Ameriprise?
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I have read a few times how tough it is to leave Ameriprise and how you have to leave your clients behind when you do leave. How do they force you to leave your clients? Isn’t it the clients right to go wherever they want? So couldn’t you, after signing on with a new firm, just contact your old clients and have them move their money over?
I know I am over-simplifying this, but I am new to the industry and getting ready to start in a few weeks.
Any advice???
Amex will make you sign a non-compete, legally barring you from contacting your clients if you leave.
How long does that non-compete contract last? If I sign up my wife, I would like to think that I could manage her accounts if I leave.
Why in the world are you even considering joining a company when you already know you will leave.
Start off at a good firm.
It is extremely difficult to move clients and accounts. Ameriprise has a great deal of money and legal expertise behind them. Once you leave, they will hunt you down like a dog. No other company will hire you after Ameriprise anyway.
Take some time out and start the right way. Go to a company that tells you flat out "you own your book". RayJay will not stop you from leaving when you are in good standing.
PLEASE, enough with the RayJay propaganda…what kind of company are they anyway?
I’m not actually planning on leaving, just considering all of my options. I know how a lot of people are down on Ameriprise, but there are people who do succeed and I plan on being one of those people.
I believe the people who fail are the ones that fail at just about everything they do in life, and just want something to complain about. Ameriprise does hire more than other companies, and the ones that fail are the ones that never would have been given a consideration with the big dogs of the industry. What I liked about Ameriprise versus UBS & Merrill was the opportunity to work with more than the top 1% of the population.
New Rep, it's not so much a "non-compete" as a "non-solicitation" agreement. If you leave you can't call all your old clients but if they contact you, you SHOULD be able to move their accounts (unless you sold proprietary products) without too much trouble.
It makes good sense to have an attorney read over their contract before you sign it to ensure the above is accurate. Better to find out now rather than later!
FreedomLvr:
New Rep, it's not so much a "non-compete" as a "non-solicitation" agreement. If you leave you can't call all your old clients but if they contact you, you SHOULD be able to move their accounts (unless you sold proprietary products) without too much trouble.
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One way to get around the non-solicitation clause:
I recently saw a billboard showing a big smiling headshot of a broker with the statement, "Joe Blow is now at Acme Investments".
Here's the deal with AMP: You're looking at a very captive organization. You want a mutual fund, Mrs. Client? Here are our Riversource funds. You need a VA? Here are our prop VAs. Same with VULs, insurance, blah, blah, blah. That's where they get you.
Please don't let them convince you that AMP is better than any other indy because "I can build equity in my practice." Not only do you build equity in your practice with other BDs, but at other indies, you CONTRACTUALLY own your book. They don't give you hell for leaving. I've never been high on AMP. Just my $.02.