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Nov 9, 2010 7:48 pm

Does anyone on this forum have current information on the pro's and con's of working for Ameriprise in the old HRB channel?  I have been being called by a couple firms to move and never met with anyone.  I spoke in a very general way with a Ameriprise recruiting branch manager.  I am three years in the biz with a wirehouse and do about 150k T-12.  Taking a check after 3 years of living lean doesnt sound bad about now.  Wells Fargo is knocking as well any input would be appreciated

Nov 9, 2010 10:15 pm

HRB has a good platform which is the reason AMP bought them, but AMP is very proprietary and restricts what insurance and annuity products you can use to very few.

Nov 10, 2010 11:30 am

No Eagle, you're not taking a check, you're getting a forgiveable loan. Only 3 yrs in the seat, I'd suggest you'd take less than half your assets, probably only about 30-40% of your households. In essence, you'd be starting all over again. If your firm is a very poor match with you, then maybe it makes sense. Take the money part out of the equation, and be sure it really is in your best interests. I've switched firms a good number of times, and people, myself included, never realize how much work is involved along with the personal and financial disruption that happens. 

After 3 yrs, this job gets easier. What you may not realize right now, is that the next year or two things might really start ramping up for you. Leave, and you take at least one step back. 

Nov 10, 2010 12:56 pm

Run from Ameriprise.  Are you kidding.  Talk with Wells or go indy.

Nov 10, 2010 4:33 pm

The P2 channel at Ameriprise is worth a look. I think most HRB guys were pulled in under the P1 side and are employees of AMP. P2 is a franchise owner that can have "associate financial advisors" with the P2 advisor's practice. They were proprietary but not anymore. They even offer to write policies from four insurance carriers and you can hold/service almost all carriers. So I would consider P2 AMP but not so much P1.

Nov 10, 2010 4:59 pm

Riversource is a good company, what are the other carriers you use?

Nov 10, 2010 7:34 pm

Thanks, more opinions and first hand knowlege would be appreciated.

Nov 11, 2010 11:05 pm

Yes, no one is going to like this - but if you can do $150K on you own at a wireline, you could most likely do 250K to 300K at a bank program in 2 to 3 years. I agree with above, you could take with you 1/3 of your current book, but if you take over a book of 10 to 15 mill at a bank - you will be in good shape. Its not a road to going independent, but it could put food on the table and keep you in the business.  You need help building that book - a good bank can help you or take over an Edward Jones office! LOL  Good luck!

Nov 11, 2010 11:07 pm

Look into other models that will help you build your book, don't chase the upfront loan/check.

Nov 12, 2010 11:17 am


Riversource is a good company, what are the other carriers you use?

[/quote] AMP advisors can write AXA, Met Life, and Lincoln also but most stick with RiverSource.

Nov 12, 2010 11:23 am

[quote=NO EAGLE]

Thanks, more opinions and first hand knowledge would be appreciated.

[/quote] You would be better to ask more specific questions. I don't know what else to tell you besides the above. If you ultimate goal is to own your BOB you may be better off to go P2 with AMP or FiNet with Wells (think of these as independants that hire AMP/Wells). These two do not offer referrals unless the indy owner gives them to you. If you go P1 or Bank FA (think of these as captive i.e. they hire you) you may get some referrals but I would consider working a bank branch for the recognition and warm leads as well as doing your own prospecting until you can make the indy/captive decision.

Nov 12, 2010 11:26 am

p.s. I have zero experience with Wells but I do have experience with AMP. I think of the P2 channel as a "hybrid" type where you can run your business anyway you can possibly think of. Before they only offered proprietary insurance products but that is changing more and more everyday.

Nov 12, 2010 7:08 pm

Thanks for the feedback.  I am doing fine for how long I am in the business. Especially since I  started right as the financial crisis was starting.  I could stay at wire house and retire from there if I choose to.  My problem with them is no budget for marketing and low payout.  All my marketing and client entertaining is all out of my pocket.  Every advantage and resource goes to the top.  This was a career change I am not 21.  Making 75-100k for the next couple years does not sound good.  I dont think your percentages are correct as far as client retention.  My belief is that I could take at least 2/3 of my book.   I see the musical chairs of FA's coming and going its always about the money.  The up front money, enhanced payout, backend money.  What am I missing?