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Anyone know anything about Ameriprises Independent

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Feb 27, 2009 6:10 pm


  I am looking for a platform that has tremendous depth on the wrap side of the world.  For the downside of FiNet they have a very, very deep platform when it comes to SMA and Advisory Wrap platforms.   The vast majority of my business is advisory based.  Most of my bigger clients have had some of these managers for a long time and inspite of the market environment changing managers would create a problem with cap gains.   40 Mill (after this train wreck) AUM 425 in 07 375 in 08   Im sick of what I see happening in the business.  WFC is going to squeeze margins for PCG brokers.  IMO eventually they will want little difference between what they pay a bank broker and a PCG broker. 
Feb 27, 2009 9:51 pm

BR-I work for a privately held regional independent firm. I came from AG Edwards about 7 years ago and find the culture to be similar but on a smaller scale. If you want I can get you some information about what we have to offer as far as our managed platforms among other things. Just let me know.

Mar 1, 2009 2:08 am

I am with a small independent broker/dealer based out of California. They kind of cater to fee-based reps and they have a pretty awesome wrap account program, plus selling agreements with quite a few 3rd Party Money Managers that are very good. I can email you their info if you are interested.

Mar 7, 2009 7:41 pm

ticket charges on equities and funds @$15 both ways…buy and sell.  12b-1 paid on all asset types.  American funds take $80 ticket charge.  Also, limit orders of any type come with ticket charges.  When they started this back in 2003, we were told the cost to the company was the same wheather it was executed or not, so it got passed down to us.

  Schwab is the platform but the data is fed to Ameriprise via encryption into a shadow shell that is branded Ameriprise, so you would never know.  The sweep account is now Fidelity prime fund, (not sure if ultimately a platform change will be made to the NFS Streetscape since now RVS funds are on NFS system (a must if Fidelity was going to be the default cash sweep once the Reserve Funds broke the buck).  You do NOT get paid on cash at Ameriprise.  ie your ttl wrap assets are 30m and cash is 5m, you get paid on 25m.  Same day clearing which is pretty T+3.  Haircut reduction break points are very steep and are account based, not household based so that gets expensive.   If there is an angle, Ameriprise takes advantage of it.  Also, quarterly reporting of wrap assets was so ridiculously wrong due to the reporting and cutoffs between Schwab and Ameriprise, the firm did away with the seperate wrap asset quarterly review.  Did I mention that the admin fee paid for that statement?  There was not a reduction in the admin fee to the reps when the statement went away, it was just kept by the b/d, sorry reps.  Have a ncie day.