Is ameriprise really that bad?

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Aug 13, 2006 1:15 pm

I am looking to become a FA and have gotten offers from Ameriprise and Metlife.  I am more fascinated by Ameriprise but I have read the boards here and seen this website dedicated to bashing them.  Are they really as bad as the people bashing them seem to be picturing them?  They seem to be offering a heck of an opportunity to get into the industry with top notch training and a pathway to either go independent or get into management where i understand the money is real good.

Aug 13, 2006 1:36 pm

I do not pretend to be an expert, however I have read that Ameriprise is considered a good opportunity for people right out of college.


That being said, I have heard from friends that Ameriprise management at some (perhaps many) branches is very young in comparison with other firms.

Aug 13, 2006 1:36 pm

I think edward jones is even better. why not go with them?

Aug 13, 2006 1:46 pm

EJ i hear is really bad for the ego and have ahigh drop out rate

Aug 13, 2006 2:34 pm
baylady:

EJ i hear is really bad for the ego and have ahigh drop out rate


Your goal is to choose the firm that gives you the best odds on surviving a game where the odds are clearly against you.


Every firm has a high drop out rate, according to others in these forums, because this is a difficult business and many do not have a realistic perspective of the challenges of prospecting.


I would consider interviewing with more than one B/D if you opt to enter this game.

Aug 13, 2006 4:29 pm

Baylady: two words..."Riversource funds"


So bad, they changed the name.  $500 portfolio reviews that show the client needs more annuities.


The dropout rate will be about the same wherever you go, unless you go work at a bank or credit union. 

Aug 13, 2006 7:20 pm

I have heard really bad stories about Ameriprise also. I think that it depends on the management per area. The office I'm being sponsored at has been really great. I know people being sponsored in the other locations and have heard nothing but negative things.

Aug 13, 2006 8:06 pm

Metlife is the much better company in terms of product and reputation.


In other words, baylady, you and Ameriprise would be a perfect fit.

Aug 13, 2006 9:20 pm

I've interviewed with them also. You have to wonder about a company
that is not willing to invest anything into training you. The two
months of working for minimum wage after earning your license kinda of
killed my interest. I attended one of those job recruitment seminars.
There were about a dozen  people there. You could tell hardly any
of them had considered a career in the financial services industry
before  that day. I spoke to one guy who said they sent him a
solicitation letter after seeing his resume' on career builder.


Aug 13, 2006 11:00 pm

Check this out and do a search-


http://forums.registeredrep.com/forumposts.asp?TID=604& KW=metlife



Ask alot of questions with Metlife


Like, Do I have to presell or let one of your reps hound my friends and family before hire date?   

Aug 14, 2006 7:28 am

Have you interviewed with AGE, Merrill, SB etc?

Aug 14, 2006 9:06 am
rankstocks:

Baylady: two words..."Riversource funds"


So bad, they changed the name.  $500 portfolio reviews that show the client needs more annuities.


The dropout rate will be about the same wherever you go, unless you go work at a bank or credit union. 



They have  TERRIBLE funds (see above), they push products like Variable Universal Life, they PUSH you to bring in family and friends.


You can NEVER leave cause they will hunt you like a dog.

Aug 14, 2006 9:19 am
baylady:

EJ i hear is really bad for the ego and have ahigh drop out rate


Every firm sees a number of trainees fall-off.  However, your chances of success are better at Jones that Ameriprise.  AMP will give you decent training from a corporate standpoint, then put you into a P1 office where you are led by Managers with 5 years of industry experience.  It is, without fail, one of the least respectable firms in the business.  It is difficult to grow and, success at AMP is so skewed by the industry average.


Most firms look for you to build $5-6 M AUM per year.  If you do that at Ameriprise, you could probably run the company.  Typically, new FAs will gather around $2-3M AUM.  At the end of the day, look at a 3-year EDJ rep and a 3-year AMP rep.  Not even comparable.  The EDJ rep will have far more assets. 


Additionally, the EDJ rep would be able to move onto a major firm - Merrill, SB, etc. - much easier than an AMP advisor because they will be considered more attractive and will not have the issue of proprietary accounts hanging over their heads. 


I have never been a big fan of EDJ, but if you're looking at AMP, look across the street to Jones - you'll find a better place to start, with a lower turnover rate and better training.

Aug 14, 2006 10:32 am

I worked at Amerprise for 2 years and was not at all impressed with anything about the company.  I worked for a 900K producer as an associate and ended up leaving due to differences of opinion.  She pushed VUL's and piss poor annuities so much it was sickening.  Three months after I left her practise was shut down and 100% of her licenses revoked.  I am so thankful I got out of there when I did.



Aug 14, 2006 10:37 am
ChrisB:

I worked at Amerprise for 2 years and was not at all impressed with anything about the company.  I worked for a 900K producer as an associate and ended up leaving due to differences of opinion.  She pushed VUL's and piss poor annuities so much it was sickening.  Three months after I left her practise was shut down and 100% of her licenses revoked.  I am so thankful I got out of there when I did.



Three months?  My but that is fast--usually it takes a lot longer than that.


Maybe it would have taken longer if it was a practice instead of a practise.

Aug 14, 2006 12:07 pm
BrokerRecruit:
baylady:

EJ i hear is really bad for the ego and have ahigh drop out rate


Most firms look for you to build $5-6 M AUM per year.  If you do that at Ameriprise, you could probably run the company.  Typically, new FAs will gather around $2-3M AUM.  At the end of the day, look at a 3-year EDJ rep and a 3-year AMP rep.  Not even comparable.  The EDJ rep will have far more assets. 





Why is it easier to get 5-6 Aum per yea at EJ than at AMP?

Aug 14, 2006 12:12 pm

It is easier anywhere - you are not pushed to sell products with horrible performance like you are at Ameriprise.  If you want to push VAs and VULs, coupled with funds that rank in the 3rd/4th quintile of the Russell peer group index, it's a great place.


I know that EDJ pushes the preferred fund families, but they are household fund companies with better performance records.


The other detriment that an Ameriprise presents is the focus on the financial plan.  If a potential client does not want a plan, forget about acquiring their assets unless you have a manager that understands that some clients don't require a 10-page plan.  Many P1s have had to walk away from clients because they don't want to pay $1500 for a plan, and the company frowns on not doing this in the P1 channel.

Aug 14, 2006 12:19 pm
NASD Newbie:
ChrisB:

I worked at Amerprise for 2 years and was not at all impressed with anything about the company.  I worked for a 900K producer as an associate and ended up leaving due to differences of opinion.  She pushed VUL's and piss poor annuities so much it was sickening.  Three months after I left her practise was shut down and 100% of her licenses revoked.  I am so thankful I got out of there when I did.



Three months?  My but that is fast--usually it takes a lot longer than that.


Maybe it would have taken longer if it was a practice instead of a practise.



NASD shut up you idiot.  He had a good post.


What have you done lately?  Are you even a Financial Advisor?


I bet you got punched in the mouth alot as a child on the playground.  If you didn't get the message, it means you should keep your trap shut.

Aug 14, 2006 12:24 pm
vbrainy:
NASD Newbie:
ChrisB:

I worked at Amerprise for 2 years and was not at all impressed with anything about the company.  I worked for a 900K producer as an associate and ended up leaving due to differences of opinion.  She pushed VUL's and piss poor annuities so much it was sickening.  Three months after I left her practise was shut down and 100% of her licenses revoked.  I am so thankful I got out of there when I did.



Three months?  My but that is fast--usually it takes a lot longer than that.


Maybe it would have taken longer if it was a practice instead of a practise.



NASD shut up you idiot.  He had a good post.


What have you done lately?  Are you even a Financial Advisor?


I bet you got punched in the mouth alot as a child on the playground.  If you didn't get the message, it means you should keep your trap shut.



He was making it up--the NASD does not lift licenses within three months.  It takes a lot longer than that for the process to play out.

Aug 15, 2006 12:18 pm
NASD Newbie:
vbrainy:
NASD Newbie:
ChrisB:

I worked at Amerprise for 2 years and was not at all impressed with anything about the company.  I worked for a 900K producer as an associate and ended up leaving due to differences of opinion.  She pushed VUL's and piss poor annuities so much it was sickening.  Three months after I left her practise was shut down and 100% of her licenses revoked.  I am so thankful I got out of there when I did.



Three months?  My but that is fast--usually it takes a lot longer than that.


Maybe it would have taken longer if it was a practice instead of a practise.



NASD shut up you idiot.  He had a good post.


What have you done lately?  Are you even a Financial Advisor?


I bet you got punched in the mouth alot as a child on the playground.  If you didn't get the message, it means you should keep your trap shut.



He was making it up--the NASD does not lift licenses within three months.  It takes a lot longer than that for the process to play out.




The hell I was, you no-life dickhead.  I got out just in time, but the planner, marketing director and intern, all who are good friends of mine, were suddenly unemployed.  The Advisor was shut down completely.  She sold financial plans without client consent using blank signed documents, among other things.  Her licenses were absolutely revoked.  Maybe it took more than 3 months for them to actually be taken from her, but it took 1 day for them to become inactive due to ongoing investigation.  The investigation is still going on.  She is now being investigated criminally. 


Chris