Leaving Ameriprise

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Aug 24, 2008 5:31 pm

I was told by a recruiter last week that Ameriprise is notorious for taking about 2 weeks to transfer your license over when you try to leave them.

 
I'd always thought it was just a case of alerting the regulatory authorities, and the switch took about a day.
 
Anyone else had any experience of trying to leave Ameriprise, only to find yourself unable to contact clients for 2 weeks? 
Aug 24, 2008 11:05 pm

I don't know if that is the case or not, but I'd be inclined to talk to the registration folks who have more experience in that area than a recruiter.  Frankly your recruiter sounds like a poor salesman.

Aug 25, 2008 12:46 am

You can be registered at the next firm while your former firm processes your work for up to 10 business days. I've seen this on a couple ex co-workers CRD when I checked to see where they went.

Aug 25, 2008 12:54 am

Are you at H&R or Ameriprise, I know they are merging but if you are at H&R I would think Ameriprise would have no say over anything yet

Aug 25, 2008 12:54 am
unsure_at_HRBFA:

I was told by a recruiter last week that Ameriprise is notorious for taking about 2 weeks to transfer your license over when you try to leave them.

 
I'd always thought it was just a case of alerting the regulatory authorities, and the switch took about a day.
 
Anyone else had any experience of trying to leave Ameriprise, only to find yourself unable to contact clients for 2 weeks? 
 
I switched firms back in December last year.  I had my U5 in my hand on my last day.  It didn't take them very long.  I suppose they were glad to see me go!
 
In order to change your licenses you need to have them be released by your old firm before the new firm can request them to be registered to them.
 
When I switched in December, FINRA took their sorry old molasses time since they were closed for the last two weeks of Dec.  It didn't get done until first week of january.
 
Why can't you talk to your clients?  You can't take any money or trade instructions, but you can talk to them, can't you?
Aug 25, 2008 8:17 am

"Are you at H&R or Ameriprise, I know they are merging but if you are at H&R I would think Ameriprise would have no say over anything yet" - Nestegg


I'm familiar with how speedy H&R Block are in releasing your registration, but not Ameriprise.  I posted the original message to see if there was any sense in attempting to switch firms prior to the acquisition close date (late Dec approx).

Aug 25, 2008 8:21 am
"Why can't you talk to your clients?  You can't take any money or trade instructions, but you can talk to them, can't you?" - Frank Abagnale
 
Suppose it's probably OK to call and chat, but it's inevitable that investment strategy would crop up in any client conversation...especially when the "vultures" from the office begin calling my clients.
 
I imagine 2 weeks of downtime could put a notable dent in retention if you have aggressive co-workers.
Aug 25, 2008 4:11 pm

Well I left AMP and after my 2 week notice ended on the 11th, NASD had me with my new Indy b/d by 9am on the 12th.  My U5 came clean in August, exactly when my "audit" period was over.  I was a P2 and left within the guidlines setforth by the UFOC, based on my teunure.  If you follow the rules as written when you vacate, then you are, in my opinion fine.