Ameriprise

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Jan 23, 2009 10:26 pm

I was just offered a position by Ameriprise as an associate financial advisor. I was recently cut as an ML POA and need a job. After reading this forum, my hunch is to say "no", but why do people have a negative perception of Ameriprise...what am I missing??

Jan 23, 2009 10:51 pm

I honestly never found a smoking gun post about Ameriprise but I think if you've got a job then you're golden. Some money beats no money. 

Jan 24, 2009 1:09 pm

I agree with someone,  I'm starting there next Wednesday as an advisor under their Career Changer program.  It seems within the industry their rep is not the best.  From what I gather it's more applicable to when they were with American Express and hired kids right out of college.  In the end it's really the person that matters and right now a job, any job is a plus. 
Out of 19 of the biggest firms, they ranked #6 in customer satisfaction by JD Power and Associates and have been rising for the past few years.  Hopefully they are on the right track.

Jan 24, 2009 1:13 pm
GlengarryGlenRoss:

I agree with someone,  I'm starting there next Wednesday as an advisor under their Career Changer program.  It seems within the industry their rep is not the best.  From what I gather it's more applicable to when they were with American Express and hired kids right out of college.  In the end it's really the person that matters and right now a job, any job is a plus. 
Out of 19 of the biggest firms, they ranked #6 in customer satisfaction by JD Power and Associates and have been rising for the past few years.  Hopefully they are on the right track.




I will not interfere with your right to make the biggest mistake of your career.

Jan 24, 2009 1:17 pm

Raymond James is not hiring in my area, nor is MS, SB, ML or UBS (for new advisors). Edward Jones comp isn't as good as AMP for a career changer with existing responsibilities.  If in a year I'm successful, then perhaps I can look at moving on if I'm unhappy.  

Jan 24, 2009 4:38 pm

Why would Ameriprise be the biggest mistake in a career?

Jan 24, 2009 6:14 pm

Going in as an AFA wouldn't be a huge mistake if you and the hiring advisor have a solid relationship.  Make sure to put in writing how many hours a week you will be working for the guy (assuming that part of your job will be doing admin work for the guy), how he will support you in marketing (will he give you leads from seminars, or give you any kind of marketing budget), and basically what the expectations are.  I'm an AFA for a P2 advisor with Ameriprise, and we have a solid working relationship.  I don't have aspirations of becoming a $300k+ producer, so making a base salary (more than the Ameriprise P1's get as a draw) and another $25k-$30k from GDC I've closed is A-ok with me at this point in my life.  What type of production/income are you trying to look for? 


Ameriprise gets a (deserved) negative reputation because the P1 system is a chop shop.  I say this as a former P1 advisor that saw this first hand.  P2 is a completely different beast, in a good way.

Jan 25, 2009 3:12 pm

just check out AMERIPRISESUX.COM for the inside dope about this dopey company

Jan 25, 2009 3:19 pm

This will start a slew of replies I'm sure but Ameriprise was #6 out of 19 of the biggest firms in regards to Investor Satisfaction by J.D. Power and Associates for 2008.  The results were posted in July with ML one slot ahead, which I'm sure by now is at least a few spots further down making Ameriprise top five.    I've seen that site you mention and it seemed to have the same few people posting over and over. 
No I don't work there, but am starting next week.  I did a lot of research and perhaps maybe would have went elsewhere had other companies not been merging, going out of business or just in the crapper overall financially.  You just have to realize it comes down to the advisor not the firm.   People thought Madoff was the greatest thing since sliced bread till he told them he scammed $50 billion. 

Jan 25, 2009 7:56 pm

"just check out AMERIPRISESUX.COM for the inside dope about this dopey company"
 
I'm not an Ameriprise fan, but that website should be ignored.  It's you and Macca (Posted here as William before getting booted) and a couple of other people who failed there along with some lawyer  who tries to drum up business. 

Jan 25, 2009 8:01 pm

Glengarry, let me give you an outsider's point of view why Ameriprise tends to not be respected.  You are correct that it's the advisor and not the firm or, at least it should be.  This isn't true if people at the firm are selling proprietary products and the proprietary products blow. 

 
Close to 100% of the time that I meet with someone who has an advisor with Ameriprise, they have purchased an Ameriprise VUL policy.
 
Jan 25, 2009 10:58 pm

Is it the VUL that's bad or the Ameriprise VUL.  My impression of VUL's have their place but certainly are not for everyone, or even many.  What are the downsides of the VUL?  The fees I'm guessing are a big part, right?

Jan 26, 2009 2:06 am

I was actually looking at AMPs managed money solutions. Looks like you can do over 2100 differrent funds, including the better performing no-loads in their fee based accounts, stocks, bonds etc. ...where you as the advisor make the decisions. What am I missing?

Jan 26, 2009 5:55 am

"Is it the VUL that's bad or the Ameriprise VUL.  My impression of VUL's have their place but certainly are not for everyone, or even many.  What are the downsides of the VUL?  The fees I'm guessing are a big part, right?"
 
Conceptually, VUL could work in some situations.  In reality, it may never be appropriate.  At the very least, it would take a very strange fact pattern to make it appropriate.  At the heart of the problem is that it combines annually renewable term insurance with a side fund.  Annually renewable term insurance is not appropriate for a permannent insurance need.    With Ameriprise, both the insurance and the investments are overpriced.
 
I've put out a challenge in the past because I'd like someone to prove me wrong.  I want someone to give me a realistic example where VUL beats buying term insurance and putting the difference in the same investment choices.  Nobody has done it yet. 

Jan 26, 2009 9:21 am
anonymous:

"just check out AMERIPRISESUX.COM for the inside dope about this dopey company"
 
I'm not an Ameriprise fan, but that website should be ignored.  It's you and Macca (Posted here as William before getting booted) and a couple of other people who failed there along with some lawyer  who tries to drum up business. 

 
Thanks for saving me time, I have little love for Ameriprise, but I at least want objective bashing if somebody has something to say.
Jan 26, 2009 2:28 pm

HA HA.

Wait til you have calandaring class. This is where you take a class in keeping the perfect, multi-colar calandars -- in pencil so you can erase all of your cancelled appointements -- then you pass them to other newly hired advisors so each can give you a grade on your calandar -- are the lines straight?  are the colors consistent? is every minute accounted for? are all your 'dials' marked in the 'dials' boxes?. Since you didn;t make it to MER you'll think you are back in nursery school -- especialy if you have one wit of previous real business experience (now I don't mean things like managing a pizza parlor- night shift, or a security guard at the mall -- the prior jobs of real advisors).
Jan 26, 2009 2:34 pm

PS. They won't let you buy stock or bonds for clients, forget options. BTW: there is NO RESEARCH either, plus when was the last time you found a successful insurance agent who knew anything about valuing corporate equities? Thats who your 'leaders' will be -- highly successful annuity and VUL salesmen. Also, the ONLY training is on how to overcome objections to buying annuities and VUL's.

Jan 27, 2009 12:00 pm

At least they aren't collecting business cards in fishbowls at the local Mexican restaurant....oh wait...

Jan 27, 2009 12:28 pm
Fud Box:

At least they aren't collecting business cards in fishbowls at the local Mexican restaurant....oh wait...

 
Hilarious!  I love throwing my business cards in there...strangely I never get invited to lunch.
Jan 27, 2009 12:55 pm

feebased,

 
It sounds like you've already made up your mind and are merely challenging us to persuade you to think differently with you "what am I missing?"s rather than coming across as sincere to truly find out what you're missing.
 
This 'Out of 19 of the biggest firms, they ranked #6 in customer satisfaction by JD Power and Associates and have been rising for the past few years' BS should not even be a factor in your decision to want to move to Ameriprise. I mean, come on, wtf are you going to say over the phone?
 
"Mr Client did you know that Out of 19 of the biggest firms, they ranked #6 in customer satisfaction by JD Power and Associates and have been rising for the past few years?"
 
Listen, if 'money now' is dictating your decision and not "money now and later", then go ahead with Ameriprise. Otherwise, take it from someone who is currently under their shadow, you do not want to work here. You could become a $500k producer over there for all I care, the recruiting calls will not come to you.
 
If you have to make money now, flip burgers. I've given you the best advice. You can take it or leave it. Your views on the situation will not change the reality. If you want tor eally know 'what am I missing?" ask them! Anything that sounds too good to be true generally is. Ask them why you're capable of getting an opportunity as an AFA when no brokerage in the industry right now is offering anything similar. when you can get to the root of that question, you won't be missing anything.