Is Ameriprise poor starting point?

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Feb 25, 2006 2:58 pm

I was contacted by Ameriprise to attend a workshop in financial advising.  Out of curiousity, I went and passed all the tests and interviews (too easy).  Now I have an "offer" in my hand.  I always want to be financial advisor.  I am going through all the exams now, is Ameriprise such a bad company as a starting point?   I heard their products suck and personally I am not too impressed with their financial advisors.  Would it be bad to get the certification, learn a few tricks/experience and move on to better company?  or will it look bad on a resume? 

Feb 25, 2006 4:41 pm

The problem is you may not get a job anywhere else w/o licenses. I would grab the S7 and 63 and stay there a max of 2yrs. Then move on.


Feb 25, 2006 6:44 pm

I agree, get your required licenses 7, 63 and life and health.



Try to team up or learn from the top producer, try to come in early and leave late.


In your first 2/3 yrs, work hard and efficiently. Try to shadow the top producer in the firm. Learn and study his tactics of success. Also, within your team of junior FA’s, look around you and see what’s working and what’s not.


In the beginning of your career, I don’t think that you should concentrate on analyzing the market and becoming an expert on understanding your targeted companies and the overall market.


At first, try to sharpen your sales skills; this business is all about sales. Once you think have a gotten a good understanding of opening accounts, cultivating clients, raising money, increasing your book, then you can concentrate on other parts of this business.



Also, eventually look into getting your CFP certification.


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Feb 25, 2006 8:28 pm

thanks.  Yes, I'm in the sponsorship stage - I have to pass license 7, 66, life and health before they will me as financial advisor. The question is, is Amerprise a bad place to start a career?  From what I heard so far, it does not matter as long as I learn the tricks (sales).  I guess 2/3 years is a good length of time.

Feb 25, 2006 10:54 pm
t2mn:

I was contacted by Ameriprise to attend a workshop in financial advising.  Out of curiousity, I went and passed all the tests and interviews (too easy).  Now I have an "offer" in my hand.  I always want to be financial advisor.  I am going through all the exams now, is Ameriprise such a bad company as a starting point?   I heard their products suck and personally I am not too impressed with their financial advisors.  Would it be bad to get the certification, learn a few tricks/experience and move on to better company?  or will it look bad on a resume? 


Why start somewhere that you KNOW you don't want to work for later in your career. If you want to work at a wirehouse get a job at a wirehouse, if you want to be independent go to LPL and RJFS. Take a little time and find an independent and buy him lunch and find out about the industry. It will be the best investment that you will make in your future.

Feb 25, 2006 11:04 pm

I agree with noggin 100%, it will jsut be a hassle later.  Trying to move clients, learning new systems etc.  Find somewhere you believe you'd be proud to say you work for I personally would not choose ameriprise, if I were going the wire route I would want a strong name like Merrill or Smith Barney behind me.  If your new to the business find someone to mentor you don't try to do it on your own or listen to your mananger who is likely a failed producer.  Just my thoughts...

Feb 26, 2006 3:00 pm

There is nothing more important than your local branch.  This is true whether it's Ameriprise or Merrill.  Interview with lots of places before taking a position.

Feb 26, 2006 4:14 pm

WWW


In anothe rpost you are seeking guidance in terms of earnings/ training expectations with the large firms. You state that you dont want to team up or work with a senior broker while you build your book.. Then, in the above post you recommend shadowing a senior guy and learning the ropes.. Either you truly believe teaming is the way to go the first few years or you truly have no idea what you are talking about.

Feb 27, 2006 10:32 am

AMP is a very captive firm, and their track record of success is suspect.  Looking at P1 FAs, it is rare to see someone hit the $50-60k/year in production that most firms like their FAs to reach. 


Go somewhere where you think you'd like to be for the long haul, and a place where the level of success is stronger.

Feb 27, 2006 5:48 pm
blarmston:

WWW


In anothe rpost you are seeking guidance in terms of earnings/ training expectations with the large firms. You state that you dont want to team up or work with a senior broker while you build your book.. Then, in the above post you recommend shadowing a senior guy and learning the ropes.. Either you truly believe teaming is the way to go the first few years or you truly have no idea what you are talking about.



Yeah, WWWW said that he was interviewing with GS and BS.........I suspect BS.  GS and BS only recruits cream of the crop brokers and Ivy League MBA's.

Feb 28, 2006 12:14 pm
WWWW:

I agree, get your required licenses 7, 63 and life and health.



Try to team up or learn from the top producer, try to come in early and leave late.


In your first 2/3 yrs, work hard and efficiently. Try to shadow the top producer in the firm. Learn and study his tactics of success. Also, within your team of junior FA’s, look around you and see what’s working and what’s not.


In the beginning of your career, I don’t think that you should concentrate on analyzing the market and becoming an expert on understanding your targeted companies and the overall market.


At first, try to sharpen your sales skills; this business is all about sales. Once you think have a gotten a good understanding of opening accounts, cultivating clients, raising money, increasing your book, then you can concentrate on other parts of this business.



Also, eventually look into getting your CFP certification.


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This is complete BS.  This has to be an AMERIPRISE recruiter.  Go to AMEXSUX.com


Do NOT go to Ameriprise.  You can never leave.  It is the lowest of the low.

Feb 28, 2006 1:48 pm

My question is this - would you rather team up with the number one producer (I would assume this would be a P1 role as most P2s don't entertain hiring newbies) in the office, region, whatever, that is probably not knocking down $200k in production 4-5 years in the business, or shadow someone at RJ, SB, ML, etc that is 10 years in doing $400-500k? 


I don't agree with the above because it is such a cut-and-dry business model.  You won't find anyone trying to branch off in a different direction - it's financial plans and let's gather some assets from that prospect we did a plan for.

Feb 28, 2006 9:27 pm

I was one of the brokers who were fired for not passing the 7. I then took a job as an insurance agent for a year. Only to get a letter from the NASD advising that I really passed the 7.


I'm wanting to work in a bank (w/a salary). I've applied to a few banks, havent heard anything yet. Any Advice?



Mar 1, 2006 6:03 pm

Yeah, banks suck!  They have NO clue about investments!  Doing investment business at a bank is like trying to buy a bed at a 7-11. 


I worked for a bank briefly and started to sense I made a bad decision when in an investments "training" session I found out the bank's regional INVESTMENTS manager did not know what a wrap account or wrap fee was!!! 


If you are that concerned with a salary try a Raymond James or a wirehouse program that offers a salary for the first year or two while you are getting your feet wet and learning the business.


I don't care what anybody working at a bank says, investment departments in banks and credit unions are a joke!!!

Mar 1, 2006 7:33 pm

BROKR1:

I was one of the brokers who were fired for not passing the 7. I then took a job as an insurance agent for a year. Only to get a letter from the NASD advising that I really passed the 7.


I'm wanting to work in a bank (w/a salary). I've applied to a few banks, havent heard anything yet. Any Advice?


----------------------------------------


I'd go back to the B/D that fired you, with the NASD letter in hand. They might hire you back. Depending on the B/D, they may pay you a training salary, initially. 




Mar 1, 2006 10:44 pm

Ameriprise is not a good firm. The conditions there are substantially worse than a wirehouse firm. I would strongly recommend that you look into getting a position at either ML or SB. Consider starting as an SA at one of those firms if you cant get into the training program.

Mar 10, 2006 11:13 pm

It's not bad, if you can't start with a wirehouse, but keep your clients money in unsticky funds like American Funds.  Not Annuities or VUL's.  Then move to a wirehouse later on.


Ace

Mar 13, 2006 10:56 am

The only caveat with that is that most of the clients will be lower net worth, statistically, and wires will frown on that from day one.  It will be a big uphill climb to get an offer, from the experience I've seen.

Mar 13, 2006 11:20 am

The comment about having low net worth clients is somewhat true, however it can be neutralized by saying that the reason you're wanting to leave is because you're unable to attract the higher net worth clients that you find yourself talking to but being unable to close.


Stress the sales training.  You're a lean, mean, prospecting machine as a result of having been at Ameriprise.


Then shut up and listen.

Mar 13, 2006 12:24 pm

It is tough, though, to attract a HNW client with a very limited arsenal of products and services.