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Sep 11, 2009 12:53 pm

I keep getting headhunter calls about Ameriprise. Can anyone give me the good, bad and ugly on the firm?

Sep 11, 2009 12:57 pm

Used to be American Express Advisors.  Got into a good bit of regulatory trouble a few years ago.  Didn’t really like them when I was looking to make a move.

They tried to promote themselves as being independent, but you're still very much a captive, which is fine if that's what you want.  I just didn't want that.
Sep 11, 2009 4:03 pm

AMP… great question… you’re going to get a lot of negs here…I think this is the 300th time someone’s asked about AMP.  Search for Ameriprise in this forum for more.  I do know there’s not one indy firm paying more dough to bring you in the fold.  Just be aware the contract to cash those checks will take days to read and comprehend. Been there… done that from a ‘recruit’ perspective.   I like AMP… one day they will have a great platform and they get closer by the month. They are NOT the same as the AMEX owned crap company that we all beat on here… that’s been vastly improved upon.   HRB acquisition has brought a great deal of talent and open minds there and they have cash and dreams greater than most firms from NY to CA. 

Sep 11, 2009 4:15 pm

I heard they are on the opposite way. Everything is going down. Prioritary products galore.

Sep 11, 2009 5:20 pm

I had some friends who met with them. They seemed to be pretty blown away with what was offered. Not quite sure of the details, but definately worth checking out.

Sep 12, 2009 2:45 pm

I think you need to look pretty closely at the offer. Lots of smoke and mirrors on the one I saw. They are offering some up-front money to move the book…a forgivable loan as they call it?? Looks like it is 7 years forgivable. I don’t like to be tied for 7 years.

They like true "planners"......payout is dependent on it, even on the indy side. Must do plans with most everyone. They have a lot of cash right now and are rumored to be on the prowl for a M Fund company to call their own. Not sure I like to sound of that, if it happens. I'd put them in a category with the likes of WDR. Good luck.  
Sep 12, 2009 9:55 pm

I was with HRBFA until this year. The platform under HRBFA was pretty good but since AMP took over, they are planning on reducing the number of VA companies to 3 or 4. This includes Riversource (proprietary) and if you don’t do over 100k in insurance revenue annually, you can only write insurance biz through Riversource. How’s that for open architecture? They do offer most MF’s out there but the annuity and insurance changes as well as the horror stories of the past are what drove me away. I think it is very likely that  many HRB reps will leave when their 5 year retention package is fully vested in November of 2013.