  Either way, it's used to finance the sale of investments, which generate money for vanguard.  They're not a charity.  They're a business.

Was at AMP for 12 years, Gold FA last 7 yrs there.  Good place to learn how to be a consultant bad place to remain at long term.  Never witnessed a quality rep come to AMP in my time, poor relationship between corp and field, decisions made to please shareholders first and foremost (i.e. offloading CSO's to Phillipnes).  Poor non working technology that is always behind, payouts less than other indy's (not just payout but GDC too.  Have no direction, have no idea who they are in the market place, P3 yanked from reps when I was there then was lied too as to why.  The promises are always huge..sleeping giant yada yada yada. 

Go with AMP if you must, stay away from p1 and team up with P2.  Avoid the prop annuities and insurance and plan your exit in 5 years you'll be richly rewarded.

I was in a restaurant today for lunch, and saw the infamous Ameriprise fish bowl.  This is for the Ameriprise brokers out there, does the "win a free lunch" fish bowl really work?  Do you have some sizable clients you found through the fish bowl? I've always been curious.

OhioAdvisor, I agree with a lot of what you wrote, but times really have changed.  That's not just the koolaid talking.  The spinoff allowed us to keep the billion in annual revenue, instead of giving 85% of it to AmEx.  It's been heavily reinvested back into technology systems, branding, and, as you wrote: establishing who we are in the marketplace.  Also, a lot of the crap that was pulled over the years showed corporate that it's just a way to lose advisors and advisor loyalty.  Their message over the last few years has been to treat advisors as the client, and they've actually followed through for the most part.  It's not perfect, but I've looked around over the years.  No place is perfect.  Thank god AmEx isn't in the picture anymore.

As far as fishbowls:  I wouldn't know.  I don't like the idea of using a free lunch to lure prospects.  They'll eat and forget about you.  If they're there, it should be because they're interested in your content.

[quote=now_indy]

I was in a restaurant today for lunch,
and saw the infamous Ameriprise fish bowl.  This is for the
Ameriprise brokers out there, does the “win a free lunch” fish bowl
really work?  Do you have some sizable clients you found through
the fish bowl? I’ve always been curious.

[quote=Big Taco]

OhioAdvisor, I agree with a lot of what you wrote, but times really have changed.  That's not just the koolaid talking.  The spinoff allowed us to keep the billion in annual revenue, instead of giving 85% of it to AmEx.  It's been heavily reinvested back into technology systems, branding, and, as you wrote: establishing who we are in the marketplace.  Also, a lot of the crap that was pulled over the years showed corporate that it's just a way to lose advisors and advisor loyalty.  Their message over the last few years has been to treat advisors as the client, and they've actually followed through for the most part.  It's not perfect, but I've looked around over the years.  No place is perfect.  Thank god AmEx isn't in the picture anymore.

As far as fishbowls:  I wouldn't know.  I don't like the idea of using a free lunch to lure prospects.  They'll eat and forget about you.  If they're there, it should be because they're interested in your content.

[/quote]

I left in the past 18 months so I am as familiar with AMP as I am with AEFA plus have lunch once a month with the old office.  When AMP can recruit quality reps from outside the industry then they will have turned the corner but not before.  If you have looked around in the industry you would know that even though no place is perfect most indy's are better for your business and managing of client money.  Any AMP advisor that doesn't agree just doesn't want to admit it since that would mean they would have to do something about it and that my friend is a huge under-taking.

[quote=AllREIT] [quote=now_indy]

I was in a restaurant today for lunch, and saw the infamous Ameriprise fish bowl.  This is for the Ameriprise brokers out there, does the "win a free lunch" fish bowl really work?  Do you have some sizable clients you found through the fish bowl? I've always been curious.

[/quote]

Did you stick your business card in?
[/quote]

I should have, but I don't want them calling me. I have a feeling I would not "win" a free lunch.

[quote=now_indy][quote=AllREIT] [quote=now_indy]

I was in a restaurant today for lunch, and saw the infamous Ameriprise fish bowl.  This is for the Ameriprise brokers out there, does the "win a free lunch" fish bowl really work?  Do you have some sizable clients you found through the fish bowl? I've always been curious.

[/quote]

Did you stick your business card in?
[/quote]

I should have, but I don't want them calling me. I have a feeling I would not "win" a free lunch.

Its not a free lunch if you have to listen to those guys talk about their subpar work.

[quote=BigRed]Its not a free lunch if you have to listen to those guys talk about their subpar work.[/quote]

"Have you ever heard of Riversource"??

[quote=OhioAdvisor][quote=Big Taco]

OhioAdvisor, I agree with a lot of what you wrote, but times really have changed.  That's not just the koolaid talking.  The spinoff allowed us to keep the billion in annual revenue, instead of giving 85% of it to AmEx.  It's been heavily reinvested back into technology systems, branding, and, as you wrote: establishing who we are in the marketplace.  Also, a lot of the crap that was pulled over the years showed corporate that it's just a way to lose advisors and advisor loyalty.  Their message over the last few years has been to treat advisors as the client, and they've actually followed through for the most part.  It's not perfect, but I've looked around over the years.  No place is perfect.  Thank god AmEx isn't in the picture anymore.

As far as fishbowls:  I wouldn't know.  I don't like the idea of using a free lunch to lure prospects.  They'll eat and forget about you.  If they're there, it should be because they're interested in your content.

[/quote]

I left in the past 18 months so I am as familiar with AMP as I am with AEFA plus have lunch once a month with the old office.  When AMP can recruit quality reps from outside the industry then they will have turned the corner but not before.  If you have looked around in the industry you would know that even though no place is perfect most indy's are better for your business and managing of client money.  Any AMP advisor that doesn't agree just doesn't want to admit it since that would mean they would have to do something about it and that my friend is a huge under-taking.

[/quote]

OhioAdvisor, I'm not sure what you mean by indy being better for "managing client money".  yes, we're captive on VAs, but the RVS VAs are better than average on expense and subaccounts.  I can offer fund of hedge funds, SAs, etfs, 3000 funds, brokered insurance, etc.  What am I lacking for money management?  Also, I'm in a high payout. 

I've looked around at some of my other indy options.  There's an indy that I really like.  But it's not worth it to switch for me.  I feel that especially since the spinoff, the technology has gotten light years better, and the home office is recognizing the advisor as the client again.  I'm aware of my options, and staying put is my best one for now.  Maybe that will change someday.  It may for you too.

Just wondering. Can you do structured products, VRDO/VRP’s, brokered CD’s, etc?

Blarm-

Since I used to work on Amex's desk for that, yeah, they can do VRDO's and VRP's and brokered CD's. Structured products weren't really popular then, but my guess is that they can do them.

[/quote]

OhioAdvisor, I'm not sure what you mean by indy being better for "managing client money".  yes, we're captive on VAs, but the RVS VAs are better than average on expense and subaccounts.  I can offer fund of hedge funds, SAs, etfs, 3000 funds, brokered insurance, etc.  What am I lacking for money management?  Also, I'm in a high payout. 

I've looked around at some of my other indy options.  There's an indy that I really like.  But it's not worth it to switch for me.  I feel that especially since the spinoff, the technology has gotten light years better, and the home office is recognizing the advisor as the client again.  I'm aware of my options, and staying put is my best one for now.  Maybe that will change someday.  It may for you too.

[/quote]

Technology still stinks as does the CSO operation.  Maybe light years ahead of where it was but light years behind what the top three indy's have.  Seriosly now, I still have my personal vul at Ameriprise and the online financial accounts website is putrid.  My values are from 4 months ago.  Also your payout may not be as high as you think.  Compare what the the gdc rate is on some prducts elsewere, not payout but the gdc.  Also, the overhead is higher as re your admin charges on the wrap even factoring in the global admin fee discounts.  The lack of a 3rd party platform stands out as well though you will be coming out with a semi prop one soon.  Not having access to non-prop VA's is huge my friend.  If it were as easy to show up somwhere else tomorrow and your clients waiting I feel fairly confident that half the company at worse would be gone.

I guess we'll have to agree to disagree.

As far as technology, I've been extremely impressed with the PMT software.  I'm actually hardly even using Morningstar reports anymore, except to show std. dev.  PMT produces a plethora of different client approved reports, and they look cool, too.  And the tech dept. has launched the beta version of the new advisor website which replaces "jazz".  It's going to make things much more integrated, imo, including revamp of client management software, account information integration, and some other business flow stuff that looks really cool, etc.

I just can't see how the VA thing is such a huge deal when Morningstar rated our VAs highly about 2 or 3 years ago... (admitedly, I don't have the info in front of me) something about lower expense than 93% of the industry, with excellent choice of 4 & 5 star subaccounts.    I believe you if you say that there's VAs out there that offer better value.  Value is relative, and subjective.  But ours are good, and competitve, with all the bells and whistles of guaranteed-living-benefit this and that.  But if our VAs sucked, it would pretty much be a deal breaker that we're captive.  But then advisors would leave, and HO would capitulate.  I'm just glad that's not the way it is.

And I've looked at expenses and payout at a few indys (at least I did in 2005).  I crunched numbers, thought a lot.  Don't assume I don't know how much I'm getting paid.  When I was checking out the idea of moving, I was doing RESEARCH, buddy.

And I may have to agree with you on the client's online account access site as lacking... but then I really don't know what other companies are doing these days.  Anyway, after they release the "advisor compass", they're going to revamp the client site, I believe.

I still don't feel like you realize that we're going from over 20 years of AmEx raping all IDS profits to shove into the card division.  THAT'S HUGE.  We're bouncing back, catching up, competing fiercely.  Either way, for me, it's working great.  I'm literally happy with the way things are going.  In early 2005, I wasn't.  but I've got at least 15 years left, who knows what B/D RIA whatever I'll feel can offer me the most in that time frame.  Things change.

Wow, Taco, I have to agree, you bring up a lot of good points.

Have you looked at the bonus program for bringing on an Associate? Up to $75,000 bonus - all turnkey for contracts, training, employee development.

Portfolio Management Tool is outstanding. The branding is powerful, especially for recruiting employees who can bring over small books.

Those who would knock the new AMP are sounding a bit hollow, but hey, knock yourselves out. Last I check it was increasing the bottom line, growing the equity in your practice. I plan to double my income and triple the market value of my franchise over the next five years. From where I am now, those will be some pretty big numbers, and it feels good.

Seriously man, ever since the spin off, I’ve been getting that “right place, right time” feeling.  I’m sure there’s plenty of other firms that are putting it into gear, too.  Plus the market’s been good.  But still.

[quote=AllREIT] [quote=now_indy][quote=AllREIT] [quote=now_indy]

I was in a restaurant today for lunch, and saw the infamous Ameriprise fish bowl.  This is for the Ameriprise brokers out there, does the "win a free lunch" fish bowl really work?  Do you have some sizable clients you found through the fish bowl? I've always been curious.

[/quote]

Did you stick your business card in?
[/quote]

I should have, but I don't want them calling me. I have a feeling I would not "win" a free lunch.

[/quote]

I like to stick a calling card in, and see if I can get invited. Always good to do opposition research. And you get a free meal.
[/quote]

There are Ameriprise fish bowls at 6 different restaurants I like to go to within a 1 minute walk from my office.  I am planning on taking out all the cards in the bowls and calling the people myself.  I figure if I go in with a nice suit on, nobody would think twice about me not being the Ameriprise rep.  They won't win a lunch, but they will have the honor of getting my introduction and meeting a real broker.

[quote=snaggletooth][quote=AllREIT] [quote=now_indy][quote=AllREIT] [quote=now_indy]

I was in a restaurant today for lunch, and saw the infamous Ameriprise fish bowl.  This is for the Ameriprise brokers out there, does the "win a free lunch" fish bowl really work?  Do you have some sizable clients you found through the fish bowl? I've always been curious.

[/quote]

Did you stick your business card in?
[/quote]

I should have, but I don't want them calling me. I have a feeling I would not "win" a free lunch.

[/quote]

I like to stick a calling card in, and see if I can get invited. Always good to do opposition research. And you get a free meal.
[/quote]

There are Ameriprise fish bowls at 6 different restaurants I like to go to within a 1 minute walk from my office.  I am planning on taking out all the cards in the bowls and calling the people myself.  I figure if I go in with a nice suit on, nobody would think twice about me not being the Ameriprise rep.  They won't win a lunch, but they will have the honor of getting my introduction and meeting a real broker.

[/quote]

The "honor of getting my introduction"?

I guess the Platform One trainees are still doing these fishbowls in a big way, all across America.

Judging by the snooty attitude, there must be some losers posting here. Let's see, when you were new to the business, you did cold calling, and somehow that was a classy way to chase after your first clients...

Let's get real, most Americans are in denial about creating even a mental financial plan, much less talking with someone who has even the basic level of licensing and any kind of formal corporate training.

Anyone "doing" fishbowls should be proud to be working in this industry, at your particular level of development. As for the snoots here, you should attend, maybe you'll learn something beyond the really important work you're accomplishing by your one up observations here. As a successful veteran, I would have no problem having one of my hires do fishbowls, if that young person wanted to market in this manner. Get a life, this is a sales job that starts from zero, and your own ego is your own worst enemy.

We tend to project our own insecurities an doubts into the minds of our prospects, and they don't know ***t about investing and finanical planning, anyway. Get out and sell yourself this summer.

[quote=snaggletooth]

There are Ameriprise fish bowls at 6 different restaurants I like to go to within a 1 minute walk from my office.  I am planning on taking out all the cards in the bowls and calling the people myself.  I figure if I go in with a nice suit on, nobody would think twice about me not being the Ameriprise rep.  They won't win a lunch, but they will have the honor of getting my introduction and meeting a real broker.

[/quote]

What makes you think the Ameriprise guy has a nice suit on?

I have not worn a suit “for” Ameriprise for over a decade.  Some guys think that’s a plus. What do you wear, pretzel? Do advisors in your part of the country actually wear suits? That’s scary.

[quote=coolshoos]

I guess the Platform One trainees are still doing these fishbowls in a big way, all across America.

Judging by the snooty attitude, there must be some losers posting here. Let's see, when you were new to the business, you did cold calling, and somehow that was a classy way to chase after your first clients...

Let's get real, most Americans are in denial about creating even a mental financial plan, much less talking with someone who has even the basic level of licensing and any kind of formal corporate training.

Anyone "doing" fishbowls should be proud to be working in this industry, at your particular level of development. As for the snoots here, you should attend, maybe you'll learn something beyond the really important work you're accomplishing by your one up observations here. As a successful veteran, I would have no problem having one of my hires do fishbowls, if that young person wanted to market in this manner. Get a life, this is a sales job that starts from zero, and your own ego is your own worst enemy.

We tend to project our own insecurities an doubts into the minds of our prospects, and they don't know ***t about investing and finanical planning, anyway. Get out and sell yourself this summer.

[/quote]

I never said anything about the fishbowls being a bad idea.  I think it's a great idea.  I just want to take the cards from them is all.

Knock yourself out. I’m surprised more young people don’t steal the idea, and set up their own fishbowls. It would be a win-win for everyone - restaurant owner, new advisor, future clients. Enough of the scarcity mentality, including the veteran snootbags here. This is a business about selling ideas, and stealing ideas. Only losers make fun of their professional colleagues.

[quote=coolshoos]I have not worn a suit "for" Ameriprise for over a decade.  Some guys think that's a plus. What do you wear, pretzel? Do advisors in your part of the country actually wear suits? That's scary. [/quote]

I wear a suit Mon-Thurs and khakis with golf shirt on Fridays so I can hit the links at 3.  It's too f-ing hot today to golf, and I think there's a monsoon a-comin' so I am going to hang indoors today and make some cold calls.

Nice, working on the biz on Friday afternoons is good for rejuvinating the old entrepreneurial spirit.

You either grow or die - I've played so much golf I'm ready to grow here in some new ways. With a down market coming potentially sooner than later, there are plenty of opportunities to think and grow rich (on a quiet Friday afternoon).

I'm doing some recruiting cold calls.

[quote=coolshoos]

I guess the Platform One trainees are still doing these fishbowls in a big way, all across America.

Judging by the snooty attitude, there must be some losers posting here. Let's see, when you were new to the business, you did cold calling, and somehow that was a classy way to chase after your first clients...

Let's get real, most Americans are in denial about creating even a mental financial plan, much less talking with someone who has even the basic level of licensing and any kind of formal corporate training.

Anyone "doing" fishbowls should be proud to be working in this industry, at your particular level of development. As for the snoots here, you should attend, maybe you'll learn something beyond the really important work you're accomplishing by your one up observations here. As a successful veteran, I would have no problem having one of my hires do fishbowls, if that young person wanted to market in this manner. Get a life, this is a sales job that starts from zero, and your own ego is your own worst enemy.

We tend to project our own insecurities an doubts into the minds of our prospects, and they don't know ***t about investing and finanical planning, anyway. Get out and sell yourself this summer.

[/quote]

cold calling a corporate exec at his office is significantly more professional than having a "fishbowl" at quiznos.

i guess you guys are going after a different market segment, but quiznos?

Uh uh huh. I'll take my high payout anyway I can get. Might want to pose the quiznos question to the "executive" - ya know, the guy who owns two beamers, the house on variable credit, his wife is at the mall.

If he's a real impressive guy, I'll bet he's really looking forward to your "classy" cold call. Listen, Vin, the more you can show people who you are, instead of telling, the more money you make.

If you are just calling the exec and inviting him to a round of golf at your private club, okay, you win. I doubt the average rookie can afford that approach. So cut the snooty crap.

[quote=coolshoos]

Uh uh huh. I'll take my high payout anyway I can get. Might want to pose the quiznos question to the "executive" - ya know, the guy who owns two beamers, the house on variable credit, his wife is at the mall.

If he's a real impressive guy, I'll bet he's really looking forward to your "classy" cold call. Listen, Vin, the more you can show people who you are, instead of telling, the more money you make.

If you are just calling the exec and inviting him to a round of golf at your private club, okay, you win. I doubt the average rookie can afford that approach. So cut the snooty crap.

[/quote]

I disagree with this.  You don't have to be a rookie to take someone to golf and impress them.  If you can play for $50/person, and do it for 50 execs over the course of a year, the golf will come out to $5000.  Add in costs for lunch too.  You'll be able to write off a good portion of it come tax time.  And if you impress him enough, the exec might invite you to their club and pick up the tab.  If this happens, you might get introduced to 2 of his friends.  And on it goes.  If you landed a couple of these execs a year, the golf would be way more than paid for.  You don't have to belong to a country club to do this.  Often times execs love to play, especially new courses.  Find out what your marketing budget is and allocate some of it to golf if you think that will give you an advantage.  If you could only afford to do this once or twice a month, by the end of the year, you'll have met 12-24 highly qualified investors.  If you can schmooze, you can win big clients in this business.

There's the old spirit. I'll be the last one to be snooty about the how and where of how you take someone golfing. Right on, snags.

Here are some examples of snooty crap:

My firm is better than your firm (right, you have an ivy league degree, and your retail financial sales ***t doesn't stink like the guy over at Ameriprise.)

I'm better 'cause I'm an RIA (your one or one point five percent fee doesn't stink like my 12b1 fee).

I'm better than fishbowls ( because you cold call people from lists of people who spend more money on houses than they can afford).

I'm better 'cause I don't sell annuities ( 'cause you hose people for a different fee, and spend all your time geeking out on ***t that doesn't matter.

Shmooze 'em, snags, that's what we get paid for, that and all the expensive training that everyone here already has to get in the game.

This business belongs to the young and the restless.

Coolshoos,

I gotta, I dig the handle! I don't know why, actually, I do...

Why because it suggests them and they suggest a self confident lady wearing provocative footwear!

And then you come here and stick you stilletto heels into the medula oblongata of these guys who have the temerity to make fun of your firm.

This business does NOT belong to the Y&R. It belongs to the old and POTENT, Potentates you might refer to us as. This is a good thing for you because being Y&R only lasts so long, and if you haven't reached the point where you are a destination and not a seller of maps to the homes of the stars by the time you are no longer young, then you'll be restless and old, and the world can smell that flop sweat a mile away.

Dayum, I gotta think about that, whomitmay, because I may be what you say, restless and old. You seem to be some piece of work yourself. Ya have to constantly remake yourself, I've seen guys go crazy or worse.

But I ain't taking no sh** about mama b/d, she nursed me when I was young, so you're right about going for that which controls the vital functions with the heels, when threatened.

whomit said flopsweat

[quote=coolshoos]

Here are some examples of snooty crap:

This business belongs to the young and the restless.

[quote=AllREIT] [quote=coolshoos]

Here are some examples of snooty crap:

This business belongs to the young and the restless.

[/quote]

If you can't tell people why you are better than competition, you have no business getting infront of clients. NONE.
[/quote]

Good point, just remember it's theatre, and you're in front of other advisors when you're performing here: flopsweat.

[quote=coolshoos]

Uh uh huh. I'll take my high payout anyway I can get. Might want to pose the quiznos question to the "executive" - ya know, the guy who owns two beamers, the house on variable credit, his wife is at the mall.

If he's a real impressive guy, I'll bet he's really looking forward to your "classy" cold call. Listen, Vin, the more you can show people who you are, instead of telling, the more money you make.

If you are just calling the exec and inviting him to a round of golf at your private club, okay, you win. I doubt the average rookie can afford that approach. So cut the snooty crap.

[/quote]

I am at ML in the midwest and I wear a suit everyday. If you look like a chump, you will be perceived as one. I guess some companies don’t care about professionalism.

I used to wear a suit everyday.  I still do most days.  I've started to lose the tie more and more over the last couple years.  I feel like, being a 30something, that the older clients want a guy in a tie.  But over the years, as I've got to know many clients better, they care less about what I dress like, and value what I do for them.  I don't think I ever show up to work looking like a "chump". 

As far as "some companies" and their dress codes:  I believe the employee advisors (P1) have a dress code, which is suit and tie.  I'm P2, own my book, and can dress as I please.  I please to usually wear a suit. 

It really boils down to whatever works.  Some people dress for success with a polo and slacks, some a suit and tie... whatever helps you be successful in your market.

[quote=leftykickserve]

I am at ML in the midwest and I wear a suit everyday. If you look like a chump, you will be perceived as one. I guess some companies don't care about professionalism.

[/quote]

Yeah, but you're a professional.  This forum is teeming, absolutely teeming, with goofballs who will tell you that if you wear a suit you're going to offend your clients because they wear casual clothes.

Not a one of them is doing numbers large enough to make it at Merrill, but they figure they've got all the answers.

It is to laugh.

[quote=Big Taco]

I used to wear a suit everyday.  I still do most days.  I've started to lose the tie more and more over the last couple years.  I feel like, being a 30something, that the older clients want a guy in a tie.  But over the years, as I've got to know many clients better, they care less about what I dress like, and value what I do for them.  I don't think I ever show up to work looking like a "chump". 

As far as "some companies" and their dress codes:  I believe the employee advisors (P1) have a dress code, which is suit and tie.  I'm P2, own my book, and can dress as I please.  I please to usually wear a suit. 

It really boils down to whatever works.  Some people dress for success with a polo and slacks, some a suit and tie... whatever helps you be successful in your market.

[/quote]

I'm one of those "older guys" who feel that a financial professional should be in a dark suit, starched shirt, clean tie and polished shoes.

If somebody shows up wearing a polo shirt and slacks I won't comment, but Iwon't do business with them.

If I am already doing business with them I'll note the show of disrespect for me as a client. That will make me more susceptible to being enticed to ACAT my account somewhere else.

Never confuse a lack of a negative comment to be the same as a lack of negative thought.

You will never offend an investor by wearing a business suit--even if you're calling on a rancher or a guy out supervising a drilling rig.

That's the beauty, you can do whatever you want. Positioning is mainly in mind, however - we feel that ties and wool are to uncomfortable, and always trying to match our clients style on the business casual side. Having been a sales rep in construction, I think that's really funny that you would wear a suit out to an oil rig. Don't stand too close! My point here about Ameriprise franchise ownership is, you can do whatever you want in your own office. Matching your clients far away from the central office is a huge benefit of decentralization, I'll bet some of the Jones guys get a big kick out of some of the puffed up suits that some snooty wire house guys brag about.

[quote=Devil’sAdvocate]

I'm one of those "older guys" who feel that a financial professional should be in a dark suit, starched shirt, clean tie and polished shoes.

If somebody shows up wearing a polo shirt and slacks I won't comment, but Iwon't do business with them.

If I am already doing business with them I'll note the show of disrespect for me as a client. That will make me more susceptible to being enticed to ACAT my account somewhere else.

Never confuse a lack of a negative comment to be the same as a lack of negative thought.

You will never offend an investor by wearing a business suit--even if you're calling on a rancher or a guy out supervising a drilling rig.

[/quote]

I usually dress in a suit, and I wear a tie much of the time also.  But if someone leaves me because they thought I "disrespected" them with my casual friday shirt and slacks, then good riddance.  I hope they ACAT to some scumbag shuyster in a 3 peice suit with all the accessories.  They deserve each other.

[quote=Big Taco][quote=Devil’sAdvocate]

I'm one of those "older guys" who feel that a financial professional should be in a dark suit, starched shirt, clean tie and polished shoes.

If somebody shows up wearing a polo shirt and slacks I won't comment, but Iwon't do business with them.

If I am already doing business with them I'll note the show of disrespect for me as a client. That will make me more susceptible to being enticed to ACAT my account somewhere else.

Never confuse a lack of a negative comment to be the same as a lack of negative thought.

You will never offend an investor by wearing a business suit--even if you're calling on a rancher or a guy out supervising a drilling rig.

[/quote]

I usually dress in a suit, and I wear a tie much of the time also.  But if someone leaves me because they thought I "disrespected" them with my casual friday shirt and slacks, then good riddance.  I hope they ACAT to some scumbag shuyster in a 3 peice suit with all the accessories.  They deserve each other.

[/quote]

Does that mean that you sometimes wear suits without ties?

[quote=Devil’sAdvocate]

[quote=leftykickserve]

I am at ML in the midwest and I wear a suit everyday. If you look like a chump, you will be perceived as one. I guess some companies don't care about professionalism.

[/quote]

Yeah, but you're a professional.  This forum is teeming, absolutely teeming, with goofballs who will tell you that if you wear a suit you're going to offend your clients because they wear casual clothes.

Not a one of them is doing numbers large enough to make it at Merrill, but they figure they've got all the answers.

It is to laugh.

[/quote]

You have that typical Jersey attitude, no wonder why you work for Smithboring.

Yes, sometimes I wear suits without ties.  If that's a fashion faux pas, I'm okay with it. 

You just look like a Soprano in Friday attire.

[quote=Devil’sAdvocate]

[quote=leftykickserve]

I am at ML in the midwest and I wear a suit everyday. If you look like a chump, you will be perceived as one. I guess some companies don't care about professionalism.

[/quote]

Yeah, but you're a professional.  This forum is teeming, absolutely teeming, with goofballs who will tell you that if you wear a suit you're going to offend your clients because they wear casual clothes.

Not a one of them is doing numbers large enough to make it at Merrill, but they figure they've got all the answers.

It is to laugh.

[/quote]

I'm in my twenties, have never worn a suit, wear shorts more often than ties and manage over 70MM with all age 50 plus clientele.  But I'd never make it at ML because I don't look professional.

I think being good at what you do is more important than how good you look doing it.

Also, I love Ameriprise - I've never met someone who invested there who didn't move all there money to me

their money; oops

[quote=brandnewadvisor][quote=Devil’sAdvocate]

[quote=leftykickserve]

I am at ML in the midwest and I wear a suit everyday. If you look like a chump, you will be perceived as one. I guess some companies don't care about professionalism.

[/quote]

Yeah, but you're a professional.  This forum is teeming, absolutely teeming, with goofballs who will tell you that if you wear a suit you're going to offend your clients because they wear casual clothes.

Not a one of them is doing numbers large enough to make it at Merrill, but they figure they've got all the answers.

It is to laugh.

[/quote]

I'm in my twenties, have never worn a suit, wear shorts more often than ties and manage over 70MM with all age 50 plus clientele.  But I'd never make it at ML because I don't look professional.

I think being good at what you do is more important than how good you look doing it. [/quote]

Yeah, you're believable, “brandnew”…....<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

Either his mom and dad won a 70MM powerball, or he works in the Caymans, laundering his Bermuda shorts with his clients' 70MM

I am a newbie, and I really like their tv spots with Tommy Lee Jones.
I sent out resumes to most of the big wirehouse brokers, but no one has called me back.

I also sent my resume to Ameriprise…I have yet to hear from them as well. I have years of sales experience in real estate and mortgages.

Is there anybody hiring out there???