Ameriprise Bomb/45 Mil
Looks like Jones and Raymond James aren't they only ones getting to pay some hefty fines. Between the directed brokerage and revenue sharing looks like a total of 45 mil.
Their reps are leaving in droves. They are beginning to realize that they are not in the best position to service clients. My activity has increased in working with these individuals. Not because I'm calling them, but because they're calling me.
Ask any seasoned P1 rep and they'll tell you thtat their payout on their production statements is only 92% of what they firm tells them it is. Where is it going? To management.
Fewer and fewer are working on the prop/preferred product platform because they know that they're 3rd-4th quintile performing products. This ruling will more than likely reduce that amount of those using them even more.
Take a look:
What a hoot! The above link takes you right to the page: on the left of the page is the story with big, bold headlines about Ameriprise paying this huge fine and on the right of the same page: an ad for Ameriprise!
I met a branch manager who gave his spiel on why I should meet him for lunch and discuss the 'tremendous opportuntiyy I may have by considering a move to Ameriprise". Just to fcuk with him, I asked him about their Alternative Investments platform, and he DID NOT EVEN KNOW WHAT AI WAS... What a joke, I laughed at him and walked away....
I started out with AXP many years ago it was crap then and it seems they went down hill from there! I have several Friends there yet and I ask them why they stay there! All of them know they screwed. I know it is not easy to leave a firm but it is suicide to stay with firms like Ameriprise and EDJ and many others! Like so many on here have said before the sooner you leave these firms the better off you and your clients will be!