From Ameriprise to Indy
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Hello and thank you in advance for your input. Have enjoyed reading and discussing many of the topics on this site.
Some background: I'm currently in the employee(p1) platform and have decided to look at other options as it has become perfectly clear that my life goals can't be achieved here. The franchise channel has recently become an impossible pipe dream as well. I'm not the only one in my office who has come to this conclusion. In all, several of us and many accross the nation are looking to transition out of the employee channel and form our own office. We have about 50 aum and about 500k rolling 12. Does anyone have experience transitioning away from ameriprise? Can RiverSource products mainly Annuities, Life and DI be moved over? This is only 10-15% of our book, but would be nice to keep. We have started some preliminary conversations with a small b/d that clears through 1st clearing. Anyone have experience with transitioning to 1st clearing from ameriprise?I don’t think that Riversource products can be transferred to about 99% of the firms out there. Besides the new transition rules they put in place on Friday, the prop products are one of those other things that Amp uses to handcuff the employees (At least those who do a large % of insurance/annuity biz).
[quote=Primetime]Hello and thank you in advance for your input. Have enjoyed reading and discussing many of the topics on this site.
Some background: I'm currently in the employee(p1) platform and have decided to look at other options as it has become perfectly clear that my life goals can't be achieved here. The franchise channel has recently become an impossible pipe dream as well. I'm not the only one in my office who has come to this conclusion. In all, several of us and many accross the nation are looking to transition out of the employee channel and form our own office. We have about 50 aum and about 500k rolling 12. Does anyone have experience transitioning away from ameriprise? Can RiverSource products mainly Annuities, Life and DI be moved over? This is only 10-15% of our book, but would be nice to keep. We have started some preliminary conversations with a small b/d that clears through 1st clearing. Anyone have experience with transitioning to 1st clearing from ameriprise? [/quote]No, why do you think they made you sell them?
Do you know who the 1% is or is it just a gut feeling? I know RiverSource opened up their mutual funds arm to go 3rd party a couple years ago and heard that they were planning to do the same with the Ins and Annutiy bizz but don’t know if it ever happened.
About a year ago a friend of mine said that some company was allowing transfers of RVS annuities but I can't remember the name. I know it wasn't 1st Clearing, I'd remember that. That's where the 1% comes from, although I've never heard of 1st Clearing and wouldn't know what they can hold. All I know is Ameriprise puts a stranglehold on whatever prop products you sell. Maybe see if you can be "Broker-of-record", if you can't move the products to your new place. At least you can keep getting trails.
Thanks AGEMAN. Thats encouraging. What are your thoughts in general on First Clearing?
I’ve not heard any negatives about First Clearing – they seem to be good. I agree with the others posts on this topic – ask for references – that seems to always be a good first step when doing due diligence.
As far as the Riversource Annuities, Life, DI -- difficult to transition from what I can tell. On the mutual fund side though, Ameriprise has opened this door up so you shouldn't have an issue transferring Riversource Fund Accounts. Depending on the extent of your business mix in Riversource Annuities, DI, etc., etc., you might wish to consider selling this portion of your book (not sure if you can in P1) before you transition out. I've dealt with several Advisors in this space coming over from P1 to either Independent Hybrid Advisor or completely independent RIA. Be mindful of your employment agreement and what information you are allowed to take with you. Probably not a bad idea to consult legal counsel as numerous issues may exist. Feel free to call me and I'll be happy to share with you some other strategies other P1 Advisors have faced (and the solutions) for this type of transfer. Whatever you decide to do, all the very best to you, your colleagues and clients. 888.579.8640I was a p1. =)
You can now hold riversource funds pretty much anywhere. You can be broker of record on the annuities. Cant do squat with life/di policies. which office are you out of, or if you dont want to say, what region?