[quote=gotstabnoel]

If not, would it be good for me to stick with Ameriprise and just grind it out and find out formyself?  I love my personal life, and Im hoping to buy a home and get married soon with the love of my life.  Putting 60/70 hours a week i know will put a strain on me and my life, any input!?  I just turned in my check for ameriprise but my windows for sponosrhip hasn't been opened.  What should i do!?

[/quote]

Get a job working for the post office.

[quote=gotstabnoel]

Hey guys, this would be my first post for the site.  I've done some searching and reading and what not and I've been getting a lot of negative or at least some disheartening news that AMP is the worst firm to get into.  I recently graduated from college with a B.A in Finance and International Business.  I do realize this is a sales job, and MAKING your market is the key.  I'm really concerned on helping clients and providing some great financial advice. 

From my understanding, other major firms such as Merrill, Morgan Stanley, etc etc, are great firms to work for but each firm requires and demands their advisors to meet goals / quotas.  I realize this is for every firm, but I mean, I was offered a sponsorship through Ameriprise, so I took it. 

I guess what I'm trying to ask is, with all these comments im reading is, should i just take my series 7, 66, and life with ameriprise sponsorship and jump ship when i get my license?  Currently I work for a bank, they do not offer sponsorship, so I'm thinking i just fork over the money I've paid for the series 7,66, and life exam and classes and just lose it to reapply at the bank I work at. 

If not, would it be good for me to stick with Ameriprise and just grind it out and find out formyself?  I love my personal life, and Im hoping to buy a home and get married soon with the love of my life.  Putting 60/70 hours a week i know will put a strain on me and my life, any input!?  I just turned in my check for ameriprise but my windows for sponosrhip hasn't been opened.  What should i do!?

[/quote]

First of all. Great first post.  Compared to the other college grad that posted today, you are by far more intelligent.

What concerns me about your question is that you fear working 60-70 hour weeks, which is essential to being a success in this business.  You have to have a 'do whatever it takes attitude' to make it.  Ask yourself why you want to do this job and what you are willing to do.

[quote=Bobby Hull][quote=gotstabnoel]

Hey guys, this would be my first post for the site.  I've done some searching and reading and what not and I've been getting a lot of negative or at least some disheartening news that AMP is the worst firm to get into.  I recently graduated from college with a B.A in Finance and International Business.  I do realize this is a sales job, and MAKING your market is the key.  I'm really concerned on helping clients and providing some great financial advice. 

From my understanding, other major firms such as Merrill, Morgan Stanley, etc etc, are great firms to work for but each firm requires and demands their advisors to meet goals / quotas.  I realize this is for every firm, but I mean, I was offered a sponsorship through Ameriprise, so I took it. 

I guess what I'm trying to ask is, with all these comments im reading is, should i just take my series 7, 66, and life with ameriprise sponsorship and jump ship when i get my license?  Currently I work for a bank, they do not offer sponsorship, so I'm thinking i just fork over the money I've paid for the series 7,66, and life exam and classes and just lose it to reapply at the bank I work at. 

If not, would it be good for me to stick with Ameriprise and just grind it out and find out formyself?  I love my personal life, and Im hoping to buy a home and get married soon with the love of my life.  Putting 60/70 hours a week i know will put a strain on me and my life, any input!?  I just turned in my check for ameriprise but my windows for sponosrhip hasn't been opened.  What should i do!?

[/quote]

Another dumbass asks for advice AFTER he's made a decision.

[/quote]

wow amazing, talk about getting help.  First and foremost, if you actually read my post, I am currently in my sponsorship phase.  It's not an OFFER for a position.  Secondy, my question was whether or not going to Ameriprise for training versus taking my exams and passing and going somewhere else for training and what not.  Another dumbass asking for advice, i wonder how you treat your clientel if you even have any.  Step up chump and be helpful instead of a post whore.

As for Ferris, thanks for the input, I don't mind the hours, its just the opinions of numerous people about ameriprise.  Regardless of what firm I go to, doing the work isn't that much of a worry.  I'm more concerned of opinions such as, "Worry about selling friends and family crap insurance and low ball products.  Worry about forcing family and friends to buy products". 

If you're serious and can put in the 60-70 hour weeks there are much better firms.  Starting with AMP to get licenses and then jump ship is a bad idea if you want to get a job at another firm.  It's better to start where you want to be for 3-5 years and then reevaluate.

Almost every firm out there will encouarage you to start out with your "warm" market (friends and family), so AMP is no different there.  The biggest difference is at most other firms the products will have more value than the VA, VUL's, and crappy funds you'll sell at AMP.

The bank route is good for some that don't like/can't do their own prospecting but the average wirehouse or insurance agent will make much more $$$ for doing some prospecting.

Heres my take, and I think you've already realized that--Ameriprise Financial is a joke. Its a laughing stock in the financial world. www.amexsux.com Check out that website. You've already technically become hired by Ameriprise since you are taking your exams through them. It will show up on your file that you did work for them, however short it was. Take my advice, as well as everyone elses--if you're serious about the industry and you want to make a living, and if this is truly for you, etc. I highly recommend finding another firm to work for. If you're into pushing insurance, and phony products suckering people into choosing it, then go for it.

I'm not sure if I understood you, if you have already signed on with Ameriprise and forked over the money to take the exams or not, but if you haven't made that mistake, go else where. Start looking at the bigger wirehouse firms, MS, ML, UBS, Smith Barney, etc.. It won't be easier at those firms, but a) they will sponsor you and pay for your training to study and pay for your exams b) these are firm that you want to work for, you will be a much more experienced and well rounded candidate coming out of there. I'm not in anyway pushing those companies, but I sincerely advise you to step away from Ameriprise Financial. They're ploy is to pull you in, have you pay the 1400 dollars for the exams, then work you to death without any compensation. Review that website I listed above, there are individuals who have worked there and their experiences are outlined well. If you feel you fit in there, go for it.

As far as what you mentioned with your future plans, getting married, buying a house, etc. That’s great, I'm truly happy for you. There are some who have made it with a wife and kids and just starting out. Perhaps, it gives them more motivation to try for not only themselves but their family, understanding failure is not an option. What you do with your personal life is your own decision, and please do not let anyone dictate what you choose for the future. Do however, understand and accept, that this industry, and occupation is physically and mentally taxing. It will and does require 60-80 hours a week, generally not leaving time for socializing, etc. This isn't to say that this industry sucks. There can be a lot of fun in it as well. Doing activities that you enjoy with other individuals while at the same time “working” is one of the greatest parts about this job. But, the first five years will be taxing, not only on yourself, but your relationships and friendships. If you are lucky enough, your significant other will understand and support you till the end. <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

If you’re serious about all this, jump in with both feet, and don’t look back. It’s a fun ride, but it certainly isn’t easy.

I am an Ameriprise franchisee.  I like the culture and platform.  sounds like you're starting out on the "trainee" platform, called P1.  If you want a career in this business, stop talking about "enjoying your personal life".  you won't have one for 3 years.  see if you can hack it, then start your own office, or franchise on the P2 platform.  you'll own your business and client base, unlike many shops out there, and can sell it someday.  I don't like P1, but you gotta start somewhere, and have a long-term vision.

I read other posts (above) about being "forced" to sell VUL, VA, Mutual Funds.  It's all BS.  Sell whatever is appropriate.  I can sell from a variety of insurance companies, funds, etfs, whatever.  Before the Wach merger, I believe Ameriprise was the 4th largest B/D in the country, so they have a diverse platform of investment offerings.  The only area an Ameriprise Financail advisor is captive is annuities.  But the Riversource variable annuities are less expensive than over 90% of the industry's products (as rated by Morningstar).  You also don't have to sell the in-house mutual funds, nor do you get any extra compensation for doing so.  They're not a substantial part of my fund business, as I don't want to seem like I have a conflict of interest.  But, since the spinoff from AmEx, there's been a lot more of our revenues pumping back into our systems and departments, including hiring good fund management.  Barron's ranked us at #3 for 2006 of 50 fund companies.

Also, you have to get your Series 66 to work at Ameriprise.  This broadens your investment product and service offerings, as you can charge for your advice, set up wrap accounts, etc.  From my understanding, many wirehouses and other firms don't want the responsibility of being a B/D and an RIA.  I like the asset based fee platform, and it's most of my investment business.

I've noticed that many of the folks that call Ameriprise the "worst" firm (or whatever adjective they use) failed out there, whether they'll admit it or not.  I'm sure this will start some flaming... eh. 

There are other reasons I like Ameriprise, and I have done my due dilligence over the years.  There's an indy platform that I've always liked, but not enough to jump ship.  And ever since the '05 spinoff, this place has gotten much better.  We don't just hand all of our profit to AmEx anymore.  The technology & infrastructure upgrades and platform broadening, leadership and niche identification has been unprecedented.

It doesn't matter to me whether or not you get on this ship or another.  But if you have questions, PM me.

Ameriprise Financial is a joke. Its a laughing stock in the financial world.

It seems like you have a hard-on for the company. Are you qualified to broadly condemn others who would train you, like Jones, or the "new" A.G.,  and should we ask your opinion about some of the smaller independent broker dealers, too?

Do you run that hate web site or are you just a frequent flier there?

Your appparent ignorance is what helps drive the b/d " change industry ", and helps poison the water for trainees who might otherwise be left out of our inddustry. Consider another mental path to help elevate your own self esteem, if you failed on one path.

don't work for amerijoke

go to ubs,ml, ms, or a large bank

Ameriprise does not deserve any bit of your time if you are serious about this field.

Why not be a bank financial advisor? 

Check out the payouts at a bank, ml, ms, ubs.  Then consider whether you want yourself, or your firm to own your client base.

[quote=gotstabnoel]

Hey guys, this would be my first post for the site.  I’ve done some searching and reading and what not and I’ve been getting a lot of negative or at least some disheartening news that AMP is the worst firm to get into.  I recently graduated from college with a B.A in Finance and International Business.  I do realize this is a sales job, and MAKING your market is the key.  I’m really concerned on helping clients and providing some great financial advice. 

From my understanding, other major firms such as Merrill, Morgan Stanley, etc etc, are great firms to work for but each firm requires and demands their advisors to meet goals / quotas.  I realize this is for every firm, but I mean, I was offered a sponsorship through Ameriprise, so I took it. 

I guess what I'm trying to ask is, with all these comments im reading is, should i just take my series 7, 66, and life with ameriprise sponsorship and jump ship when i get my license?  Currently I work for a bank, they do not offer sponsorship, so I'm thinking i just fork over the money I've paid for the series 7,66, and life exam and classes and just lose it to reapply at the bank I work at. 

If not, would it be good for me to stick with Ameriprise and just grind it out and find out formyself?  I love my personal life, and Im hoping to buy a home and get married soon with the love of my life.  Putting 60/70 hours a week i know will put a strain on me and my life, any input!?  I just turned in my check for ameriprise but my windows for sponosrhip hasn't been opened.  What should i do!?

[quote=Big Taco]

Check out the payouts at a bank, ml, ms, ubs.  Then consider whether you want yourself, or your firm to own your client base.

[/quote]

I think the difference in payout between LPL and Ameriprise is about 5% for the midlevel producer. I guess that is the cost of branding or other franchising benefits.

Commonwealth payout would be a couple of points higher than Ameriprise.

Do you get business from the branding?

"Do you get business from the branding?"

Yes, actually.  Just yesterday I met with someone (I know, sounds very convenient, but the appointment was actually set almost 2 weeks ago).  The guy called out of no where because he just moved into my area, and is with AMP, and home office referred him to me, gave him my number.  Literally a 215K account.  His advisor in the other state is not licensed in mine.  This has happened a few times, but it's really just money moving from one part of the company to my part (but as long as it's moving to me).  And I've lost a few people to moving, although I'm way up, net-net.

Another way branding has paid off is people just call after they watch a commercial sometimes.  These are usually not qualified prospects (the people with $30K in revolving debt, and a $25K annual income), but sometimes there's a gem.  Since Ameriprise started really advertising (end of '05?), I've got 2 good clients from call ins that said they got interested after seeing our advertisements.

And there've been a few people that have been good clients who called my office because a relative or friend loves thier Ameriprise advisor from wherever, and said "oh, see if there's an Ameriprise office where you live", or however the conversation went.

That's what comes to mind, I'm sure there's other examples.  So is branding important?  Yes, but I make pains to play down the AMP connection at times.  I want clients to realize that I'm the important variable in the equation, not my B/D RIA.  They do the accounting, send statements, advertise, enable me to offer financial products, and create my technology tools.  I'm the one that makes decisions for clients and knows who they are and what's important to them. 

[quote=Big Taco]

I am an Ameriprise franchisee.  I like the culture and platform.  sounds like you're starting out on the "trainee" platform, called P1.  If you want a career in this business, stop talking about "enjoying your personal life".  you won't have one for 3 years.  see if you can hack it, then start your own office, or franchise on the P2 platform.  you'll own your business and client base, unlike many shops out there, and can sell it someday.  I don't like P1, but you gotta start somewhere, and have a long-term vision.

I read other posts (above) about being "forced" to sell VUL, VA, Mutual Funds.  It's all BS.  Sell whatever is appropriate.  I can sell from a variety of insurance companies, funds, etfs, whatever.  Before the Wach merger, I believe Ameriprise was the 4th largest B/D in the country, so they have a diverse platform of investment offerings.  The only area an Ameriprise Financail advisor is captive is annuities.  But the Riversource variable annuities are less expensive than over 90% of the industry's products (as rated by Morningstar).  You also don't have to sell the in-house mutual funds, nor do you get any extra compensation for doing so.  They're not a substantial part of my fund business, as I don't want to seem like I have a conflict of interest.  But, since the spinoff from AmEx, there's been a lot more of our revenues pumping back into our systems and departments, including hiring good fund management.  Barron's ranked us at #3 for 2006 of 50 fund companies.

Also, you have to get your Series 66 to work at Ameriprise.  This broadens your investment product and service offerings, as you can charge for your advice, set up wrap accounts, etc.  From my understanding, many wirehouses and other firms don't want the responsibility of being a B/D and an RIA.  I like the asset based fee platform, and it's most of my investment business.

I've noticed that many of the folks that call Ameriprise the "worst" firm (or whatever adjective they use) failed out there, whether they'll admit it or not.  I'm sure this will start some flaming... eh. 

There are other reasons I like Ameriprise, and I have done my due dilligence over the years.  There's an indy platform that I've always liked, but not enough to jump ship.  And ever since the '05 spinoff, this place has gotten much better.  We don't just hand all of our profit to AmEx anymore.  The technology & infrastructure upgrades and platform broadening, leadership and niche identification has been unprecedented.

It doesn't matter to me whether or not you get on this ship or another.  But if you have questions, PM me.

[/quote]

DON'T LISTEN TO THIS PERSON, IT HAS TO BE A AMERIPRISE MOLE OR AN AMERIPRISE RECRUITER.  JUST GO TO AMEXSUX.COM AND YOU WILL GET ALL OF THE INFORMATION YOU NEED.

I would also recommend looking elsewhere. I always hear how Ameriprise guys can sell other insurance products, other mutual funds, etc.  However, almost every Ameriprise client I talk to has a RiverSource VUL and Riversource mutual funds.  And, usually the VUL premiums are giving the client heartburn. I talked with a guy this morning who wants to come over to me, and he recently got ANOTHER "send in your payment or your VUL will explode" letter, but we both hate that he will take a 23% surrender fee to get out!

Don't get me started on the stupid "Stock Market Certificates"

Oh yeah, this same client was convinced by his Ameriprise guy to convert his IRA to a ROTH last year. Not a bad idea, BUT they liquidated the Riversource funds, converted the IRA to a ROTH, and REBOUGHT more Riversource funds at a full sales charge! I am not making that up. Despicable.

[quote=vbrainy]

DON'T LISTEN TO THIS PERSON, IT HAS TO BE A AMERIPRISE MOLE OR AN AMERIPRISE RECRUITER.  JUST GO TO AMEXSUX.COM AND YOU WILL GET ALL OF THE INFORMATION YOU NEED.

[/quote]

Ameriprise is an excellent place to start if you're young and need to gather experience.

The AMEXSUX website was set up by malcontents, and it is never a good idea to pay attention to malcontents.

So is branding important?  Yes, but I make pains to play down the AMP connection at times.  I want clients to realize that I'm the important variable in the equation, not my B/D RIA.

Yeah, I think a lot of people with money want to see a brand, it is really an extension of the idea that some folks may not want to do business with an RIA who is just regulated by the state, or even the feds but is a small name.

And I like how Jones is branded and close to the market. I'm talking about from Jones the company point of view, not the occasional disenfranchised Jones rep who is wanting to switch companies.

And in the case of Ameriprise and Jones, maybe you are talking about effective stragies for going after the "mass market". I would think advisors would be interested in just making money and having the lifestyle that they want - if you want to wear a suit and work downtown and chase CEOs, by all means go work for ML, MS, UBS.

So much of it is perception. Branding helps there too, of course, Ameriprise guys are branded franchise owners with rights and Jones guys have their own secure thing and wire house guys " own their book".

But I like branding, it will be interesting if LPL ever decides to brand, probably not as the strategy is to give the money to the advisors in the form of a slightly higher payout.

DON'T LISTEN TO THIS PERSON, IT HAS TO BE A AMERIPRISE MOLE OR AN AMERIPRISE RECRUITER.  JUST GO TO AMEXSUX.COM AND YOU WILL GET ALL OF THE INFORMATION YOU NEED.

Where do you get vbrainy out to this type of muddled thinking? You have demonstrated nothing. Prove your point or consider changing your screen name. My impression of the hate site is it's just a big ego trip for a lot of people, the losers that hang there and especially the ego tripping purveyor who gets all the attention.

You're talking about a Fortune 500 company with a lot of money under management that brings a lot of new advisors into this industry through expensive training. Substantiate your claim, if you can.

[quote=now_indy]

I would also recommend looking elsewhere. I always hear how Ameriprise guys can sell other insurance products, other mutual funds, etc.  However, almost every Ameriprise client I talk to has a RiverSource VUL and Riversource mutual funds.  And, usually the VUL premiums are giving the client heartburn. I talked with a guy this morning who wants to come over to me, and he recently got ANOTHER "send in your payment or your VUL will explode" letter, but we both hate that he will take a 23% surrender fee to get out!

Don't get me started on the stupid "Stock Market Certificates"

Oh yeah, this same client was convinced by his Ameriprise guy to convert his IRA to a ROTH last year. Not a bad idea, BUT they liquidated the Riversource funds, converted the IRA to a ROTH, and REBOUGHT more Riversource funds at a full sales charge! I am not making that up. Despicable.

[/quote]

In my opinion, this is interesting. In my early career, I sold industrial propriety products. We positioned ourselves by providing a better product but charged more and gave a lot of personal attention and service, including special engineering support and so on. There were always potential customers who never " got it ". A lot of them were never that successful in their business, or totally focused on costs and successful in that niche, at the expense of other opportunities.

So is the real problem proprietary products, or the fact that trainees are selling them? Everyone can't start out indy. One interest of mine is encouraging young people to get a start in the biz.

Jones gets a bad rap for a lot of reasons. Guys figure out how to bail after 3 years and make more money, never getting to the " sweet spot ".  They signed up for the long term, got trained, and then found something better. More power to them, this is the fuel for the entire Indy industry.

Making a virtue out of that transition, or somehow calling other people stupid, I think this is an example of how we as colleagues get egotistical and turn on ourselves. It may be the nature of those who spend time blogging, myself included. Just an observation.