I'm curious to know why anyone would want to come to the Ameriprise P1 plaform? Specifically, a veteran advisor. What does the company currently offer that would entice someone to the firm?
To be fair, I'm involved with the P1 platform in its current form. For those who aren't familiar with the current circumstances, the platform is undergoing significant changes, particularly in it's payout. I have been watching as well over 50% of the advisors in some offices have left the company.
Reading a bit of history about the initiator of the changes, Don Froude, it sounds like his current bout at Ameriprise is literally turning into a repeat of Quick & Reilly.
I am with a P2 office and we are doing great. We basically run like an indy and use AMP for b/d and custodian. We are not forced to sell any products. I can't imagine why a vet would go to P1.
From what I hear, AMP is transitioning P1 offices to P2 for incoming transfers and the goal is to do away with the old shady P1 bad reputation program. AMP will be completely different all around in the next year or so.
I I can't imagine why a vet would go to P1.
Here's why - $$$$$$$$$$$$$$$$$$$
I have heard changes were coming, any word on what types of changes to P1 platform? Also, what type of comp changes?
P1 and P2 advisors will soon be able to offer a few different companies to sell annuities of (Although I think Riversource's annuities are one of the few high quality proprietary products we sell). If I understand correctly they are reducing some of the base payout and adding in company stock. So if you were getting paid 46% payout before, now you are getting 43% with 3% company stock. Someone correct me if thats wrong but that was my understanding when I saw it getting rolled out.
An elder rep with the right practice size and composition may choose P1 because they are going to be out of the biz in 5 years and wants a pension and subsidized health insurance by necessity.
As for the comments that P1 will be phased out and into P2, be careful what you wish for. Lest we forget design 1994 and OS2? For remaining P2 offices you best hope that P1 remains the whipping post because who then do you think will next to meet shareholder expectations? As a former original p2, I can say the process works for some just not for me or anyone bold enough to see thru the extensive fee structure. I do not wish ill on anyone who is still there running a successfull operation. If you were not P2 when the UFOC was first introduced, never had your health insurance ripped away, never subsidized the top 5% of the firm who got sweetheart deals by abolishing franchise fees and looking the other way at poaching, bogus Quality of Advice scores, and non-punitive ridiculous slants on OSJ fees then you may be feeling fine. If the term West of Wallstreet ever meant anything, then you must study the WDYWFY? I am grateful for what I learned, what I learned I needed and didn't need, and the value of service paid for. For me, options were better elsewhere. I was clean, metalic, 96% 6-7 yada yada. I just felt the only real change for change sake, and I was a profit center. If P1 goes away, the 350k-500k producer is now the subsidy source. Good luck with that.
I didn't mean that P1 was going away entirely. In the town were I live, we no longer have P1s. Not one single office. All the offices are P2s that absorbed P1s or P1s merged to form a P2 (so I was told). I was under the impression that future P1s will be filled be transitional brokers and career changers. They will be similiar to P2s business models, but still employees of AMP like before. No longer will P1's be practically forced to sell the same "crap" as before. All new stuff coming out all new programs being set up.
Amp raised money to make an acquisition. Rumor was Columbia, but it is 3x over valued and we have access to enough mutual funds already. Hopefully AMP will buy a bank and open up a multitude of avenues for us all.
All opinions and rumors though. So only time will tell. Sorry to ruffle feathers. I completely understand why you left. I may very well have to make that decision one day also. As long as your clients are taken care of, I am happy no matter where you are. It is their futures we hold in our hands.
No longer will P1's be practically forced to sell the same "crap" as before.
That'll never happen. The only difference is that the experienced advisors coming over or career changers will be saavy enough to not drink all 5 gallons of kool-aid they serve every day. Even in P2 I don't feel forced to sell anything, but we definitely had the annuity wholesaler buy us lunch yesterday and sing the praises of RAVA Access, and even though we've put $2 mil in RAVA Advantage this year and had zero interest in putting money in a product with 1.65% M&E expense he was balls-out trying to get us to put money in Access as a "replacement" of SPS. When I first started out I would have been like "Sweet, RAVA Access is awesome!" Now, being a little more experienced I know better, which is what the new faces of P1 will be like as well...hopefully.
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