Ameriprise Recruiting tactics

19 replies [Last post]
CueYouWhy's picture
Offline
Joined: 2007-03-13

A friend of mine just received an email from AMP for an advisor position…but that isn’t the odd part. No the odd part is that she has NO financial experience, bad credit, a very little sales experience. WHY in the world would they be looking for people like that; does AMP have any minimum requirements or just about anyone that can polish a mirror gets hired? I don’t know about you guys/girls but I find it offensive! What ever happen to the days you had to stand outside for an interview and prove yourself worthy among thousands of applicants…anyways just wanted to blow off some steam.<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />

troll's picture
Offline
Joined: 2004-11-29

CueYouWhy wrote:A friend of mine just received an email from AMP for an advisor position…but that isn’t the odd part. No the odd part is that she has NO financial experience, bad credit, a very little sales experience. WHY in the world would they be looking for people like that; does AMP have any minimum requirements or just about anyone that can polish a mirror gets hired? I don’t know about you guys/girls but I find it offensive! What ever happen to the days you had to stand outside for an interview and prove yourself worthy among thousands of applicants…anyways just wanted to blow off some steam.The answer to your question is generally 'yes' if you're talking about the employee channell, as opposed to the indy channel at Ameriprise where there are some real pros.The employee channel likes folks with limited experience and a great need to earn money...they are desparate, willing to work long hours, and can be easily manipulated.

Broker7's picture
Offline
Joined: 2007-02-23

Come on! The email doesnt mean it is the job offer..it is to apply for the advisor position. Ameriprise probably doesnt know about all the negatives you stated. She will not even get to the interview. 

RULiquid's picture
Offline
Joined: 2007-07-16

She will get to the interview, how far it goes from that is up to her and how persuasive she can be.

ameriwho's picture
Offline
Joined: 2007-07-14

Ameriprise is like a company that builds bad parts so they have two choices build better parts or build more parts. They've opted for building more parts. Ameriprise goes through so many people they must always be looking for new hires so they'll send everyone with basic qualifications who post their resume an interview invite knowing that the bulk of them will turn Ameriprise down. The way it works they hire people who can sell and who have a large natural market then they bring the natural market in and sell them VULs, annuities, Riversource funds knowing family and friends will help. If the person doesn't pan out which most don't, Ameriprise has secured a few clients and then they move on to the next round of new hires. You should point your friend to the amexsux.com web site.

Big Taco's picture
Offline
Joined: 2006-11-15

A troll from the amexsux website.  Didn't we just go through this with macca/william1?

Indyone's picture
Offline
Joined: 2005-05-30

Well, FWIW, it sure doesn't sound like willimacca, who had a unique way of pissing everyone off.  This poster simply sounds like a disgruntled ex-amex employee, rather than someone bent on destroying the entire industry.

ameriwho's picture
Offline
Joined: 2007-07-14

Not a troll. Just posting the truth. There was a blog post that has since been taken down that summed up life as a new hire/advisor. The blog post was the advisors wife begging family and friend viewing her blog to setup an appointment with her husband since he needed to make his quota. This is life as a new hire. You'll have to setup your family and friends for the plan or you'll wither away. This is similar the Amway MLM model. How else will a new hire get the required number of appointments? Fish bowl, Costco?

Big Taco's picture
Offline
Joined: 2006-11-15

Okay Lexus.  Why the name change?  Like when Macca turned into "William1"?  It's bad for your credibility.  Actually, Macca/Lexus/William1/Noload/Remote/Ameriwho, since you made a fool of yourself on amexsux, financial-planning, registeredrep, and got kicked off of those sites (sometimes numerous times), you've decided to go with your "Lexus" (and now "ameriwho") moniker.  When will you get a life?
 
While I'm not the biggest fan of the training platform at Ameriprise (P1), it's the minority of advisors there.  You ask how else new advisors are supposed to make a living without involving family?  How does a new broker at Merrill get 15mm AUM in 2 years?  How does a new advisor at any firm stay in the business?  Through hard work and aptitude.  MLM Amway model?  Give it a rest.  The firm with the most CFPs in the country (world?) has an advisory force of 10,000+ advisors.  I'm one of them.  I don't have "fishbowls" in restaurants, and I don't stand in COSTCO to talk to prospects.  I get new clients from referrals primarily.  You're a troll painting with a broad brush because you have an agenda (most likely fired P1 advisor who can't let it go).
 
On amexsux you claim that you're not a former amex advisor... so why do you care?  You're a troll.  Go back to amexsux, or the Yahoo! Finance AMP page and continue to be ignorant there please.

ameriwho's picture
Offline
Joined: 2007-07-14

I don't know any of the people you've mentioned. I never worked for Ameriprise but I did interview with them and I had friends who worked for them. I knew this company wasn't kosher but my friends took the job and described to me what it's like. I stayed in the industry but not with AMP. The original post talked about Ameriprise so I answered the question. I do not know how it works at the other companies you've stated in your post and apparently you don't know how it works at Ameriprise since you didn't answer the question.

ezmoney's picture
Offline
Joined: 2004-11-30

Ameriprise sucks, and up until this year one could have earned this online designation (CFP) with a high school diploma or less! btw I have a masters degree in finance. Beats an online designation in the eyes of the retail client.

Big Taco's picture
Offline
Joined: 2006-11-15

Right, CFP is worthless.  That old chestnut.  Stands for "Certified Failed Planner", right? 
 
So why doesn't everyone have the designation?

Big Taco's picture
Offline
Joined: 2006-11-15

ameriwho wrote:I don't know any of the people you've mentioned. I never worked for Ameriprise but I did interview with them and I had friends who worked for them. I knew this company wasn't kosher but my friends took the job and described to me what it's like. I stayed in the industry but not with AMP. The original post talked about Ameriprise so I answered the question. I do not know how it works at the other companies you've stated in your post and apparently you don't know how it works at Ameriprise since you didn't answer the question.

 
Right.  You want to direct traffic to "amexsux", but you don't know who your other personalities: "Macca" and "Lexus" are?  You must really have a multiple personality disorder.  Troll.
 
Here your name is "ameriwho".  On Yahoo! Finance AMP board your name is "Ameripoff", and you have untold aliases between amexsux.com and here and everywhere else.  You're not even just against advisors in general (actually you are, based on your posts here before as "william1") but you target 1 company.  And you claim that you're not a spurned ex employee or advisor? 
 
Does this behavior seem balanced to you?  Seek help.  You're truly obsessed.

ameriwho's picture
Offline
Joined: 2007-07-14

Whatever, I've never posted on the amexsux site as I've just read the postings. You're a paranoid individual. They're medicines for schizophrenia that you need to take. 

Broker7's picture
Offline
Joined: 2007-02-23

LOL..who is the one that is obsessed??

Big Taco's picture
Offline
Joined: 2006-11-15

Sure. 
Never posted there.
 
Never worked there.
 
Should never care about it, then.  But instead you whip up yet another "ameri" alias and story and try to get traffic to your site.  What's the matter?  Drying up at amexsux and the Yahoo! Finance board?  They erase your posts on F-P.com again?

ameriwho's picture
Offline
Joined: 2007-07-14

Broker7 wrote:LOL..who is the one that is obsessed??I couldn't agree with you more. He has to be delusional to think I've posted at all the places he alleges; whatever makes him happy. The person asked a question and I answered with my opinion obviously Big Taco doesn't agree. I really don't care if you visit the amexsux site as I just provided a reference to other people's experience. Now go take your meds.

charlie_broker's picture
Offline
Joined: 2007-09-15

Sounds like ameriprise is still very similar to hiring tactics of  the prior company aefa (affiliated with amex cc card corp).
 
They normally like it if you have a college education.  They give a seminar and tell you that you can become an 'indy' if you're successful so thus
1) looking to use you for leads you bring in and if you don't make your sales, you're toast.
2)  if you do well, eventually you can become an indy
 
I'm not aware of a quick route to becoming an indy without going the employee-60-80 hrs a week.
 
So if it's not your business background or education (as it was mine plus I was a prior amex employee) --interviewed with aefa...then,
they're just wanting to hire people to get leads (use, abuse, discard) and then these people will be out the door.
You pay for your own licenses and I'm sure you have to pass a background ck and at least have sales experience if you have no college.  
From review of the amexsux site, appears that ameriprise is actually probably worse than aefa with more customer complaints and lawsuits.  But some claim it's a better company now, now that it's not associated with amex cc corp. 
 
I didn't have a good impression of this company and maybe it might just be a way to get a foot in the door for some who wouldn't pass hiring tests with other companies.

charlie_broker's picture
Offline
Joined: 2007-09-15

Big Taco wrote:
A troll from the amexsux website.  Didn't we just go through this with macca/william1?
 
http://www.amexsux.com/cgi-bin/yabb/YaBB.cgi?num=1196105498/6#6
 
Hey, let's not sweep all of the info about the company under the carpet!  Big Taco acts like it is a "no no" to even mention the amexsux site but it is another "source" to check in researching the company.  The webmaster there also allows positive comments about the company, too. 
 
It appears that some want any info re: the sux site deleted from this site, too.  Makes you wonder why they are so defensive (something to hide?)  Why be so defensive if, in fact, Ameriprise is a good company in which to work and do business?   Do the other companies (CW,ML,W, etc) have their own sux site? The question should be whether any of the derogotary stuff is TRUE?  It might be a way to get a foot in the door but again, being associated with a disreputable company, or a company with excessively high fees (i.e. possibly not looking out for customer's best interersts) might not look good on a resume.
 
Read the links re: lawsuits, complaints mentioned on the sux site, research and decide for yourself.  Determine if you would want to hire an fa, would you hire one from the company you would work for?  Possibly give them a trial period and work for them to determine for yourself, first hand--if the negative stuff is true, immediately give your resignation.... unless ....
 
However, if your experience and/or education is lacking and they will hire you and you really want to work in the career field or give it a shot, it's still a "foot in the door".  So, why not?
It also appears that there are good and bad experiences with this company, too--as you will read on the sux site if you check it out.
 
Comment:  I'm glad that newbies or people researching the field aren't being cyberbullied or immediately insulted as they were before siince this is one way for someone to totally lose interest in the career field for whatever reason and it stifles further inquiries. 
 
Good site improvements whether anyone thinks I'm a troll or not.  I am "neutral" on ameriprise - however, from my interview with aefa (former company):
 
1.  No formal sales but have business/education: invited to interview several times, thus, recruiters always scouting for resume.  
1.  Sell products with the most commission.
2.  Take test to determine how far you would go (to deceive) to make a sale. -- this was my impression of the computer test I took, folks.
3.  Hiring practices:  Hired by the first interviewer or invited for second interview--declined due to illness in family at the time.  Reinterviewed with a young arm candy type (20 something) and didn't pass the interview even though, I mentioned I had passed before.  Prior lawsuit that was won by 40 or older women. 
4.  Required to work long hours.  $25K pay.  Pay for own licenses but company will pay upfront and you have to pay them back.  If they fire you, you still have to pay them back (maybe? ...not sure on this one.) 
5.  Can work up to being an indy.
6.  Assured you can make really really big bucks if successful.
7.  If you don't make sales quotas, you are fired.
8.  You must bring in several leads before getting hired (2nd interview phase).
9.  Impression that you will be busy recruiting friends and family ...and
10.  Fishbowl lunches.
 
It is a way to "get a foot in the door" if you really want to work in this career field.  I decided it wasn't for me and was researching the career field again via this forum for someone in my family selling insurance who may want to venture this route, too, in the future.

charlie_broker's picture
Offline
Joined: 2007-09-15

sorry, there isn't an edit feature:
 
40 or older women.   - that's women who are 40 or older.
CW - CS.
 
Re: 4.  As I recall, you could do sales if you worked with licensed advisors before you got your licenses and any sales commissions would be subtracted from the $25K draw salary.  It's not $25K plus commissions - its' $25K salary with commissions subtracted first. 
 
Additionally, you need to have your licenses completed within a time period; however, you are given time to study for these at work (the 60-80 hour work week).  OR,
another option, study for your licenses on your own, pay the fees upfront and no salary draw: come back after you are licensed (i.e., they are "sponsoring" you for the licenses.)
 
hey...! added an edit feature as someone pointed out.  
 
PS:  Yom Huledet Same'ach!  Christmas Sameakh   and  shana tova, http://www.youtube.com/watch?v=6ZLq_JB8H44 too!  
 
Happy song:
As for me, I'm very glad for I didn't work for Ameriprise
or do business with them.
repeat to the tune of... http://www.youtube.com/watch?v=BFtv5qe5o3c 
 
and the Happy Dance: http://www.youtube.com/watch?v=ndPJRh_K2yc
...but find out for yourself. http://www.youtube.com/watch?v=ia34kknFpk0&feature=related 
and I saved a bunch of money on my car insurance, too!
 
Happy Holidays!

Please or Register to post comments.

Industry Newsletters
Careers Category Sponsor Links

Sponsored Introduction Continue on to (or wait seconds) ×