Ameriprise-#1 Rep leaves What is up?

or Register to post new content in the forum

19 RepliesJump to last post

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Jan 13, 2008 8:39 am

The top GVP(Post) is out to start the New Year 2008, The Head Sales Leader(Heath) is out this year and the top rep Zhang is out this year- He has $800 million out the door
and the top guy at Securities of America left as well.  
 
Wow the 4 top folks in their respective classes all walkout the door!!!!!!
Top Manager
Top Rep at Ameriprise
Top Rep at Securities of America
and the Chief of p1/p2 and SIA
 
If you are a P2 (never mind P1 the numbers are obviously much lower)rep why are you spending $60,000/year more if you produce $250,000+
Close to 100k/year if you produce 500k+/year
 
Dennis Hopper must really make you feel warm and fuzzy?  
 
Most reps think it is not worth leaving for a couple of points and worrying if your clients will follow , however if you took the difference in extra BD Costs added in lost revenue due to haircuts this would be $1,100,000 to an average rep over a 10 year time frame.
 
The Ameriprise culture prides themselves on being good advisors why don't more do good planning for themselves?
 
Would you spend or giveup $1,100,000 over 10 years to work at AMERIPRISE? These numbers assume you are at 85% with Ameriprise and 85% elsewhere.
 
Think about this:
 
Average P2 Person pays $6,000 for compliance JOKE Top reps pay 12-15k/year (nuts)
                                   $3,600 for software  
                                   $  900 for staff software  
                                   $6,000 for E&O and Affiliation fee
                                   $2-3k/year to register your assistant with BD
 
Most BD's these costs are are 3-4k/year
 
The Hair cuts: About 50k/year in Revenue to 250,000 Producer(most reps think points not dough)
VUL      100% Less than Street
REITS   40% less than the street
Annuities  40% Less than the street
 
Limited Product Availability - I didn't even figure in opportunity cost due to limited product shelf
 
Opportunity Cost to the outside activities they will not let you do Tax Return fees, Other Insurances, Mortgage, Real Estate etc.  
 
and
 
The Headache called your Compliance Department(paying for the sins of bad decisions past)
 
Has the the Koolaid gone sour?
 
DO the math!
 
What would you do if I told you for the honor of working at Ameriprise it costs you $1,000,000 more than street wouldn't you at least put pen to paper and start looking?  
 
Is the brand that good?
 
 
Does your GVP add that much value?
 
 
Is your manager so important in your business?
 
 
Is the customer service and the marketing worth $1,000,000????  
    
 
 

Jan 13, 2008 10:02 pm

What the hell is the post trying to say?????????   Jesus....Plan that is a totally confusing post, I am not even sure what the hell....nevermind that one is out there.

Jan 13, 2008 11:17 pm

Wow  my head is spinning..can someone please repost in english lol!

Jan 14, 2008 6:56 am

It sounds as if the original poster failed at Ameriprise and is looking for excuses.

Jan 15, 2008 11:40 am
anonymous:

It sounds as if the original poster failed at Ameriprise and is looking for excuses.

 
wrong. TOP brokers are on top for a reason.  They know the market..they know what is happening.  I've sold off most of my book.  You cannot save your clients if you cannot even save yourself.
Jan 15, 2008 12:15 pm

?

Jan 15, 2008 12:32 pm

Done wit' the drama I'm gonna go make money.... ???


If that is the case, why the 4515 posts? Thank you for bowing down to me. You are right in doing so.  Sold not read.  You need to read and then sell...unless you can't.







Jan 15, 2008 12:45 pm
MC Lovin:

I've sold off most of my book.  You cannot save your clients if you cannot even save yourself.

Not sure I follow you...are you retiring?

Jan 15, 2008 12:50 pm

Yes I am.  As did at least one of the above mentioned.

Jan 15, 2008 12:55 pm

Well congratulations then.  I'm not sure if I see such a dire industry picture as you appear to.  Sure, things are changing and that may be hard on some people, but I for one would welcome a few less advisors.

 
Happy trails.
Jan 15, 2008 1:01 pm

Thank you for your congratulations, it has been an interesting 30 year run.  I can understand your outlook, as you have to be positive in the industry we are in.  Please consider the big picture and position yourself and your clients wisely.  I hope you are one of the last few standing.

Jan 15, 2008 1:14 pm
 
wrong. TOP brokers are on top for a reason.  They know the market..they know what is happening.  I've sold off most of my book.  You cannot save your clients if you cannot even save yourself.
 
McLovin, how do you know that the original poster didn't fail at Ameriprise?  Are you the original poster?
Jan 15, 2008 1:20 pm
Jan 15, 2008 1:29 pm

Anon,

the poster is having a very difficult time communicating about top reps that have quit.  The reason I responed is I know one of the mentioned.  Thats all.  I hope my point and communication is clear.
 
Joe,
You are correct.  Ask the question again in 24 month.
Jan 15, 2008 4:50 pm
Jan 15, 2008 4:54 pm

one day drop???? Russ2K is down 19%.  you have lots of time to follow me around this forum.  Thank you.


 
I'm glad I have your attention!
Jan 15, 2008 6:07 pm
MC Lovin:

one day drop???? Russ2K is down 19%.  you have lots of time to follow me around this forum.  Thank you.

 
I'm glad I have your attention!



My kids get my attention when they act up also. 

You've made your point, McLovin - the sky is falling and anyone who doesn't see it is stupid or blind.    Duly noted.  Consider the alarm raised, and the population here warned.

Your job here is done.  Time to move onto the next town and save those poor suckers.


Jan 16, 2008 12:06 am

I'm actually have quite a good time.  My clients are doing well.  The Jones Model Portfolio, and the die hard buy and hold groups aren't.  Clients are referring their friends and bringing me more money.  Seems to me someone who has been around for 30 years could have seen this coming 19% ago and prepared during the bounce....  Congrats on the retirement though....

Jan 16, 2008 11:11 am

New-indy,

I'm happy for you that you and your clients are having a good time during this bear market.  To answer your question, of course I saw it coming.  Hence I sold off the majority of my book.  Good luck in the future.
 
MC