is ameriprise really that bad?

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baylady's picture
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I am looking to become a FA and have gotten offers from Ameriprise and Metlife.  I am more fascinated by Ameriprise but I have read the boards here and seen this website dedicated to bashing them.  Are they really as bad as the people bashing them seem to be picturing them?  They seem to be offering a heck of an opportunity to get into the industry with top notch training and a pathway to either go independent or get into management where i understand the money is real good.

opie's picture
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I do not pretend to be an expert, however I have read that Ameriprise is considered a good opportunity for people right out of college.
That being said, I have heard from friends that Ameriprise management at some (perhaps many) branches is very young in comparison with other firms.

brothaK's picture
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Joined: 2006-04-18

I think edward jones is even better. why not go with them?

baylady's picture
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EJ i hear is really bad for the ego and have ahigh drop out rate

opie's picture
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baylady wrote:EJ i hear is really bad for the ego and have ahigh drop out rateYour goal is to choose the firm that gives you the best odds on surviving a game where the odds are clearly against you.
Every firm has a high drop out rate, according to others in these forums, because this is a difficult business and many do not have a realistic perspective of the challenges of prospecting.
I would consider interviewing with more than one B/D if you opt to enter this game.

rankstocks's picture
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Baylady: two words..."Riversource funds"
So bad, they changed the name.  $500 portfolio reviews that show the client needs more annuities.
The dropout rate will be about the same wherever you go, unless you go work at a bank or credit union. 

slkgirl's picture
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I have heard really bad stories about Ameriprise also. I think that it depends on the management per area. The office I'm being sponsored at has been really great. I know people being sponsored in the other locations and have heard nothing but negative things.

RealityBichslap's picture
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Joined: 2006-06-07

Metlife is the much better company in terms of product and reputation.
In other words, baylady, you and Ameriprise would be a perfect fit.

gonzojoel's picture
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Joined: 2006-07-25

I've interviewed with them also. You have to wonder about a company
that is not willing to invest anything into training you. The two
months of working for minimum wage after earning your license kinda of
killed my interest. I attended one of those job recruitment seminars.
There were about a dozen  people there. You could tell hardly any
of them had considered a career in the financial services industry
before  that day. I spoke to one guy who said they sent him a
solicitation letter after seeing his resume' on career builder.

logan's picture
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Joined: 2005-05-08

Check this out and do a search-
http://forums.registeredrep.com/forum_posts.asp?TID=604& KW=metlife
 
Ask alot of questions with Metlife
Like, Do I have to presell or let one of your reps hound my friends and family before hire date?   

bankrep1's picture
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Have you interviewed with AGE, Merrill, SB etc?

vbrainy's picture
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rankstocks wrote:
Baylady: two words..."Riversource funds"
So bad, they changed the name.  $500 portfolio reviews that show the client needs more annuities.
The dropout rate will be about the same wherever you go, unless you go work at a bank or credit union. 

They have  TERRIBLE funds (see above), they push products like Variable Universal Life, they PUSH you to bring in family and friends.
You can NEVER leave cause they will hunt you like a dog.

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baylady wrote:EJ i hear is really bad for the ego and have ahigh drop out rate
Every firm sees a number of trainees fall-off.  However, your chances of success are better at Jones that Ameriprise.  AMP will give you decent training from a corporate standpoint, then put you into a P1 office where you are led by Managers with 5 years of industry experience.  It is, without fail, one of the least respectable firms in the business.  It is difficult to grow and, success at AMP is so skewed by the industry average.
Most firms look for you to build $5-6 M AUM per year.  If you do that at Ameriprise, you could probably run the company.  Typically, new FAs will gather around $2-3M AUM.  At the end of the day, look at a 3-year EDJ rep and a 3-year AMP rep.  Not even comparable.  The EDJ rep will have far more assets. 
Additionally, the EDJ rep would be able to move onto a major firm - Merrill, SB, etc. - much easier than an AMP advisor because they will be considered more attractive and will not have the issue of proprietary accounts hanging over their heads. 
I have never been a big fan of EDJ, but if you're looking at AMP, look across the street to Jones - you'll find a better place to start, with a lower turnover rate and better training.

ChrisB's picture
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I worked at Amerprise for 2 years and was not at all impressed with anything about the company.  I worked for a 900K producer as an associate and ended up leaving due to differences of opinion.  She pushed VUL's and piss poor annuities so much it was sickening.  Three months after I left her practise was shut down and 100% of her licenses revoked.  I am so thankful I got out of there when I did.
 
 

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ChrisB wrote:
I worked at Amerprise for 2 years and was not at all impressed with anything about the company.  I worked for a 900K producer as an associate and ended up leaving due to differences of opinion.  She pushed VUL's and piss poor annuities so much it was sickening.  Three months after I left her practise was shut down and 100% of her licenses revoked.  I am so thankful I got out of there when I did.

Three months?  My but that is fast--usually it takes a lot longer than that.
Maybe it would have taken longer if it was a practice instead of a practise.

baylady's picture
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BrokerRecruit wrote:
baylady wrote:EJ i hear is really bad for the ego and have ahigh drop out rate
Most firms look for you to build $5-6 M AUM per year.  If you do that at Ameriprise, you could probably run the company.  Typically, new FAs will gather around $2-3M AUM.  At the end of the day, look at a 3-year EDJ rep and a 3-year AMP rep.  Not even comparable.  The EDJ rep will have far more assets. 
 

 
Why is it easier to get 5-6 Aum per yea at EJ than at AMP?

BrokerRecruit's picture
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It is easier anywhere - you are not pushed to sell products with horrible performance like you are at Ameriprise.  If you want to push VAs and VULs, coupled with funds that rank in the 3rd/4th quintile of the Russell peer group index, it's a great place.
I know that EDJ pushes the preferred fund families, but they are household fund companies with better performance records.
The other detriment that an Ameriprise presents is the focus on the financial plan.  If a potential client does not want a plan, forget about acquiring their assets unless you have a manager that understands that some clients don't require a 10-page plan.  Many P1s have had to walk away from clients because they don't want to pay $1500 for a plan, and the company frowns on not doing this in the P1 channel.

vbrainy's picture
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NASD Newbie wrote:ChrisB wrote:
I worked at Amerprise for 2 years and was not at all impressed with anything about the company.  I worked for a 900K producer as an associate and ended up leaving due to differences of opinion.  She pushed VUL's and piss poor annuities so much it was sickening.  Three months after I left her practise was shut down and 100% of her licenses revoked.  I am so thankful I got out of there when I did.

Three months?  My but that is fast--usually it takes a lot longer than that.
Maybe it would have taken longer if it was a practice instead of a practise.

NASD shut up you idiot.  He had a good post.
What have you done lately?  Are you even a Financial Advisor?
I bet you got punched in the mouth alot as a child on the playground.  If you didn't get the message, it means you should keep your trap shut.

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vbrainy wrote:NASD Newbie wrote:ChrisB wrote:
I worked at Amerprise for 2 years and was not at all impressed with anything about the company.  I worked for a 900K producer as an associate and ended up leaving due to differences of opinion.  She pushed VUL's and piss poor annuities so much it was sickening.  Three months after I left her practise was shut down and 100% of her licenses revoked.  I am so thankful I got out of there when I did.

Three months?  My but that is fast--usually it takes a lot longer than that.
Maybe it would have taken longer if it was a practice instead of a practise.

NASD shut up you idiot.  He had a good post.
What have you done lately?  Are you even a Financial Advisor?
I bet you got punched in the mouth alot as a child on the playground.  If you didn't get the message, it means you should keep your trap shut.

He was making it up--the NASD does not lift licenses within three months.  It takes a lot longer than that for the process to play out.

ChrisB's picture
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NASD Newbie wrote:vbrainy wrote:NASD Newbie wrote:ChrisB wrote:
I worked at Amerprise for 2 years and was not at all impressed with anything about the company.  I worked for a 900K producer as an associate and ended up leaving due to differences of opinion.  She pushed VUL's and piss poor annuities so much it was sickening.  Three months after I left her practise was shut down and 100% of her licenses revoked.  I am so thankful I got out of there when I did.

Three months?  My but that is fast--usually it takes a lot longer than that.
Maybe it would have taken longer if it was a practice instead of a practise.

NASD shut up you idiot.  He had a good post.
What have you done lately?  Are you even a Financial Advisor?
I bet you got punched in the mouth alot as a child on the playground.  If you didn't get the message, it means you should keep your trap shut.

He was making it up--the NASD does not lift licenses within three months.  It takes a lot longer than that for the process to play out.

 
The hell I was, you no-life dickhead.  I got out just in time, but the planner, marketing director and intern, all who are good friends of mine, were suddenly unemployed.  The Advisor was shut down completely.  She sold financial plans without client consent using blank signed documents, among other things.  Her licenses were absolutely revoked.  Maybe it took more than 3 months for them to actually be taken from her, but it took 1 day for them to become inactive due to ongoing investigation.  The investigation is still going on.  She is now being investigated criminally. 
Chris

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ChrisB wrote:NASD Newbie wrote:vbrainy wrote:NASD Newbie wrote:ChrisB wrote:
I worked at Amerprise for 2 years and was not at all impressed with anything about the company.  I worked for a 900K producer as an associate and ended up leaving due to differences of opinion.  She pushed VUL's and piss poor annuities so much it was sickening.  Three months after I left her practise was shut down and 100% of her licenses revoked.  I am so thankful I got out of there when I did.

Three months?  My but that is fast--usually it takes a lot longer than that.
Maybe it would have taken longer if it was a practice instead of a practise.

NASD shut up you idiot.  He had a good post.
What have you done lately?  Are you even a Financial Advisor?
I bet you got punched in the mouth alot as a child on the playground.  If you didn't get the message, it means you should keep your trap shut.

He was making it up--the NASD does not lift licenses within three months.  It takes a lot longer than that for the process to play out.

 
The hell I was, you no-life dickhead.  I got out just in time, but the planner, marketing director and intern, all who are good friends of mine, were suddenly unemployed.  The Advisor was shut down completely.  She sold financial plans without client consent using blank signed documents, among other things.  Her licenses were absolutely revoked.  Maybe it took more than 3 months for them to actually be taken from her, but it took 1 day for them to become inactive due to ongoing investigation.  The investigation is still going on.  She is now being investigated criminally. 
Chris

What's your point?

troll's picture
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NASD Newbie wrote:ChrisB wrote:NASD Newbie wrote:vbrainy wrote:NASD Newbie wrote:ChrisB wrote:
I worked at Amerprise for 2 years and was not at all impressed with anything about the company.  I worked for a 900K producer as an associate and ended up leaving due to differences of opinion.  She pushed VUL's and piss poor annuities so much it was sickening.  Three months after I left her practise was shut down and 100% of her licenses revoked.  I am so thankful I got out of there when I did.

Three months?  My but that is fast--usually it takes a lot longer than that.
Maybe it would have taken longer if it was a practice instead of a practise.

NASD shut up you idiot.  He had a good post.
What have you done lately?  Are you even a Financial Advisor?
I bet you got punched in the mouth alot as a child on the playground.  If you didn't get the message, it means you should keep your trap shut.

He was making it up--the NASD does not lift licenses within three months.  It takes a lot longer than that for the process to play out.

 
The hell I was, you no-life dickhead.  I got out just in time, but the planner, marketing director and intern, all who are good friends of mine, were suddenly unemployed.  The Advisor was shut down completely.  She sold financial plans without client consent using blank signed documents, among other things.  Her licenses were absolutely revoked.  Maybe it took more than 3 months for them to actually be taken from her, but it took 1 day for them to become inactive due to ongoing investigation.  The investigation is still going on.  She is now being investigated criminally. 
Chris

What's your point?I think his point was that you're acting like a horse's behind.Then again, you've proven that better than any of us could describe it!

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joedabrkr wrote:I think his point was that you're acting like a horse's behind.Then again, you've proven that better than any of us could describe it!
Why, because I said that I think he's inventing a story about Ameriprise?
Do you think that the NASD lifts your licenses without due process? 
Do you think the due process can be accomplished in three months or less?
Even if the woman he was talking about is going to be barred--in several  years--how does that affect Ameriprise?
Do you believe that a broker/dealer should be judged by the actions of a single representative?

hubbabubba's picture
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newbie,
I think chris was saying that the investigation was underway already and that the hammer came down 3 months after he left. That's my interpretation.

NASD Newbie's picture
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hubbabubba wrote:
newbie,
I think chris was saying that the investigation was underway already and that the hammer came down 3 months after he left. That's my interpretation.

I repeat, so what?

hubbabubba's picture
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If you are asking "so what?" as it applies to Ameriprise, then you have a point.  No firm is immune from a rogue broker.  But you said that 3 months was too fast for this regulatory action to take place.  If he is, indeed, saying that the investigation began before he left and that the licenses happened to be revoked 3 months after he left, then it is not too quick.
You are asking the wrong question.

Philo Kvetch's picture
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hubbabubba wrote:
If you are asking "so what?" as it applies to Ameriprise, then you have a point.  No firm is immune from a rogue broker.  But you said that 3 months was too fast for this regulatory action to take place.  If he is, indeed, saying that the investigation began before he left and that the licenses happened to be revoked 3 months after he left, then it is not too quick.
You are asking the wrong question.

That's as it should be, hubbabubba.  NASDy ALWAYS answers the wrong question as well.  He doesn't know what the right questions are.

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hubbabubba wrote:
If you are asking "so what?" as it applies to Ameriprise, then you have a point.  No firm is immune from a rogue broker.  But you said that 3 months was too fast for this regulatory action to take place.  If he is, indeed, saying that the investigation began before he left and that the licenses happened to be revoked 3 months after he left, then it is not too quick.
You are asking the wrong question.

Do you think that Ameriprise would have allowed her to continue to practice while there was an active NASD investigation?
I say the kid is just inventing a story, and that the clue to the fact that it was invented is his time line.

hubbabubba's picture
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I'm going to try to take a different approach with Newbie.  I think he spends too much time slamming other forum members for silly issues, like misspelled words.  Its even more silly when I find a misspelling in his post (somebody's watching, Newbie!).  I think he's just looking for some sort of challenge so I'll keep it above the mud. He likes to be technical/literal so I'll just address those points and ignore the name calling.  I do enjoy watching others get involved though! 
Gotta go work on triangular currency arbitrage now....that was so Newbie-esque.....

Philo Kvetch's picture
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And just why would he want to make up a story like that, you sanctimonious little pissant?

hubbabubba's picture
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Newbie, you are playing two sides now.  You FIRST stated that 3 months was too quick.  Then, you later added that you thought he lied.  You should keep your timeline straight.  However, you may be right or you may be wrong.  Personally, I don't see what he has to gain from lying nor do I really care.
 

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hubbabubba wrote:
Newbie, you are playing two sides now.  You FIRST stated that 3 months was too quick.  Then, you later added that you thought he lied.  You should keep your timeline straight.  However, you may be right or you may be wrong.  Personally, I don't see what he has to gain from lying nor do I really care.

He got fired by Ameriprise for being a slacker and now he's trying to convince himself that he was lucky that he quit before the hammer came down on somebody else.
I worked with a guy who was barred for life--it didn't affect me in the least.

hubbabubba's picture
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Now you don't know that.  That's pure speculation.
 
I would hope you at least learned not to do what the guy who was barred did.  That would be a positive impact based on someone else's stupidity/greed/both.

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hubbabubba wrote:
Now you don't know that.  That's pure speculation.
 
I would hope you at least learned not to do what the guy who was barred did.  That would be a positive impact based on someone else's stupidity/greed/both.

You whining types are fond of the word "Greed."  What is greed?
As for "pure speculation"--are you not speculating that he was not fired?  Is your speculation acceptable, but mine is not?

Philo Kvetch's picture
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The truth, NASDy, is that there is very little that is acceptable about you to polite society.

troll's picture
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NASD Newbie wrote:joedabrkr wrote:I think his point was that you're acting like a horse's behind.Then again, you've proven that better than any of us could describe it!
Why, because I said that I think he's inventing a story about Ameriprise?
Do you think that the NASD lifts your licenses without due process? 
Do you think the due process can be accomplished in three months or less?
Even if the woman he was talking about is going to be barred--in several  years--how does that affect Ameriprise?
Do you believe that a broker/dealer should be judged by the actions of a single representative?No, because-true to form-you're acting like a horse's behind!

troll's picture
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joedabrkr wrote:
NASD Newbie wrote:joedabrkr wrote:I think his point was that you're acting like a horse's behind.Then again, you've proven that better than any of us could describe it!
Why, because I said that I think he's inventing a story about Ameriprise?
Do you think that the NASD lifts your licenses without due process? 
Do you think the due process can be accomplished in three months or less?
Even if the woman he was talking about is going to be barred--in several  years--how does that affect Ameriprise?
Do you believe that a broker/dealer should be judged by the actions of a single representative?No, because-true to form-you're acting like a horse's behind!Just trying to provide you with a little valuable "personality coaching", Newbster! 

hubbabubba's picture
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Newbie, do you have proof he was fired by Ameriprise?  If not, then you are speculating. 
Don't drag this down again by name calling.  When did I ever 'whine' about greed?  Are you saying that greed is not a motivating factor for unethical or even illegal behavior?

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hubbabubba wrote:
Newbie, do you have proof he was fired by Ameriprise?  If not, then you are speculating. 
Don't drag this down again by name calling.  When did I ever 'whine' about greed?  Are you saying that greed is not a motivating factor for unethical or even illegal behavior?

I'm saying that you cannot define greed.  Give it a try.

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hubbabubba wrote:
Newbie, do you have proof he was fired by Ameriprise?  If not, then you are speculating. 

Do you have proof he wasn't?  If not then your point of view is also pure speculation--why is your speculation more credible than mine?

The Judge's picture
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Guys- Kindly quit the back & forth.  PM if you must.  Please.

Philo Kvetch's picture
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NASD Newbie wrote:hubbabubba wrote:
Newbie, do you have proof he was fired by Ameriprise?  If not, then you are speculating. 

Do you have proof he wasn't?  If not then your point of view is also pure speculation--why is your speculation more credible than mine?

Maybe because you're an idiot and he's not.

hubbabubba's picture
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well thanks Philo.  Its like a merry go round with newbie.  Just when you think the ride is over, it starts back up again.

dude's picture
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More like a three ring circus.

Philo Kvetch's picture
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I for one am getting bored with slapping Newbie around.  There's just no challange to it.
Why don't we just post around him?

RealityBichslap's picture
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Another thread officially DESTROYED by NASD_Newbie.

NASD Newbie's picture
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RealityBichslap wrote:
Another thread officially DESTROYED by NASD_Newbie.

How dare I suggest that some kid who lies about Ameriprise is lying?

troll's picture
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dude wrote:More like a three ring circus.Nope, more like jock itch.  Very annoying, and difficult to get rid of.......

troll's picture
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hubbabubba wrote:Newbie, do you have proof he was fired by Ameriprise?  If not, then you are speculating. 
Don't drag this down again by name calling.  When did I ever 'whine' about greed?  Are you saying that greed is not a motivating factor for unethical or even illegal behavior?Name calling is what he does when he has no other defense against a logical, factual argument, or faced with a question he either cannot answer or prefers not to answer truthfully.  Newbie has a tendency to get in over his head on a regular basis as a result of his arrogance.  That's how he copes with it.

troll's picture
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Philo Kvetch wrote:I for one am getting bored with slapping Newbie around.  There's just no challange to it.
Why don't we just post around him?I think that's a superb idea.  We can talk about him all we like, but simply refuse to speak directly to him.

hubbabubba's picture
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Joe, I know.  I thought I would just take a different approach to soften up that little lump of coal newbie calls a heart.  Actually, I must give Newbie some credit b/c he is adept at getting others to change focus quickly.  When he gets cornered, he asks a question that takes the discussion in another direction and turns the spot light off of his faulty logic.
What is really a shame is that he probably has some useful information that he could share.  Having read some of his other posts you can catch a glimmer of real knowledge there. 
There should be some interesting sparks flying tomorrow.  By the way Newbie, are you interested in that Fischer Black book?  I'm more curious since you said you met him.  When did you meet him?
 

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