Ameriprise for Sales Experience?

I do not claim to be an expert, but I believe that for young people with a sales bent, Ameriprise can offer a good learning experience and career start.

There will be others here who recommend you to consider life insurance sales as well.

If all you want to do is be a salesman, then you may have a short career in this industry. At AMP you will be pushed to sell inferior investments and insurance products. Unless you have a huge pool of people to tap into, then you will eventually run out of people to tick off. Do yourself a favor, if you take the job, insist on NOT selling their inferior garbage.

How much experience with Ameriprise and its products do you have Peanutbroker?

If one of their top producers had a chance to go over what you've sold how much "garbage" would be found?

[quote=ampfsales]
My question is I am just want to do sales there really is no reason not  to work for Ameriprise? Correct? Thanks
[/quote]

There have been a lot of people come and go through Ameriprise in its previous lifeforms--mostly because they are very much like a boot camp, run by hard drill instructors with a soft heart at the right times.

It's not for the faint of heart because they really do lay out some strong rules--come in early, stay late, make lots of phone calls (and they can tell because they have systems that record every number you dial.)

I interviewed a kid once who was fired by them because he had called his old fraternity house dozens of times a day just to get his call count up--he did not realize that not only did they know how many calls he was making, they knew the numbers he was dialing.

It is a great training ground, and is a good choice if you're young and/or don't have the things that the wirehouses are going to want to see.

Do be careful what you sell--not because it's garbage but because you may not be able to take it with you without your clients having to sell it at AMP, which may result in unfavorable tax issues, not to mention the ethical question of having to pay a second sales charge to buy something else.

It's better than any penny stock boiler room and the other three firms that are commonly thought to share the space with AMP--namely Waddel & Reed, First Investors and Primerica.

But do not accept an offer from any firm if you have not at least tried to get into a wirehouse--go find a Wachovia Securities office in your area, walk in and ask to speak to the manager's assistant.  Blow her away with your cool and ask her if she'd be able to get you a more formal interview with her boss.

If I do take the job with them, what should I avoid selling? and what should I try to sell if I wish to take something with me? Something more specifically than ‘their proprietary garabage,’ or whatever people call their plans.

Don’t sell any proprietary products if it will be a launching pad for you.  Typically, a new P1 will average $1-4M in new assets per year.  Most other firms require at least $5M/year in new asset growth before they would consider looking at you.  The hurdles are far lower as far as production and assets go, but you also have to keep in mind that you are typically not working with the same clients you would see at a Smith Barney or Merrill and they will have less to invest than the typical wirehouse client.

What would an example of a proprietary product be?

[quote=ampfsales]What would an example of a proprietary product be? [/quote]

Riversource Mutual Funds, IDS Annuities or IDS Life Insurance.

I take it with that low of goals that they don't offer a salary or benifits? 

Or at very least limited.

They will offer benefits and you will have a draw, somewhere around $25k.

[quote=Registered Rep]

[quote=ampfsales]What would an example of a proprietary product be? [/quote]

Riversource Mutual Funds, IDS Annuities or IDS Life Insurance.

[/quote]

Disclosure, I'm an AMP franchisee.

The Riversource VAs are really good products, IMO.  They're not just sold through AMP anymore either.  Really low M&E for broker-sold, 70 SAs from 20 fund families, Morningstar has a team that will do the asset allocation based on risk tolerance.  I've been impressed with them so far.

[quote=Big Taco][quote=Registered Rep]

[quote=ampfsales]What would an example of a proprietary product be? [/quote]

Riversource Mutual Funds, IDS Annuities or IDS Life Insurance.

[/quote]

Disclosure, I'm an AMP franchisee.

The Riversource VAs are really good products, IMO.  They're not just sold through AMP anymore either.  Really low M&E for broker-sold, 70 SAs from 20 fund families, Morningstar has a team that will do the asset allocation based on risk tolerance.  I've been impressed with them so far.

[quote=peanutbroker]If all you want to do is be a salesman, then you
may have a short career in this industry. At AMP you will be pushed to
sell inferior investments and insurance products. Unless you have a
huge pool of people to tap into, then you will eventually run out of
people to tick off. Do yourself a favor, if you take the job, insist
on NOT selling their inferior garbage.[/quote]



Seriously, you will hate getting up in the morning trying to convince
people to buy stuff, that you know is crap and that you would never buy
for yourself. I think deep down this is why alot of people go indy.



The AMPF “riversource” funds suck, performance is bad and the fee’s are
high. For example IIRC, the riversource S&P 500 index fund charge
89bp for example.



The insurance products are expensive, and the emphasis on VA’s and VUL
is not the right choice for most people. You will be cold calling, but
its not to sell products but to sell financial plans. Arguably the
support for rookies is better, but the products you are pushing are
worse than average.

I know this thread was started asking about the P1 corporate trainee program, but most of the FAs at amp are part of the P2 franchisee platform, and own their practice.  It's the company with the most CFPs in the world.  I'll agree that a lot of RVS funds suck, but if you're selling mutual funds, why would you use only one family anyway?  They have some of the best broker-sold VAs I've seen.  Insurance is part of comprehensive financial planning, which is something I had to come to grips with also (it's easier to just help people invest).  It's doing a disservice to your clients not to do protection planning.  And if you don't like IDS insurance, you can broker outside insurance companies like Prudential or Lincoln, etc.

I'm not trying to recruit anyone.  I don't like the P1 platform.  It seems to cost us franchisees way too much money, but it would probably get spent on something else anyway. 

I feel like this is the best firm for me, and since the spin off a year ago, I feel like it's going in the best possible directions. 

Big Taco, I'm with Ameriprise for 13 years. I sell virtually no proprietary - use a lot of Fidelity, Columbia, Calvert, Oppenheimer.

Much of the fuss about who you affiliate with is much ado about nothing. My payout is great, considering I affiliate with a branded broker dealer. They leave me alone, I attend one meeting per year, and they come visit me once a year or so.

Back to the thread starter: when you are getting started, you are learning the business. So much is mental. If you are asked to sell mainly Ameriprise stuff, will you be hurting clients? Only the analytical ones who care about not having Ameriprise stuff. Are Ameriprise funds better or worse than others? Depends... Diversified Equity Fund was the #1 or so large cap value fund in the country a year or so ago, whatever, things change, and then someone else is number one, and it matters not.

So many people here were trained at Ameriprise. If a rep goes independent for there, more power to them. Many different needs being met. Including the need sometimes to diss what is now a great franchise ownership system for those who make it to Platform two.

There are folks who often see the doughnut, others the hole. Think for yourself. Maybe Ameriprise is right for you, maybe not. Don't let your ego get into it. If you want to sell, and Ameriprise will pay you to do it, from a moral standpoint, you are on firm ground. When you are a trainee, most of the money you collect would have been spent at the mall or car dealership. Later, you will begin to attract accumulated family wealth by referral, and you can start using those exchange traded funds in wrap accounts, and pay an assistant to compare ten different company insurance policies for your engineer clients.  

[quote=ampfsales]If I do take the job with them, what should I avoid selling? and what should I try to sell if I wish to take something with me? Something more specifically than 'their proprietary garabage,' or whatever people call their plans. [/quote]

Listen, don't take the job.  Save yourself and your family and friends the hassle.  The VERY first thing they will do is to PUSH you very hard to give them a list of your family and friends and then bring in their money.

That is not so bad, what is bad is that they have HORRIBLE mutual funds and they push VUL insurance on everyone.

Worse yet, it is EXTREMELY difficult to leave.  They will set their legal staff on you and hunt you like a dog.  They are not a part of the Broker agreement that RJ, UBS and others have put together that allow brokers to move among firms if they choose.  That is because brokers at RJ and UBS seldom want to leave.  NOONE goes to Ameriprise after another firm.

Oh, I hate to tell you but they give offers to anyone who can fog a mirror.

So, start out right.  The bank is a fine place to learn and they will treat you and your family like humans.  Also, RJ, AGE and others have much better training.

With all respect, a lot of folks have successfully moved. As a franchise owner, I can move my book at any time, and have colleagues who have exercised their right to do so, without contractual obligations. You just have to be business like and follow the contractual obligations.

I think your comments show a lack of understanding about the very strong, favorable and competitive conditions of Ameriprise franchise ownership, which is a growth option the "P1" employee track. I have seriously researched the costs and benefits of going RIA with National Financial, and can assure you that moving would be (too) easy.

Sounds like maybe you had a bad experience. I am sorry if you were treated in an inhumane manner by the employer division of my affliate. The "P1" track is just one way to get paid to learn. As a "P2" owner, there is nothing I would like better than for a licensed, ambitious individual to check into a career at my small shop.  I hear a lot of whining about how hard it is to get into this business, but I don't think there is a lot of creative thinking and prospecting on the part of CFP practitioner wannabees.

do so, without contractual obligations.

"unreasonable contractual obligations".

Ameriprise= a rental car name= a big joke!

It is a name almost as hilarious as the 30% 12 month share appreciation.  Where did the name come from ? Here is a quote from Yahoo:

Whistling "Yankee Doodle" and waving the flag all the while, American Enterprise Investment Services handles clearing and trade execution services for Ameriprise Financial.

Now days, even hearing hymns sung at a presidential funeral is offensive to some. Like most things, what goes around in fashion will likely come around. Many of us may be comfortably retired, though, before it becomes "cool" again to mention America and enterprise in the same blush.

If they'd called it "AEI", then we could be like, "LPL", or "AIG". Wow, that would be so cool.

The older I get, the easier it is to laugh at the snitty arrogance of such comments.

To the guy who started the thread.. I worked for a off shoot of Ameriprise ..a guy who indie from them ..The Hantz Group..(he made the Wall Street Journal from his walkout ..took over $1 billion but I digress) .. Anyway I think that if the Ameriprise program is to be considered similar to the one that Hantz did ..then you are going to get a very "boot" camp training structure ..which btw is just called hard work and you could do that at any firm..but understand that there is something to be said for corporate cultrue even if it is cult like... Anyway ..if you are wanting to get your feet wet I would say you are going to get some of the bst comprehensive training to view your clients in a holistic form from that system.

Mind you I would agree with others posts on here that you don't have to always sell what they are insisting on.. VUL ect.. just be active and get accounts and assets and do the planning .. you will be ok I think . as for Ameriprise VA's  I have used them before and they have done well ..

As for working at a bank for a human experice ( I work at a bank now btw) .. 

I would tell you it is my experience that they suck at training you .. so you better come in knowing what you need to know to get your feet off the ground..which in my case was ok ...

[quote=whitewlfz]

Mind you I would agree with others posts on here that you don't have to always sell what they are insisting on.. VUL ect.. just be active and get accounts and assets and do the planning .. you will be ok I think . as for Ameriprise VA's  I have used them before and they have done well .. [/quote]

The problem is that your BOM, will be leaning on you push VA/Riversource/VUL. Anyone with a few pennies banging around can see that the way AMP promotes VAs/VUL is misleading and deceptive. Not that it doesn't work, but its not something you feel good about.

AMP, like EDJ has a system, and if you don't mind working in highly structured very sales driven enviroment, it might not be a bad place. However there are enough distasteful things (like hitting on friends/family) that most people leave with a bad taste.

[quote=whitewlfz]

To the guy who started the thread.. I worked for a off shoot of Ameriprise ..a guy who indie from them ..The Hantz Group..(he made the Wall Street Journal from his walkout ..took over $1 billion but I digress) .. Anyway I think that if the Ameriprise program is to be considered similar to the one that Hantz did ..then you are going to get a very "boot" camp training structure ..which btw is just called hard work and you could do that at any firm..but understand that there is something to be said for corporate cultrue even if it is cult like... Anyway ..if you are wanting to get your feet wet I would say you are going to get some of the bst comprehensive training to view your clients in a holistic form from that system.

Mind you I would agree with others posts on here that you don't have to always sell what they are insisting on.. VUL ect.. just be active and get accounts and assets and do the planning .. you will be ok I think . as for Ameriprise VA's  I have used them before and they have done well ..

As for working at a bank for a human experice ( I work at a bank now btw) .. 

I would tell you it is my experience that they suck at training you .. so you better come in knowing what you need to know to get your feet off the ground..which in my case was ok ...

I can't believe you would recommend Hantz after working there.  They take 250 trainees, throw them against the wall, and see who sticks.  They USE people.

That is not a valuable experience.

And they did not even teach you how to spell while you were there.

Anyone with a few pennies banging around can see that the way AMP promotes VAs/VUL is misleading and deceptive. Not that it doesn’t work, but its not something you feel good about.

AMP, like EDJ has a system, and if you don't mind working in highly structured very sales driven enviroment, it might not be a bad place. However there are enough distasteful things (like hitting on friends/family) that most people leave with a bad taste.

If AMP leaders took this kind of honest feedback seriously, I reckon they could really take it to the next level. I hope the market helps drive AMP to listen to this kind of feedback.

[quote=planrcoach]

If AMP leaders took this kind of honest feedback seriously, I reckon they could really take it to the next level. I hope the market helps drive AMP to listen to this kind of feedback.

[/quote]

But they don't because the company isn't a learning organization.

I will *never* forget my experience going to an AMP recruiting session. The Regional VP was talking about the ESOP program/Profit Sharing, so I asked if the stock paid a dividend. He said it did not. Later when I got home, I checked for myself, and indeed AMP pays 0.11/qtr.

This is really unprofessional, you go around offering advice about investments, you are in the investment business, you participate in the ESOP program, and you don't know if your own company pays a dividend?

At that point it was clear to me that AMP management (at least at that branch)were a bunch of clowns. Later on after looking carefully at the products offered, it was clear that most of the MFs on most companies preferred lists were better than RVS, and an ETF/Fund wrap would blow them out of the water. Ditto for annuities etc.

Pay Option insurance is just as bad an idea as pay-option mortgages.

AMP occupies a definite place in the market, I guess in our industry she is most known by the training program and product manufacturing.

An then you have, "most CFPs affiliated", local branch ownership, access to major non-props and wrao, and so on.

The thing that interests me is the "mass affluent" market, where most but not all of an advisors book is accounts under 1 million, and branding, where prospects little call us, not us chasing them. The ability to make a very good living by working a few hours a day, with little staff, and owning the franchise, is the other side.

Too bad you did not get to experience that, and too bad we get a bad rap for our training and product manufacture, which is least attractive to many franchisees.

But I guess when you are getting started, someone has to pay the cost of training. Either bring in 15 m at mother ML, or give your 8m to someone else as you fail, or bring in much less somewhere else, but be required to sell things like life insurance, which at the end of the day are probably not bad for clients. Good thing there are choices.

[quote=planrcoach]

The thing that interests me is the “mass
affluent” market, where most but not all of an advisors book is
accounts under 1 million, and branding, where prospects little call us,
not us chasing them. The ability to make a very good living
by working a few hours a day, with little staff, and owning the
franchise, is the other side.[/quote]

I'm sure franchises are different than corporate, but corporate AMP is what most people are going to deal with. I have to say that the mass affluent is where most of the money is, provided you strucuture things such thats most accounts are low maintenance.

I do like the idea of billing people for plans and suchlike. Myself I bill hourly if at all possible. That tends to keep things focused and keeps the relationship professional.

You make some keen observations, and the key is being able to do it your way, which of course helps keep everyone motivated.

Last year, I stopped all planning fees and was still able to grow GDC by 6%, off a nice base, with no zero marketing (just a few referrals). Of course, 2006 was an easy market year.

As for the mass affluent, I like to think that the best way to keep it simple and low maintenance (for me) is C shares, wrap accounts, cash and such. Don't even do annuities as I do not care for the compliance implications and doing battle with media perceptions.

Also, I think things like 12b1 fees, wrap fees and so on, can make the idea of charging another fee - a separate planning fee - confusing.

But the biggest part of that, for me, is just not doing a bunch of projections and "formal planning", which I do respect when done right, is too inefficient for me to spend much time on.

I think you can be a great planner, and investment and insurance provider, by being more or less formal with regard to the planning deliverables.

For myself, I'd rather work with less analytical clients who are more focused on the behaviours today which will create a better tomorrow, and just dealing with what folks have, more than trying to change their personality or frankly, even their behaviour that much.

Did Ameriprise buy out AMEX financial?



I could not imagine anything as pathetic as Primamerica. One can see how derperate a company is by searching for jobs. If you see a ton of openings… I never see openings for Goldman on monster.

[quote=AirForce]Did Ameriprise buy out AMEX financial?



I could not imagine anything as pathetic as Primamerica. One can
see how derperate a company is by searching for jobs. If you see a ton
of openings… I never see openings for Goldman on monster. [/quote]



AMEX, spun out AEFA into Ameriprise.