Interviewing @ Ameriprise tomorrow

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Feb 13, 2006 9:47 pm

Already passed first interview and test.



Me -> Negative points: Large debt, divorce, practically homeless.

-> Positive points: Larger strength, willing to work for what I
want, Know I want to do FP and do what it takes to get successful. I know I have a lot to learn.



If my financial history (personal) created a crater of bad debt over
the past five years do I have a chance to begin a FP career?



If I'm willing to do the 50+ hours per week to get started and develop
a business here in Phoenix should I take Ameriprise as my first
foothold in the business?



Those are my big questions. I'm also curious what other details I need to provide to help you answer.

Feb 14, 2006 11:38 am

60 views and everyone at a loss for words?



Since I can't edit or delete my seemingly useless post, I'll just bump
it up until I get a response. The interview process continues. Still
need responses on the questions above.



Thanks in advance.








Feb 14, 2006 12:09 pm

1. Yes


2. No

Feb 14, 2006 1:34 pm

1. Ditto


2. Ditto

Feb 14, 2006 1:35 pm

well, go to amexsux.com.  That company stinks and none of us would work there.


How bad is your financial past?  Have you had any filings?


More importantly--WHY DO YOU REALLY WANT TO DO THIS? 



Feb 14, 2006 10:07 pm

Thanks for the feedback.



I haven't filed bankruptcy. I won't. I've been financially
irresponsible and am reaping the rewards. I don't want anyone in my
position, if I can help, I want to.



Why would I do this? Because I wan't to help (myself and) others learn
the ins and outs of handling finances appropriately and profitably. I
care about people and want to help them make the best choices. I have
alot of experience making the wrong ones including picking the wrong
advisor.



For this reason I've determined not to do the Ameriprise route (sell
their product by determining how it fits in the clients' lives[not a
BAD sales job but basically sales and not necessarily the best advice])
and will put this eventuality on the back-burner until I can stabilize
myself financially. I'll stay on here to learn how and what it takes to
become a true ADVISOR.



So that's the next question. Knowing what you know now, How would you
have wanted to begin your career? What actions can I take to prepare
for the role you've taken?



I can imagine the stress, the excitement, the agony of dealing with
clients and the markets and the other managers. What do you enjoy most
about your role? What do you fear most?



Those are some of the questions on my mind.



Thanks again for speaking out. Even the short and sweet posts.


Feb 14, 2006 11:08 pm

dude this is a sales job!

Feb 14, 2006 11:31 pm

valuebroker .. I KNOW that... but it's a difference of what you're
selling and how you are selling it. Sorry if the way I put the
Ameriprise route rubbed you the wrong way. Basically put, I want an
independents position that gives advice on what's BEST to do with their
money. Not necessarily what gives me the most profit at second best to
the client.



Now I already hear that Ameriprise's products suck. So where else
should I go? What's it take to get there? When does the balance turn
from prep to start? I know some things I have to answer for myself,
what advice do you have for a wannabe? I would risk everything to start
today, but maybe I should create some more to risk the amount NEEDED to
begin. Maybe I don't have enough. Maybe there is something (service,
work study, alternative) to provide the leg up.



Anyway, I want to begin this process as soon as possible. I want to
know what makes it 'possible' or 'practical' for me to begin. You, who
know, what did you have when you began the business? What did it take
for you to succeed? I think that's a purpose for this forum. I'm on
topic.



Thanks for your advice in advance.

Feb 15, 2006 5:22 pm

SPCHASE

I would start at the bank or EDJ... I know the forum here bashes both, but hey, opinions are like you know what's ... everyone has one. AMERIPRISE has good branches and bad ones just like everywhere else. You have to decide for yourself what company fits well with you.

Your on the right track as far as a plan for each client... everyone of them is different. There are a world of products at the bank and EDJ that will fit with a clients long-term objectives.

For that matter there are world of products at any firm that will fit. Some push their own and some do not.


Feb 15, 2006 6:20 pm
valuebroker:

SPCHASE

I would start at the bank or EDJ... I know the forum here bashes both, but hey, opinions are like you know what's ... everyone has one. AMERIPRISE has good branches and bad ones just like everywhere else. You have to decide for yourself what company fits well with you.

Your on the right track as far as a plan for each client... everyone of them is different. There are a world of products at the bank and EDJ that will fit with a clients long-term objectives.

For that matter there are world of products at any firm that will fit. Some push their own and some do not.



Having observed the rotating door staff at the ameriprise branch for five years in my former building, I'd agree.

Feb 16, 2006 9:49 am

I recruit many FAs out of AMP.  For me, it's great that they're hiring because it means it's a revenue stream in a few years.


In all seriousness, you are dealing with poor product bases - 3-4th quintile performing funds and annuities.  Forget bringing clients on board if they don't want a financial plan.  Your boss will kill you for that.  They will put the fear of God in you that, if you leave, you will never land anywhere.  What's yours is theirs and what's theirs is theirs.  Even as an independent contractor, you will have to battle tooth and nail to move.  I've been working with OSJs across the country, some of whom are bringing 10-15-20+ people with them, because they're seeing value at other BDs.  Just some food for thought.  Not trying to seem brash by the above comment.


Bottom line, if you're looking to start in this business, you're better off at Jones. (I need to go wash my mouth out after saying that.)

Feb 16, 2006 7:05 pm

After reading the information on Jones website, it's definitely something better than the offer at Ameriprise.



Now I need to get myself together for the long haul and find me a
contract position doing what I used to do for $25+ an hour. I haven't
wanted to do that so far because of some other issues. (I don't LIKE it
anymore). I'd rather do the struggling and face to face and day to day
stress. but supposedly I don't have the reserves to get through the
start up time. so I must ask:



Can a person with no reserves and just desire to succeed get enough
finances together during the study period and the training period to
succeed in the start up period? I'd rather start on this career today
than in 6 months or a year. 

Feb 16, 2006 7:07 pm

Another thing: if the application says to fill in ALL employment with
no qualifications does that mean everything down to a my 2 months at
this or that from ten years ago?? It's the way the Jones site is
worded. 

Feb 16, 2006 8:24 pm

Yes, the NASD will compile a "time line" for your employment and residential history.


They have been known to stop a registration because an application said that the applicant lived at 124 Elm Street until February 28th and at 394 Oak Street from March 1st.


They forgot to mention where they lived on February 29th and it was a leap year.


Discussing employment is even more critical.  If you have an employer  you'd like to "lose" it's best to leave the book end employer's dates accurate and simply say you were unemployed for awhile.


But who would know about that job you're leaving off?  Will it show up on a credit report?


Getting caught lying is the absolute worst.  Perhaps you could leave something off, then if called on it feign that you simply forgot it because it was so insignificant to you.