Help Please

It sounds like AMP just gave you a free pass...consider yourself fortunate.  I'd check out Raymond James, AG Edwards and some mid-sized firms like that.  You should have some takers since you have your tests passed.

He's very likely to have a U-5 that indicates "Terminated for cause."

It's very difficult to put a happy face on a record of simply not showing up.  Regardless of what the representative says, that is what the record will show unless the manager of his office is a decent enough man or woman to not do that.

Additionally, put a happy face on job hopping right after passing the exams--what does that say for loyalty?

Put a  happy face on not knowing what you were expected to sell.

Put a happy face on deciding that what you were selling was just "high commission" products before you had ever made a sale.

Put a happy face on arguing with "the program" before even giving it a chance.

We don't know why AMP fired the guy--but the reality is they did.  It is very difficult to catch on with another firm AFTER you've been fired even if you have the tickets.  Too many hidden factors.

Disgruntled brokers are a dime a dozen and it often is simply a matter of changng venues for the situation to change--but when you're out there unemployed you are damn near unemployable in this industry.  It's not like he can claim to have been downsized or some other benign reason to be in purgatory.

Brokers like to think of themselves as somewhat similar to a professional athlete--you've got skills that translate onto the playing field and the teams know that and will hire you because of those skills.

That may be true with Terrell Owens--or whatever his name is--but it's not true with brokers.  There are too many compliance issues to be dealt with--can you imagine how a case would play out when the plaintiff's attorney realized that Ray Jay hired a guy who had simply not shown up at AMP so often that he was fired.

We've been told, "It is a lie" to the argument that he was terminated because he had not been seen in two weeks--what that could very well mean is that he was last seen 9 business days ago instead of ten.  Regardless, he's too big a flake to keep around, or to have around.

Again, boys and girls, do not enter this business on a lark.  Your U-4 follows you everywhere you go and it is best to be mature enough to know that if you don't like a job, quit.  Don't just stop showing up.

The actions we take have consequences.

Now, a quick piece of advice for the child who asked the "am I screwed" question.

Depending on where you live you may encounter one of the chop shop boiler rooms who would think that your indiscretion is minor since they actually prefer to hire ex cons.

If you go to work there, just to keep your licenses, you will screw your entire career up for THE REST OF YOUR LIFE.  So don't make an even more stupid mistake than laying around in bed so much that AMP fired you.

Go to work in the insurance industry.  Tell the hiring manager that you........damn I just don't know what you can say to explain away getting fired for not showing up.  What a stupid thing to do.

I know--stay out for close to two years then come back and explain that you were staying home with a new baby.  That's done a lot.

Anybody who would take a sales job without knowing what he will be selling is an idiot. Here’s some advice…go to your state’s driver’s license department and get a job taking pictures for driver’s licenses.

I told ameriprise that I did not wish to continue with the career. 

The no contact for two weeks is a lie.

“voluntarily have withdrawn from the sponsorship” sounds like fairly benign language to me, Nasty, but you do make a good point.  If birdv cares to share exactly what AMP put on his/her U-5, maybe things won’t look as grim as you painted them…

Did you “Tell them” or turn in a wrtten document?

I don’t have my U5. I passed the 66 on Thursday and told AMP I was
leaving on Friday morning.  I left town for the weekend and came
back to a nasty message and a Saturday express letter telling me that
they have been out of contact etc.  Today is Monday.



"Anybody who would take a sales job without knowing what he will be
selling is an idiot. Here’s some advice…go to your state’s driver’s
license department and get a job taking pictures for driver’s licenses."



This might be true and I know ignorance is not a defense.  I did
not do my due diligence in researching the companies history.  I
believe ameriprise has some great people working for them.  I just
don’t wish to drag my natural market to a place with “bad products” AKA
Riversource.  



I liked the people at ameriprise and wish on some level that my manager had never <span style=“font-size: 12pt; font-family: “Times New Roman”;”>mentioned putting
my natural market in VUL’s and VA’s.  Because I would not have
googled “VUL ameriprise” and found amexsux.com. 



After reading about Ameriprise would you have taken the $1500 and given
it a try.  I would feel wrong taking the money from Ameriprise and
just could not feel good about myself putting my friends in lesser
products.



I did not take the money and run.  

[quote=Indyone]"voluntarily have withdrawn from the sponsorship" sounds like fairly benign language to me, Nasty, but you do make a good point.  If birdv cares to share exactly what AMP put on his/her U-5, maybe things won't look as grim as you painted them...[/quote]

The fact is that if you've been fired from a broker/dealer, and this kid was fired, it is almost impossible to get another broker/dealer to take a chance on you.

If you're wanting to leave your firm don't do it until you have somewhere to land.

Tell me something Indy--it's a dark night.  No moon.  You crawl over the fence into the country club's swimming pool area--just a teenage prank, lots of kids do it.  I did it three or four nights a week every summer for years.

Are you going to go racing at the pool and jump into the deep end, or are you going to walk over carefully to see if there's water in there?

Would you hire somebody who quit their job without having another one?

"Would you hire somebody who quit their job without having another one?"

It would depend a lot on the circumstances, but in general, yes, I believe that it's damn foolish to quit without a replacement job in place.  You lose all leverage with potential employers.  I just placed a friend and former colleage in touch with an LPL recruiter after chastising him for quitting the bank without his new B/D lined up and ready to go.  No doubt he'll get less than he would have as a transition package simply because LPL knows his levegare is non-existent.  He'll also be several days, perhaps even a week or two without being able to transfer clients.  I told him that time is money, and he's losing money every day that he's not up and running.

Most times, yes...quitting without having another job in place is foolish to say the least.

[quote=Indyone]

"Would you hire somebody who quit their job without having another one?"

It would depend a lot on the circumstances, but in general, yes, I believe that it's damn foolish to quit without a replacement job in place.  You lose all leverage with potential employers.  I just placed a friend and former colleage in touch with an LPL recruiter after chastising him for quitting the bank without his new B/D lined up and ready to go.  No doubt he'll get less than he would have as a transition package simply because LPL knows his levegare is non-existent.  He'll also be several days, perhaps even a week or two without being able to transfer clients.  I told him that time is money, and he's losing money every day that he's not up and running.

Most times, yes...quitting without having another job in place is foolish to say the least.

[/quote]

I'm enough of a cynic to believe you shot yourself in the foot there.  I would never refer somebody who was probably fired--there is nothing good that can come of it.

I know, I know--your friend quit the bank.  If you believe that I'd like to talk to you about a bridge I own that connects Brooklyn with Manhattan.  I'm willling to sell it cheap just to get rid of it, I want to move South.

Well in the sense that management wasn't satisfied with his production, yes, I'm sure that he had some encouragement to act as he did.  I don't think that going from zero to 14 mil aum and averaging 15-20K/month in less than two years is doing a bad job, but apparently his bank wanted more.  He got tired of the harping about the budget and quit.  Dumb move in my opinion, but it's done.

As far as me shooting myself in the foot, I don't see a downside.  I'm not supervising him and I didn't tell the recruiter anything but his numbers, so assuming they take him, I don't think there's anything on me if he doesn't work out.  I just told the recruiter that he was a nice guy and appeared to be doing a reasonable job where he was.  In my mind, that's where my responsibility ends.  I hope he makes it, but once you go indy, your success is your own responsibility and I won't lose any sleep if it doesn't work out...I've got my own ship to run.

[quote=Indyone]

In my mind, that's where my responsibility ends.

[/quote]

The recruiter will remember.  If the guy doesn't work out it will somehow reflect badly on you--if he does work out the recruiter will consider himself to be a recruiting genius.

I am not saying that making recommendations and referalls is a dumb thing to do--what is dumb is to stick your neck out when the story doesn't pass the smell test.

I am sixty one and have been working since I was a fourteen year old paperboy.  I don't know anybody who spontaneously quit--it's not a sign of maturity and clear thinking.  You suck it up and start looking, you do NOT just quit.

"
Did you “Tell them” or turn in a wrtten document?"



Does email count as written?

[quote=birdv]" Did you "Tell them" or turn in a wrtten document?"

Does email count as written?
[/quote]

Are you saying you quit a job by sending an email?   It's getting worse.

Well if the recruiter is unhappy with my friend as a recruit, I won't lose any sleep over it.  My contract says 90% payout plus production bonuses and I don't see how having a recruiter, who's not in my food chain, being upset with me can cause any problem with that.

I did not quit without consulting other companies about their business
practices in relation to AMP.  The three companies I asked all
offered me positions(2 offered me sponsorship before I picked
AMP).  One of which is not a FA, but working at a trading
desk(hello 55).  I had several offers going into the business, I
just need to establish what part of the industry I wish to be in. And
pick a good company to work with.

[quote=Indyone]

Well if the recruiter is unhappy with my friend as a recruit, I won't lose any sleep over it.  My contract says 90% payout plus production bonuses and I don't see how having a recruiter, who's not in my food chain, being upset with me can cause any problem with that.

[/quote]

How about your reputation with others--including people not in your "food chain" but at LPL?

Maybe a day will come when being well thought of will matter?

[quote=birdv]I did not quit without consulting other companies about their business practices in relation to AMP.  The three companies I asked all offered me positions(2 offered me sponsorship before I picked AMP).  One of which is not a FA, but working at a trading desk(hello 55).  I had several offers going into the business, I just need to establish what part of the industry I wish to be in. And pick a good company to work with.

[/quote]

Is "consulting" with other companies the same as accepting an offer from another firm?

Do you think it's possible that one of those firms contacted AMP asking about your time there and they pulled the rug out from under you?

That would be very unusual, but if you were talking to second or third tier B/Ds it might be possible.

Birdy:

If all else fails, this organization might be hiring:

http://www.usarmy.com

Obviously that never bothered you, Putsy.  No one thinks any good of you.

Maybe a day will come when being well thought of will matter?

[/quote]

When do you think that day will come for you?

Damn, Philo. You beat me to the punch(line)

"Are you saying you quit a job by sending an email?   It’s getting worse."



I tried to contact the office Friday, got the machine and left a
message.  And sent an email before I left town for the
weekend.  Not as good as fighting Friday traffic to tell the FVP
in person and hand him my letter.



I was not very happy with the company and thought a weekend of
reflection would be better than showing up and insulting the
company.  I like the FVP I just need to be in a place that is a
better fit.

"Do you think it’s possible that one of those firms contacted AMP asking
about your time there and they pulled the rug out from under you?"



No.

[quote=birdv]

I tried to contact the office Friday, got the machine and left a message.  And sent an email before I left town for the weekend.  Not as good as fighting Friday traffic to tell the FVP in person and hand him my letter.

[/quote]

So let's see if we have this right.  You had not yet been appointed at AMP and you were taking a Friday off?

Does that seem like a good idea?

I just passed the 66 on Thurdays.  I have not been appointed or anything of the sort.  I have not even signed a non compete form.



I would not have started pre appointment for two weeks.

[quote=birdv]

I was not very happy with the company and thought a weekend of reflection would be better than showing up and insulting the company.  I like the FVP I just need to be in a place that is a better fit.

[/quote]

How long had you been there?  Had you put together three or four years of experiences that caused you to be "not very happy with the company?"

So, you were going to take off the weekend to think about your decision--but decided to leave a voice mail and then write an email.

Perhaps you said something in the voice mail or the email that caused them to fire you?

Why would you suppose a company the size of Ameriprise would make up lies about not having seen you in a couple of weeks--maybe you had taken some time off that you forgot about.  You know, so you didn't have to fight the traffic and good get an early start on taking some well deserved time off?

<span =“bold”>NASD Newbie



Your alot older than me and have alot more experience in the
industry.  I was hoping to get some positive input on how to
proceed from here.  I did not come here to lament my
decisions.  I just wanted your experience on AMP and my questions
about my NASD certs. 



I love to pick apart peoples decision too, but I would like and need
your help with finding if I could retain my certs without any
problem. 

I don’t think AMP is out to get me.  I just want to cover my ASS.

Serious advice for you, Birdy:

You should probably consider ponying up for 1 hours worth of some NASD arb lawyer's time and ask him or her. Most have some experience with Ameriprise already.

FD: this is not a solicitation for any specific NASD arb attorney and I was only kidding about Birdy joining the Army.

Thanks for the advice <span =“bold”>ymh_ymh_ymh .  

It may not even take an hour to answer your question(s) but I think that's the minimum most charge.

You're concerned about if you have any sort of obligation to AMP and what they're going to say about you to any prospective new employer, right? Reasonable questions/concerns, in my opinion.

Another piece of advice I am going to offer you is do very good due dilly on your next employer. If you only have 1 where you stayed less than a year and quit without a really good excuse, most people tend to overlook that, especially if it's your 1st or 2nd job out of college. If you have another experience like that it's going to be very hard to find a decent employer willing to give you a chance.

Written (not e-mail) notice of resignation with 2 weeks' notice or more is still considered pretty standard fair other than if you're already a broker with a book of clients. Then the, "I am out of here on Friday" stuff is pretty standard.

You're welcome and best wishes to you, Birdy.

[quote=ymh_ymh_ymh]

Serious advice for you, Birdy:

You should probably consider ponying up for 1 hours worth of some NASD arb lawyer's time and ask him or her. Most have some experience with Ameriprise already.

FD: this is not a solicitation for any specific NASD arb attorney and I was only kidding about Birdy joining the Army.

[/quote]

That shouldn't be necessary unless he wants to stay with AMP or if they say he was dismissed because he didn't show up for two weeks and he can prove that he did.

I find it curious that they would fire him with a registered letter if he had been coming to the office and trying.

If he was not, all the arbitration attorneys on earth could not, and should not, help him.

[quote=birdv]NASD Newbie

Your alot older than me and have alot more experience in the industry.  I was hoping to get some positive input on how to proceed from here.  I did not come here to lament my decisions.  I just wanted your experience on AMP and my questions about my NASD certs. 

I love to pick apart peoples decision too, but I would like and need your help with finding if I could retain my certs without any problem. 


[/quote]

If you show up and ask questions is it wrong to answer them unless the answer is something that you want to hear.

One of the things that amazes me about this forum is how so many of you kids start to whine as soon as an adult pops your bubble.

I didn't catch the registered letter bit.

If he wants to stay in this business, I think spending an hour or so with a NASD arb lawyer is in his best interests.

I am not fired I was never hired.

I am just leaving the sponsorship program after completing my test. 

They are not firing me as much as terminating the sponsorship agreement.



At Ameriprise you have a meeting every Thursday and that is it until
you pass all your test and then there is the 10 week
preappointment.  Then they can hire you or let you go.



I would still have to wait two weeks to start pre appointment. 
After I passed my last test I decided not to continue the
program.  I have my CRD#. 



I just want my CRD# to not go to crap. 

[quote=birdv]I just passed the 66 on Thurdays.  I have not been appointed or anything of the sort.  I have not even signed a non compete form.

I would not have started pre appointment for two weeks.


[/quote]

How many Thursdays did you take to pass Series 66?

I'll ask again, do you think it was smart to take off a Friday before you get hired--does that show your manager much?

You said you got the letter on Saturday--that means it had to have been written on Friday.  I'm not sure that it's a bad decision to fire a kid who can't even make it back to the office after passing the exams.

How many other rookies were in your program?  How many of them did you send the amexpsux website?  If you were the boss would you like a punk around who was sending negative websites to others in the office?

This just doesn't make sense--there you were studying along for your exams and no sooner than you pass them they fire you.  For no reason at all--in fact they make up lies about you.

How often do you suppose they do that, and why would they do it?

[quote=birdv]I am not fired I was never hired.
I am just leaving the sponsorship program after completing my test. 
They are not firing me as much as terminating the sponsorship agreement.

At Ameriprise you have a meeting every Thursday and that is it until you pass all your test and then there is the 10 week preappointment.  Then they can hire you or let you go.

I would still have to wait two weeks to start pre appointment.  After I passed my last test I decided not to continue the program.  I have my CRD#. 

I just want my CRD# to not go to crap. 
[/quote]

Your CRD number will not go to crap for two years, as you should have learned for the exams.

The fact remains that AMP is listed as your employer on your CRD file and it is not really possible to put a happy face on the fact that you are not there.

I would not hire you, and I don't suppose any large firm will.

What do you know about the business that allowed you to conclude that the AMP products were junk, or garbage or whatever adjective you used? 

I would not have been in the office on Friday anyway.  I would
only come into the office on Thursdays until I start my pre appointment.



I did not send any sh*t to the office calling for a revolt.  I
believe many of the other kids deserve their shot with out me pissing
on their parade.  I do <span style=“font-size: 12pt; font-family: “Times New Roman”;”>appreciate
what I have learned in my Thurday meeting .  And I do not dislike
the FVP.  So I would not want to spoil his recuiting
class.  



I passed all my test the first time. 



They did not fire me.  I withdrew from sponsorship.



Rookies in the program?  There were atlot but people were dropping
out like flies.  Out of 30 sponsored I was one of the 3 that pass
all the test.



I do not know why they said that they haven’t had contact with me for
two weeks.  And I am starting to think that it really doesn’t
matter. 

<span =“bold”>NASD Newbie



do you work for AMP?

[quote=birdv]<span style=“font-size: 12pt; font-family: “Times New Roman”;”>

Rookies in the program?  There were atlot but people were dropping
out like flies.  Out of 30 sponsored I was one of the 3 that pass
all the test.


[/quote]

I’ve helped a lot of unhappy Ameriprise advisors move to other firms.  Usually they are people doing well under difficult circumstances, who want to start again with a different firm.

I know I’m going to get flamed for saying this, but I don’t think the kid has ruined his career.  We don’t KNOW what Ameriprise is going to place on his U4.  And if they put a mark on his record then an attorney may be able to set the record straight.

If he’d started, but failed to produce anything, then he would be in a much worse situation.  Personally, I have a lot of respect for somebody who gets this close and then says “I can’t, in good conscience, sell this”.

[quote=birdv]<span style=“font-size: 12pt; font-family: “Times New Roman”;”>

I passed all my test the first time. 





<span style=“font-size: 12pt; font-family: “Times New Roman”;”>

I do not know why they said that they haven’t had contact with me for
two weeks.  And I am starting to think that it really doesn’t
matter. 



[/quote]



It does matter.  If it says you were terminated for absenteeism that will haunt you for the rest of your career.



Taking the Series 7 and getting a CRD means that your association with
Ameriprise will be on your NASD record.  When they end this
association, they must include a reason for the separation.  That
reason will be on your permanent record and stay with you wherever you
go.  It may even become an issue with employers outside the industry.



Suggest you contact your former branch manager and inform him that you
disagree with his assertion that you have not been in the office in two
weeks.  Dig up any evidence you can (EZ-Tag from the tollway, credit
card receipts from the cafe next door, etc.) and offer to send him
copies.



Then inform him that you expect your U5 to reflect accuately that  you left the company voluntarily.

Good stuff JC.  Birdv, just expect that most anything you get from Uncle Nasty will have a negative, insulting and/or sarcastic tone to it.  I don’t know why he has a problem with CONSTRUCTIVE criticism, but he does.  After you’re around him for awhile, you’ll realize that he doesn’t go easily, even when he’s obviously wrong.  Just let it roll off your back…glean the nuggets of truth from the bile and try not to engage him too often for fear that you’ll waste half of your day (like I usually end up doing…)

[quote=JCadieux]

I've helped a lot of unhappy Ameriprise advisors move to other firms.  Usually they are people doing well under difficult circumstances, who want to start again with a different firm.

[/quote]

Nothing more than personal curiosity.  What do you think the odds of an AMP guy, say three years in, making it to a wirehouse?

Our branches used to get flurries of resumes--seemingly about a month or two after the latest covey of AEFA baby brokers got their tickets.

I've interviewed a lot of them over the years--it's my opinion that they are a cut above a chop  house but still pretty much subscribe to the recruiting philosophy of hiring everybody and letting those who can do it rise to the top.

[quote=JCadieux]

I know I'm going to get flamed for saying this, but I don't think the kid has ruined his career.  We don't KNOW what Ameriprise is going to place on his U4.  And if they put a mark on his record then an attorney may be able to set the record straight.

If he'd started, but failed to produce anything, then he would be in a much worse situation.  Personally, I have a lot of respect for somebody who gets this close and then says "I can't, in good conscience, sell this".

[/quote]

I suggest that somebody who has not even been appointed does not know what is good or bad.  What happened is this child found the amexpsux website and believed what he read--just like somebody might believe what they read about Jones on this site.

Only the failures bitch and moan--but unfortunately they get heard because the guys and gals who are doing just great don't waste their time bitching.

[quote=JCadieux]

It does matter.  If it says you were terminated for absenteeism that will haunt you for the rest of your career.

Taking the Series 7 and getting a CRD means that your association with Ameriprise will be on your NASD record.  When they end this association, they must include a reason for the separation.  That reason will be on your permanent record and stay with you wherever you go.  It may even become an issue with employers outside the industry.

Suggest you contact your former branch manager and inform him that you disagree with his assertion that you have not been in the office in two weeks.  Dig up any evidence you can (EZ-Tag from the tollway, credit card receipts from the cafe next door, etc.) and offer to send him copies.

Then inform him that you expect your U5 to reflect accuately that  you left the company voluntarily.
[/quote]

I'm not sure that a U-5 is used to provide previous employment information to a potential or new employer outside of the industry.

However, it is the only form that is used within the industry and if the former employer puts anything negative on it problems can result.

Each of us is entitled to see a copy of our exiting U-5 and if it indicates anything other than voluntary resignation or retirement the individual needs to challenge it.

Sometimes a manager simply needs to be reminded that it is a permanent record with a sentence such as, "I know why you said you will not rehire me--it's because you don't like me. To be honest with you I"m not wild about you either.  But in the future that could be interpreted as I did something to cause you to not rehire me--please change it to yes you would rehire.  I promise not to apply, but even if I do you don't have to hire me just because you said you might."

But let's get back to this kid's story.  He's telling us that he was only expected to come to the office on Thursdays--I know that to be typical for AEFA and assume it is for AMP too.

He said he took his Series 66 on a Thursday and got terminated via a letter that was recieved on Saturday. That letter had to be written no later than Friday.

Now why would a manager be pissed off that a kid was not at the Thursday meeting if the kid was taking his test on Thursday?  Could it be because he was told no not take tests on Thursdays so that he would be at the meetings?  Could be, and if it is it's insubordination.  Not a smile face.

If that's not the reason it would seem to be an easy enough situation to simply call the boss and tell the boss that he missed the meeting because he was testing--and he PASSED!  The boss will forgive and forget.

But apparently he missed the meeting the week before--they hadn't seen him in two weeks.  Why was that meeting missed?  If you're running an organization can you tolerate kids who may or may not decide to show up?  If a second week arrives and that same kid has no showed the meeting again I think it's critical to act quickly--to cover yourself.  Compliance issues are too significant to allow a child to be out there taking the tests and perhaps introducing himself to friends and family as a new AMP rep, blah, blah, blah.

This is a business for grownups--and not showing up when you're expected is one of the surest sign that you're not one.

I missed one meeting when I was 200 miles taking my 66 class so I could start my appointment on the date that I wanted.



I came to the next meeting.



The other time I missed was the Thursday I passed my 66.



-I was not fired; I quit on Friday morning. 

-They left me a voicemail Friday night.(Not a very nice one,SO WHAT)

-They sent the letter that came on Saturday.



-I got into town Sunday night 9pm. 

-Sunday at 9:30 I called and left a message for the FVP to call me.

-Then I joined this forum and posted 11:09pm.



-Monday I have called and emailed and got nothing.

Apparently they don’t want to talk.

Hopefully they don’t have time to mess with me and my U5.



“insubordination” - I did everything AMP told me to do.  I just do
not want to work at AMP.  I have heard good things about the
training and I really liked the people in the office that is why I
picked AMP.  



You might love AMP.  And that is just fine.  I just do not want to be punished for not wanting to work at AMP.

[quote=birdv] 

You might love AMP.  And that is just fine.  I just do not want to be punished for not wanting to work at AMP.


[/quote]

Punished?  Nobody is going to punish you.

Where do you see yourself working?

"I just do not want to be punished for not wanting to work at AMP."

I am refering to my U5

The question was, where do you see yourself working?  What type of firm?

[quote=NASD Newbie]

[quote=JCadieux]

I’ve helped a lot of
unhappy Ameriprise advisors move to other firms.  Usually they are people who have done well under difficult circumstances, and want to start
again in a wirehouse training program.

[/quote]

Nothing more than personal curiosity.  What do you think the odds of an AMP guy, say three years in, making it to a wirehouse?

Newbie,  you could hire him at your firm.<!–
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[quote=no idea]Newbie,  you could hire him at your firm.<!-- var SymRealOnLoad; var SymReal;

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//–> [/quote]

Well, Newbie & Newbie hasn't gotten its NASD charter yet, although we're close to renting a seat on the NYSE.

Don't call us, we'll call you.  We promise to keep your resume on file should our needs change in the future.

<span style=“font-size: 12pt; font-family: “Times New Roman”;”>Where do you see yourself working?

I do not know.  I already have interviews setup for inside and outside the
securities industry.

To: AMP

From: Me



I am going to watch Wall Street for the first time.  I know that
if they do a remake with AMP they will not have to cast me.  just
kidding have a goodnight

[quote=NASD Newbie]

He’s very likely to have a U-5 that indicates “Terminated for cause.”

It's very difficult to put a happy face on a record of simply not showing up.  Regardless of what the representative says, that is what the record will show unless the manager of his office is a decent enough man or woman to not do that.

Additionally, put a happy face on job hopping right after passing the exams--what does that say for loyalty?

Put a  happy face on not knowing what you were expected to sell.

Put a happy face on deciding that what you were selling was just "high commission" products before you had ever made a sale.

Put a happy face on arguing with "the program" before even giving it a chance.

We don't know why AMP fired the guy--but the reality is they did.  It is very difficult to catch on with another firm AFTER you've been fired even if you have the tickets.  Too many hidden factors.

Disgruntled brokers are a dime a dozen and it often is simply a matter of changng venues for the situation to change--but when you're out there unemployed you are damn near unemployable in this industry.  It's not like he can claim to have been downsized or some other benign reason to be in purgatory.

Brokers like to think of themselves as somewhat similar to a professional athlete--you've got skills that translate onto the playing field and the teams know that and will hire you because of those skills.

That may be true with Terrell Owens--or whatever his name is--but it's not true with brokers.  There are too many compliance issues to be dealt with--can you imagine how a case would play out when the plaintiff's attorney realized that Ray Jay hired a guy who had simply not shown up at AMP so often that he was fired.

We've been told, "It is a lie" to the argument that he was terminated because he had not been seen in two weeks--what that could very well mean is that he was last seen 9 business days ago instead of ten.  Regardless, he's too big a flake to keep around, or to have around.

Again, boys and girls, do not enter this business on a lark.  Your U-4 follows you everywhere you go and it is best to be mature enough to know that if you don't like a job, quit.  Don't just stop showing up.

The actions we take have consequences.

Now, a quick piece of advice for the child who asked the "am I screwed" question.

Depending on where you live you may encounter one of the chop shop boiler rooms who would think that your indiscretion is minor since they actually prefer to hire ex cons.

If you go to work there, just to keep your licenses, you will screw your entire career up for THE REST OF YOUR LIFE.  So don't make an even more stupid mistake than laying around in bed so much that AMP fired you.

Go to work in the insurance industry.  Tell the hiring manager that you........damn I just don't know what you can say to explain away getting fired for not showing up.  What a stupid thing to do.

I know--stay out for close to two years then come back and explain that you were staying home with a new baby.  That's done a lot.

birdv:

Apologies for getting your broker forum name wrong. Once again, I think it's worth your while to spend $350.00 or so and have a one hour consult with an experienced NASD arb attorney IF you wish to remain employed in this industry.

I don't think a MER, SB, or an MS will hire you with a "terminated for cause" on your U-5. You might be able to get into BAC, WB, or RJF with that, but even they view that as a red flag. Not sure you want to settle for a third tier firm. SWS does hire "terminated with cause types."

If you elect not to pursue a career in this sector, it will be easy to explain to a prospective employer why you didn't choose to do so. Very few outside the financial services sector have a positive spin on those of us who make our living managing money.

I think it's worth it for you to try and get that U-5 to reflect the fact you voluntarily resigned.

[quote=ymh_ymh_ymh]

Once again, I think it’s worth your while to spend $350.00 or so and have a one hour consult with an experienced NASD arb attorney IF you wish to remain employed in this industry.

[quote=ymh_ymh_ymh]

I don't think a MER, SB, or an MS will hire you with a "terminated for cause" on your U-5.

Bill and Jeff:

Thanks for being mensch and willing to help birdv out a little.

Bill is a great guy.  He had great insight into my situation.  I cannot  believe how willing he was to help me. THANK YOU BILL


<span =“bold”>ymh_ymh_ymh
you had the right idea. 

[quote=birdv]

I signed up with Ameriprise Financial.  I just passed the entire string of test (INS,7 and 66) and found that they do not have good products and recommend "objectives" that are just high commission products.
I want out! 
 
They are saying that they are canceling my sponsorship, because they have not seen me in two weeks(which is a lie) and that they will assume that I have voluntarily have withdrawn from the sponsorship and will terminate the sponsorship agreement.
 
What should I do to keep my NASD licenses?
Will AMF withdrawing the sponsorship do anything?
 
Thanks

[/quote]

I assume that you are on the P1 platform at Ameriprise.  Once you are separated employment from them, contact all of the local P2 advisors in your area.  Anyone on the P2 platform knows that P1 is a joke, so they should not hold it against you that you didn't make it.  However, you already know the some of the language of Ameriprise, so you could be an asset to them.  Being on the P2 platform gives you the flexibility to call your own shots in regards to fund families, products, etc.  You could compare two P2 advisors and they could literally be as opposite as night and day.  Once you have had time to be mentored by and train with this P2 advisor, you could hopefully become and AFA and take over part of their book.  This is the part of Ameriprise that no one ever sees because P1 gets such a bad rap.