A buddy of mine starts at Ameriprise soon. He told me he is getting a 3k sign on, 3k a month salary for life and a 50% payout (no draw). does this sound accurate? Does anyone here have any REAL words to say about Ameriprise comp and offerings?
Unless the changed the comp plan, that is inaccurate.
Historically, they have received a $24-25k draw (somewhere in there) for the first year or two. Payouts as a P1 (employee) will range from 46-55%, with most of the P1s at 46%. The do offer up-front $ for experienced FAs and, as a result of the spinoff, have authorized some dign-on bonuses for newbies if they complete a certain length of service.
I would estimate that it's incorrect simply for the fact that the P1s are a profit center for the company. They held a company-wide conference call at the end of 2005 for managers and OSJs. The call addressed net income. They were told that the company needed to improve the bottom line and there were two ways to accomplish this: increase FA production or reduce the payout "and we all know which is the easiest and quickest solution" (exact words - it's nice to have friends in high places ).
If that were the case, they would be greatly hurting themselves, as most rookies average $20-30k in production/year for the first few years. They'd be flushing money down the toilet. But hey, if they did, that money would be floating alongside their products.
BrokerRecruit - Do you have any insight to possible or pending changes to the P2 platform? Thanks