[quote=now_indy][quote=AllREIT] [quote=now_indy]

I was in a restaurant today for lunch, and saw the infamous Ameriprise fish bowl.  This is for the Ameriprise brokers out there, does the "win a free lunch" fish bowl really work?  Do you have some sizable clients you found through the fish bowl? I've always been curious.

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Did you stick your business card in?
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I should have, but I don't want them calling me. I have a feeling I would not "win" a free lunch.

Its not a free lunch if you have to listen to those guys talk about their subpar work.

[quote=BigRed]Its not a free lunch if you have to listen to those guys talk about their subpar work.[/quote]

"Have you ever heard of Riversource"??

[quote=OhioAdvisor][quote=Big Taco]

OhioAdvisor, I agree with a lot of what you wrote, but times really have changed.  That's not just the koolaid talking.  The spinoff allowed us to keep the billion in annual revenue, instead of giving 85% of it to AmEx.  It's been heavily reinvested back into technology systems, branding, and, as you wrote: establishing who we are in the marketplace.  Also, a lot of the crap that was pulled over the years showed corporate that it's just a way to lose advisors and advisor loyalty.  Their message over the last few years has been to treat advisors as the client, and they've actually followed through for the most part.  It's not perfect, but I've looked around over the years.  No place is perfect.  Thank god AmEx isn't in the picture anymore.

As far as fishbowls:  I wouldn't know.  I don't like the idea of using a free lunch to lure prospects.  They'll eat and forget about you.  If they're there, it should be because they're interested in your content.

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I left in the past 18 months so I am as familiar with AMP as I am with AEFA plus have lunch once a month with the old office.  When AMP can recruit quality reps from outside the industry then they will have turned the corner but not before.  If you have looked around in the industry you would know that even though no place is perfect most indy's are better for your business and managing of client money.  Any AMP advisor that doesn't agree just doesn't want to admit it since that would mean they would have to do something about it and that my friend is a huge under-taking.

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OhioAdvisor, I'm not sure what you mean by indy being better for "managing client money".  yes, we're captive on VAs, but the RVS VAs are better than average on expense and subaccounts.  I can offer fund of hedge funds, SAs, etfs, 3000 funds, brokered insurance, etc.  What am I lacking for money management?  Also, I'm in a high payout. 

I've looked around at some of my other indy options.  There's an indy that I really like.  But it's not worth it to switch for me.  I feel that especially since the spinoff, the technology has gotten light years better, and the home office is recognizing the advisor as the client again.  I'm aware of my options, and staying put is my best one for now.  Maybe that will change someday.  It may for you too.

Just wondering. Can you do structured products, VRDO/VRP’s, brokered CD’s, etc?

Blarm-

Since I used to work on Amex's desk for that, yeah, they can do VRDO's and VRP's and brokered CD's. Structured products weren't really popular then, but my guess is that they can do them.

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OhioAdvisor, I'm not sure what you mean by indy being better for "managing client money".  yes, we're captive on VAs, but the RVS VAs are better than average on expense and subaccounts.  I can offer fund of hedge funds, SAs, etfs, 3000 funds, brokered insurance, etc.  What am I lacking for money management?  Also, I'm in a high payout. 

I've looked around at some of my other indy options.  There's an indy that I really like.  But it's not worth it to switch for me.  I feel that especially since the spinoff, the technology has gotten light years better, and the home office is recognizing the advisor as the client again.  I'm aware of my options, and staying put is my best one for now.  Maybe that will change someday.  It may for you too.

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Technology still stinks as does the CSO operation.  Maybe light years ahead of where it was but light years behind what the top three indy's have.  Seriosly now, I still have my personal vul at Ameriprise and the online financial accounts website is putrid.  My values are from 4 months ago.  Also your payout may not be as high as you think.  Compare what the the gdc rate is on some prducts elsewere, not payout but the gdc.  Also, the overhead is higher as re your admin charges on the wrap even factoring in the global admin fee discounts.  The lack of a 3rd party platform stands out as well though you will be coming out with a semi prop one soon.  Not having access to non-prop VA's is huge my friend.  If it were as easy to show up somwhere else tomorrow and your clients waiting I feel fairly confident that half the company at worse would be gone.

I guess we'll have to agree to disagree.

As far as technology, I've been extremely impressed with the PMT software.  I'm actually hardly even using Morningstar reports anymore, except to show std. dev.  PMT produces a plethora of different client approved reports, and they look cool, too.  And the tech dept. has launched the beta version of the new advisor website which replaces "jazz".  It's going to make things much more integrated, imo, including revamp of client management software, account information integration, and some other business flow stuff that looks really cool, etc.

I just can't see how the VA thing is such a huge deal when Morningstar rated our VAs highly about 2 or 3 years ago... (admitedly, I don't have the info in front of me) something about lower expense than 93% of the industry, with excellent choice of 4 & 5 star subaccounts.    I believe you if you say that there's VAs out there that offer better value.  Value is relative, and subjective.  But ours are good, and competitve, with all the bells and whistles of guaranteed-living-benefit this and that.  But if our VAs sucked, it would pretty much be a deal breaker that we're captive.  But then advisors would leave, and HO would capitulate.  I'm just glad that's not the way it is.

And I've looked at expenses and payout at a few indys (at least I did in 2005).  I crunched numbers, thought a lot.  Don't assume I don't know how much I'm getting paid.  When I was checking out the idea of moving, I was doing RESEARCH, buddy.

And I may have to agree with you on the client's online account access site as lacking... but then I really don't know what other companies are doing these days.  Anyway, after they release the "advisor compass", they're going to revamp the client site, I believe.

I still don't feel like you realize that we're going from over 20 years of AmEx raping all IDS profits to shove into the card division.  THAT'S HUGE.  We're bouncing back, catching up, competing fiercely.  Either way, for me, it's working great.  I'm literally happy with the way things are going.  In early 2005, I wasn't.  but I've got at least 15 years left, who knows what B/D RIA whatever I'll feel can offer me the most in that time frame.  Things change.

Wow, Taco, I have to agree, you bring up a lot of good points.

Have you looked at the bonus program for bringing on an Associate? Up to $75,000 bonus - all turnkey for contracts, training, employee development.

Portfolio Management Tool is outstanding. The branding is powerful, especially for recruiting employees who can bring over small books.

Those who would knock the new AMP are sounding a bit hollow, but hey, knock yourselves out. Last I check it was increasing the bottom line, growing the equity in your practice. I plan to double my income and triple the market value of my franchise over the next five years. From where I am now, those will be some pretty big numbers, and it feels good.

Seriously man, ever since the spin off, I’ve been getting that “right place, right time” feeling.  I’m sure there’s plenty of other firms that are putting it into gear, too.  Plus the market’s been good.  But still.

[quote=AllREIT] [quote=now_indy][quote=AllREIT] [quote=now_indy]

I was in a restaurant today for lunch, and saw the infamous Ameriprise fish bowl.  This is for the Ameriprise brokers out there, does the "win a free lunch" fish bowl really work?  Do you have some sizable clients you found through the fish bowl? I've always been curious.

[/quote]

Did you stick your business card in?
[/quote]

I should have, but I don't want them calling me. I have a feeling I would not "win" a free lunch.

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I like to stick a calling card in, and see if I can get invited. Always good to do opposition research. And you get a free meal.
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There are Ameriprise fish bowls at 6 different restaurants I like to go to within a 1 minute walk from my office.  I am planning on taking out all the cards in the bowls and calling the people myself.  I figure if I go in with a nice suit on, nobody would think twice about me not being the Ameriprise rep.  They won't win a lunch, but they will have the honor of getting my introduction and meeting a real broker.

[quote=snaggletooth][quote=AllREIT] [quote=now_indy][quote=AllREIT] [quote=now_indy]

I was in a restaurant today for lunch, and saw the infamous Ameriprise fish bowl.  This is for the Ameriprise brokers out there, does the "win a free lunch" fish bowl really work?  Do you have some sizable clients you found through the fish bowl? I've always been curious.

[/quote]

Did you stick your business card in?
[/quote]

I should have, but I don't want them calling me. I have a feeling I would not "win" a free lunch.

[/quote]

I like to stick a calling card in, and see if I can get invited. Always good to do opposition research. And you get a free meal.
[/quote]

There are Ameriprise fish bowls at 6 different restaurants I like to go to within a 1 minute walk from my office.  I am planning on taking out all the cards in the bowls and calling the people myself.  I figure if I go in with a nice suit on, nobody would think twice about me not being the Ameriprise rep.  They won't win a lunch, but they will have the honor of getting my introduction and meeting a real broker.

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The "honor of getting my introduction"?

I guess the Platform One trainees are still doing these fishbowls in a big way, all across America.

Judging by the snooty attitude, there must be some losers posting here. Let's see, when you were new to the business, you did cold calling, and somehow that was a classy way to chase after your first clients...

Let's get real, most Americans are in denial about creating even a mental financial plan, much less talking with someone who has even the basic level of licensing and any kind of formal corporate training.

Anyone "doing" fishbowls should be proud to be working in this industry, at your particular level of development. As for the snoots here, you should attend, maybe you'll learn something beyond the really important work you're accomplishing by your one up observations here. As a successful veteran, I would have no problem having one of my hires do fishbowls, if that young person wanted to market in this manner. Get a life, this is a sales job that starts from zero, and your own ego is your own worst enemy.

We tend to project our own insecurities an doubts into the minds of our prospects, and they don't know ***t about investing and finanical planning, anyway. Get out and sell yourself this summer.

[quote=snaggletooth]

There are Ameriprise fish bowls at 6 different restaurants I like to go to within a 1 minute walk from my office.  I am planning on taking out all the cards in the bowls and calling the people myself.  I figure if I go in with a nice suit on, nobody would think twice about me not being the Ameriprise rep.  They won't win a lunch, but they will have the honor of getting my introduction and meeting a real broker.

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What makes you think the Ameriprise guy has a nice suit on?

I have not worn a suit “for” Ameriprise for over a decade.  Some guys think that’s a plus. What do you wear, pretzel? Do advisors in your part of the country actually wear suits? That’s scary.

[quote=coolshoos]

I guess the Platform One trainees are still doing these fishbowls in a big way, all across America.

Judging by the snooty attitude, there must be some losers posting here. Let's see, when you were new to the business, you did cold calling, and somehow that was a classy way to chase after your first clients...

Let's get real, most Americans are in denial about creating even a mental financial plan, much less talking with someone who has even the basic level of licensing and any kind of formal corporate training.

Anyone "doing" fishbowls should be proud to be working in this industry, at your particular level of development. As for the snoots here, you should attend, maybe you'll learn something beyond the really important work you're accomplishing by your one up observations here. As a successful veteran, I would have no problem having one of my hires do fishbowls, if that young person wanted to market in this manner. Get a life, this is a sales job that starts from zero, and your own ego is your own worst enemy.

We tend to project our own insecurities an doubts into the minds of our prospects, and they don't know ***t about investing and finanical planning, anyway. Get out and sell yourself this summer.

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I never said anything about the fishbowls being a bad idea.  I think it's a great idea.  I just want to take the cards from them is all.

Knock yourself out. I’m surprised more young people don’t steal the idea, and set up their own fishbowls. It would be a win-win for everyone - restaurant owner, new advisor, future clients. Enough of the scarcity mentality, including the veteran snootbags here. This is a business about selling ideas, and stealing ideas. Only losers make fun of their professional colleagues.

[quote=coolshoos]I have not worn a suit "for" Ameriprise for over a decade.  Some guys think that's a plus. What do you wear, pretzel? Do advisors in your part of the country actually wear suits? That's scary. [/quote]

I wear a suit Mon-Thurs and khakis with golf shirt on Fridays so I can hit the links at 3.  It's too f-ing hot today to golf, and I think there's a monsoon a-comin' so I am going to hang indoors today and make some cold calls.

Nice, working on the biz on Friday afternoons is good for rejuvinating the old entrepreneurial spirit.

You either grow or die - I've played so much golf I'm ready to grow here in some new ways. With a down market coming potentially sooner than later, there are plenty of opportunities to think and grow rich (on a quiet Friday afternoon).

I'm doing some recruiting cold calls.

[quote=coolshoos]

I guess the Platform One trainees are still doing these fishbowls in a big way, all across America.

Judging by the snooty attitude, there must be some losers posting here. Let's see, when you were new to the business, you did cold calling, and somehow that was a classy way to chase after your first clients...

Let's get real, most Americans are in denial about creating even a mental financial plan, much less talking with someone who has even the basic level of licensing and any kind of formal corporate training.

Anyone "doing" fishbowls should be proud to be working in this industry, at your particular level of development. As for the snoots here, you should attend, maybe you'll learn something beyond the really important work you're accomplishing by your one up observations here. As a successful veteran, I would have no problem having one of my hires do fishbowls, if that young person wanted to market in this manner. Get a life, this is a sales job that starts from zero, and your own ego is your own worst enemy.

We tend to project our own insecurities an doubts into the minds of our prospects, and they don't know ***t about investing and finanical planning, anyway. Get out and sell yourself this summer.

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cold calling a corporate exec at his office is significantly more professional than having a "fishbowl" at quiznos.

i guess you guys are going after a different market segment, but quiznos?