Advisorheads Homepage
Forum Home Forum Home > Introductions > Greenhorn Introductions
  New Posts New Posts RSS Feed - Potential Advisor
  FAQ FAQ  Forum Search   Events   Register Register  Login Login

Potential Advisor

 Post Reply Post Reply Page  <123>
Author
Message
Wet_Blanket View Drop Down
Admin Group
Admin Group
Avatar
Team America (not iMo)

Joined: Mar/10/2010
Location: New England
Status: Online
Points: 43644
Post Options Post Options   Thanks (0) Thanks(0)   Quote Wet_Blanket Quote  Post ReplyReply Direct Link To This Post Posted: Aug/17/2022 at 4:23pm
Great, SN aliases are now coming back.
The true 🤡 was the Biden voter all along.
Back to Top
nest View Drop Down
Member
Member

Tech Guy

Joined: Jul/07/2012
Status: Offline
Points: 464
Post Options Post Options   Thanks (0) Thanks(0)   Quote nest Quote  Post ReplyReply Direct Link To This Post Posted: Aug/17/2022 at 4:26pm
End of days
Back to Top
missionshooter View Drop Down
Senior Member
Senior Member
Avatar

Joined: Feb/12/2014
Status: Offline
Points: 6136
Post Options Post Options   Thanks (0) Thanks(0)   Quote missionshooter Quote  Post ReplyReply Direct Link To This Post Posted: Aug/17/2022 at 6:53pm
Originally posted by nest nest wrote:

It all came over slowly so I never actually calculated it. Maybe 15 quick and some more dripped over? That’s a guess. Current book is 205 clients 47MM. 

For anyone interested in the career progression:
 
Series 65 RIA
Ej
Cetera
Ameriprise 



What made you go to ameriprise?? The check?
Our purpose is to partner for a positive impact- to improve the lives of our clients and colleagues, and together, better our communities and society.

Back to Top
CashFlow View Drop Down
Senior Member
Senior Member


Joined: May/04/2011
Status: Offline
Points: 1578
Post Options Post Options   Thanks (0) Thanks(0)   Quote CashFlow Quote  Post ReplyReply Direct Link To This Post Posted: Aug/17/2022 at 7:06pm
Originally posted by nest nest wrote:

It all came over slowly so I never actually calculated it. Maybe 15 quick and some more dripped over? That’s a guess. Current book is 205 clients 47MM. 

For anyone interested in the career progression:
 
Series 65 RIA
Ej
Cetera
Ameriprise 



Happy for you Nest!!
Back to Top
Macduff View Drop Down
Senior Member
Senior Member
Avatar

Joined: Oct/27/2013
Location: United States
Status: Offline
Points: 1140
Post Options Post Options   Thanks (0) Thanks(0)   Quote Macduff Quote  Post ReplyReply Direct Link To This Post Posted: Aug/17/2022 at 7:55pm
P1 or P2? 

I'm guessing P1 if you're a manager.
“I was born for the storm, and a calm does not suit me.”

― Andrew Jackson
Back to Top
missionshooter View Drop Down
Senior Member
Senior Member
Avatar

Joined: Feb/12/2014
Status: Offline
Points: 6136
Post Options Post Options   Thanks (0) Thanks(0)   Quote missionshooter Quote  Post ReplyReply Direct Link To This Post Posted: Aug/18/2022 at 4:33pm
Ameriprise sounds great...

Ameriprise's Independent Channel (P2) charges franchise-like fees, they require that you hit production levels across a variety of categories (new clients acquired, GDC, financial planning fees, etc) and such production determines your actual payout.
Our purpose is to partner for a positive impact- to improve the lives of our clients and colleagues, and together, better our communities and society.

Back to Top
I Miss Jim View Drop Down
Member
Member


Joined: Aug/01/2022
Status: Offline
Points: 273
Post Options Post Options   Thanks (0) Thanks(0)   Quote I Miss Jim Quote  Post ReplyReply Direct Link To This Post Posted: Aug/18/2022 at 6:12pm
Originally posted by missionshooter missionshooter wrote:

Ameriprise sounds great...

Ameriprise's Independent Channel (P2) charges franchise-like fees, they require that you hit production levels across a variety of categories (new clients acquired, GDC, financial planning fees, etc) and such production determines your actual payout.

Only Ameriprise presence in my market is some dude who works out of his home and puts all his clients’ money in Riversource VAs. He’s not taken seriously by any of the real advisors in town. 

I’d be inclined to bash Ameriprise, but they just stole the biggest producer at my firm, so they must have something else to offer besides overpriced insurance products . . . 
Back to Top
Wet_Blanket View Drop Down
Admin Group
Admin Group
Avatar
Team America (not iMo)

Joined: Mar/10/2010
Location: New England
Status: Online
Points: 43644
Post Options Post Options   Thanks (0) Thanks(0)   Quote Wet_Blanket Quote  Post ReplyReply Direct Link To This Post Posted: Aug/18/2022 at 7:19pm
My predecessor owns three multi-million dollar homes, knows thousands for RIAs, and who does he have handle his investments? Some guy at Ameriprise. Never understood it. I haven't asked him, didn't want to insult him or his guy. 
The true 🤡 was the Biden voter all along.
Back to Top
Nathan Explosion View Drop Down
Platinum Member
Platinum Member
Avatar

Joined: Mar/08/2011
Status: Online
Points: 35333
Post Options Post Options   Thanks (0) Thanks(0)   Quote Nathan Explosion Quote  Post ReplyReply Direct Link To This Post Posted: Aug/18/2022 at 7:40pm
Originally posted by Wet_Blanket Wet_Blanket wrote:

My predecessor owns three multi-million dollar homes, knows thousands for RIAs, and who does he have handle his investments? Some guy at Ameriprise. Never understood it. I haven't asked him, didn't want to insult him or his guy. 

Breaking the souls of financial advisors pays well!  
Back to Top
Wet_Blanket View Drop Down
Admin Group
Admin Group
Avatar
Team America (not iMo)

Joined: Mar/10/2010
Location: New England
Status: Online
Points: 43644
Post Options Post Options   Thanks (0) Thanks(0)   Quote Wet_Blanket Quote  Post ReplyReply Direct Link To This Post Posted: Aug/18/2022 at 7:43pm
Originally posted by Nathan Explosion Nathan Explosion wrote:

Originally posted by Wet_Blanket Wet_Blanket wrote:

My predecessor owns three multi-million dollar homes, knows thousands for RIAs, and who does he have handle his investments? Some guy at Ameriprise. Never understood it. I haven't asked him, didn't want to insult him or his guy. 

Breaking the souls of financial advisors pays well!  
More like preventing them from doing dumb shit pays well. It happens often.
The true 🤡 was the Biden voter all along.
Back to Top
Nathan Explosion View Drop Down
Platinum Member
Platinum Member
Avatar

Joined: Mar/08/2011
Status: Online
Points: 35333
Post Options Post Options   Thanks (0) Thanks(0)   Quote Nathan Explosion Quote  Post ReplyReply Direct Link To This Post Posted: Aug/18/2022 at 7:48pm
Originally posted by Wet_Blanket Wet_Blanket wrote:

Originally posted by Nathan Explosion Nathan Explosion wrote:

Originally posted by Wet_Blanket Wet_Blanket wrote:

My predecessor owns three multi-million dollar homes, knows thousands for RIAs, and who does he have handle his investments? Some guy at Ameriprise. Never understood it. I haven't asked him, didn't want to insult him or his guy. 

Breaking the souls of financial advisors pays well!  
More like preventing them from doing dumb shit pays well. It happens often.

Hug
Back to Top
Macduff View Drop Down
Senior Member
Senior Member
Avatar

Joined: Oct/27/2013
Location: United States
Status: Offline
Points: 1140
Post Options Post Options   Thanks (0) Thanks(0)   Quote Macduff Quote  Post ReplyReply Direct Link To This Post Posted: Aug/18/2022 at 8:29pm
Originally posted by Wet_Blanket Wet_Blanket wrote:

My predecessor owns three multi-million dollar homes, knows thousands for RIAs, and who does he have handle his investments? Some guy at Ameriprise. Never understood it. I haven't asked him, didn't want to insult him or his guy. 


AMP > Betterment

Don't @ me.
“I was born for the storm, and a calm does not suit me.”

― Andrew Jackson
Back to Top
Iamlegend View Drop Down
Platinum Member
Platinum Member
Avatar

Joined: Mar/09/2010
Status: Offline
Points: 22532
Post Options Post Options   Thanks (0) Thanks(0)   Quote Iamlegend Quote  Post ReplyReply Direct Link To This Post Posted: Aug/18/2022 at 8:59pm
Originally posted by Macduff Macduff wrote:

Originally posted by Wet_Blanket Wet_Blanket wrote:

My predecessor owns three multi-million dollar homes, knows thousands for RIAs, and who does he have handle his investments? Some guy at Ameriprise. Never understood it. I haven't asked him, didn't want to insult him or his guy. 


AMP > Betterment

Don't @ me.

He probably wanted to avoid the conflict of working with a client or potential client. 
Back to Top
nest View Drop Down
Member
Member

Tech Guy

Joined: Jul/07/2012
Status: Offline
Points: 464
Post Options Post Options   Thanks (0) Thanks(0)   Quote nest Quote  Post ReplyReply Direct Link To This Post Posted: Aug/24/2022 at 10:03am
I came to Ameriprise because the office I was brought in to run happens to be here. I didn’t do much due diligence on Amp. I’m on the franchise side and the comp was good so I took the job. Now that I’m here I would never choose Amp. I can’t believe the big EJ girl came over here. They clearly just paid her a fuck ton. They nickel and dime advisors constantly. Manipulating payout grids. Now just as of this week if you buy another Ameriprise book you have to hold it at the previous owners grid for 3 years! So if we’re at 91% payout and buy a book @ 75% we have to use the 75% for 3 years. Frustrate the hell out of me. They definitely are stock holder first mindset. Expensive for clients and advisors. 25 bps haircuts on all advisory accounts. I could go on but I’ll just ruin my day. 

That said, advisors can run the practice however they want. I’ve gotten to know a few other office and see how they run. Within an hour I have old school A shares guys, 100% recurring, and books that are 80% annuity slinging fucks. Just depends on the person like everything else. Ameriprise grid does steer towards managed accounts and charging for financial plans so that is the overall trend. 
Back to Top
B24 View Drop Down
Moderator
Moderator
Avatar

Joined: Mar/09/2010
Status: Online
Points: 25749
Post Options Post Options   Thanks (0) Thanks(0)   Quote B24 Quote  Post ReplyReply Direct Link To This Post Posted: Aug/24/2022 at 10:09am
Originally posted by nest nest wrote:

I came to Ameriprise because the office I was brought in to run happens to be here. I didn’t do much due diligence on Amp. I’m on the franchise side and the comp was good so I took the job. Now that I’m here I would never choose Amp. I can’t believe the big EJ girl came over here. They clearly just paid her a fuck ton. They nickel and dime advisors constantly. Manipulating payout grids. Now just as of this week if you buy another Ameriprise book you have to hold it at the previous owners grid for 3 years! So if we’re at 91% payout and buy a book @ 75% we have to use the 75% for 3 years. Frustrate the hell out of me. They definitely are stock holder first mindset. Expensive for clients and advisors. 25 bps haircuts on all advisory accounts. I could go on but I’ll just ruin my day. 

That said, advisors can run the practice however they want. I’ve gotten to know a few other office and see how they run. Within an hour I have old school A shares guys, 100% recurring, and books that are 80% annuity slinging fucks. Just depends on the person like everything else. Ameriprise grid does steer towards managed accounts and charging for financial plans so that is the overall trend. 

It seems like the firm is structured such that it makes it very hard to leave. No?
"If Bellicheat pulls that rabbit out of his a$$ with this kid at quarterback, I'll personally kiss his ring." - Sporsfreak, 09/20/16

"Jags/Vikes Super Bowl. Write it down" - Sportsfreak 01/19/18
Back to Top
SometimesNowhere View Drop Down
Gold Member
Gold Member


Joined: Mar/11/2010
Status: Offline
Points: 13989
Post Options Post Options   Thanks (0) Thanks(0)   Quote SometimesNowhere Quote  Post ReplyReply Direct Link To This Post Posted: Aug/24/2022 at 10:13am
Originally posted by nest nest wrote:

I came to Ameriprise because the office I was brought in to run happens to be here. I didn’t do much due diligence on Amp. I’m on the franchise side and the comp was good so I took the job. Now that I’m here I would never choose Amp. I can’t believe the big EJ girl came over here. They clearly just paid her a fuck ton. They nickel and dime advisors constantly. Manipulating payout grids. Now just as of this week if you buy another Ameriprise book you have to hold it at the previous owners grid for 3 years! So if we’re at 91% payout and buy a book @ 75% we have to use the 75% for 3 years. Frustrate the hell out of me. They definitely are stock holder first mindset. Expensive for clients and advisors. 25 bps haircuts on all advisory accounts. I could go on but I’ll just ruin my day. 

That said, advisors can run the practice however they want. I’ve gotten to know a few other office and see how they run. Within an hour I have old school A shares guys, 100% recurring, and books that are 80% annuity slinging fucks. Just depends on the person like everything else. Ameriprise grid does steer towards managed accounts and charging for financial plans so that is the overall trend. 

😬😬😬😬😬😬😬😬😬😬😬😬😬
Back to Top
luvindy View Drop Down
Moderator
Moderator
Avatar

Joined: May/17/2010
Status: Offline
Points: 25767
Post Options Post Options   Thanks (0) Thanks(0)   Quote luvindy Quote  Post ReplyReply Direct Link To This Post Posted: Aug/24/2022 at 10:36am
Originally posted by nest nest wrote:

I came to Ameriprise because the office I was brought in to run happens to be here. I didn’t do much due diligence on Amp. I’m on the franchise side and the comp was good so I took the job. Now that I’m here I would never choose Amp. I can’t believe the big EJ girl came over here. They clearly just paid her a fuck ton. They nickel and dime advisors constantly. Manipulating payout grids. Now just as of this week if you buy another Ameriprise book you have to hold it at the previous owners grid for 3 years! So if we’re at 91% payout and buy a book @ 75% we have to use the 75% for 3 years. Frustrate the hell out of me. They definitely are stock holder first mindset. Expensive for clients and advisors. 25 bps haircuts on all advisory accounts. I could go on but I’ll just ruin my day. 

That said, advisors can run the practice however they want. I’ve gotten to know a few other office and see how they run. Within an hour I have old school A shares guys, 100% recurring, and books that are 80% annuity slinging fucks. Just depends on the person like everything else. Ameriprise grid does steer towards managed accounts and charging for financial plans so that is the overall trend. 

nest is my new favorite poster.
8/31/12,Sportsfreak:
"If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time."
Dow 13,090 S&P 1406
5/23/13 UC:Dow 20k before 20% crrectn Dow 15,
Back to Top
Macduff View Drop Down
Senior Member
Senior Member
Avatar

Joined: Oct/27/2013
Location: United States
Status: Offline
Points: 1140
Post Options Post Options   Thanks (0) Thanks(0)   Quote Macduff Quote  Post ReplyReply Direct Link To This Post Posted: Aug/24/2022 at 10:55am
Originally posted by nest nest wrote:

I came to Ameriprise because the office I was brought in to run happens to be here. I didn’t do much due diligence on Amp. I’m on the franchise side and the comp was good so I took the job. Now that I’m here I would never choose Amp. I can’t believe the big EJ girl came over here. They clearly just paid her a fuck ton. They nickel and dime advisors constantly. Manipulating payout grids. Now just as of this week if you buy another Ameriprise book you have to hold it at the previous owners grid for 3 years! So if we’re at 91% payout and buy a book @ 75% we have to use the 75% for 3 years. Frustrate the hell out of me. They definitely are stock holder first mindset. Expensive for clients and advisors. 25 bps haircuts on all advisory accounts. I could go on but I’ll just ruin my day. 

That said, advisors can run the practice however they want. I’ve gotten to know a few other office and see how they run. Within an hour I have old school A shares guys, 100% recurring, and books that are 80% annuity slinging fucks. Just depends on the person like everything else. Ameriprise grid does steer towards managed accounts and charging for financial plans so that is the overall trend. 

This is going to cut into margins. When I was there, I saw some crazy multiples on book purchases. IIRC, I saw 4-4.5x on a couple. Lowering the profitability there hurts both the buyers and sellers. 

Fuck AMP though. I was an AFA in a P2 CAC practice and I couldn't stand it, for many of the reasons you mentioned. I saw the writing on the wall; it wasn't worth building a book there and being stuck, so I left and started over.
“I was born for the storm, and a calm does not suit me.”

― Andrew Jackson
Back to Top
B24 View Drop Down
Moderator
Moderator
Avatar

Joined: Mar/09/2010
Status: Online
Points: 25749
Post Options Post Options   Thanks (0) Thanks(0)   Quote B24 Quote  Post ReplyReply Direct Link To This Post Posted: Aug/24/2022 at 10:58am
Originally posted by Macduff Macduff wrote:

Originally posted by nest nest wrote:

I came to Ameriprise because the office I was brought in to run happens to be here. I didn’t do much due diligence on Amp. I’m on the franchise side and the comp was good so I took the job. Now that I’m here I would never choose Amp. I can’t believe the big EJ girl came over here. They clearly just paid her a fuck ton. They nickel and dime advisors constantly. Manipulating payout grids. Now just as of this week if you buy another Ameriprise book you have to hold it at the previous owners grid for 3 years! So if we’re at 91% payout and buy a book @ 75% we have to use the 75% for 3 years. Frustrate the hell out of me. They definitely are stock holder first mindset. Expensive for clients and advisors. 25 bps haircuts on all advisory accounts. I could go on but I’ll just ruin my day. 

That said, advisors can run the practice however they want. I’ve gotten to know a few other office and see how they run. Within an hour I have old school A shares guys, 100% recurring, and books that are 80% annuity slinging fucks. Just depends on the person like everything else. Ameriprise grid does steer towards managed accounts and charging for financial plans so that is the overall trend. 

This is going to cut into margins. When I was there, I saw some crazy multiples on book purchases. IIRC, I saw 4-4.5x on a couple. Lowering the profitability there hurts both the buyers and sellers. 

Fuck AMP though. I was an AFA in a P2 CAC practice and I couldn't stand it, for many of the reasons you mentioned. I saw the writing on the wall; it wasn't worth building a book there and being stuck, so I left and started over.

In their defense, they make it real easy to acquire other practices (probably helps keep assets in-house). Guy in my town has just been buying retiring advisor's books all over the place. I think he's close to $1B AUM, and he didn't gather most of that. 
"If Bellicheat pulls that rabbit out of his a$$ with this kid at quarterback, I'll personally kiss his ring." - Sporsfreak, 09/20/16

"Jags/Vikes Super Bowl. Write it down" - Sportsfreak 01/19/18
Back to Top
luvindy View Drop Down
Moderator
Moderator
Avatar

Joined: May/17/2010
Status: Offline
Points: 25767
Post Options Post Options   Thanks (0) Thanks(0)   Quote luvindy Quote  Post ReplyReply Direct Link To This Post Posted: Aug/24/2022 at 11:05am
My friend at AMP says they openly talk about merging branches to stock production for better payout grids. As others have said, the big value proposition is seamless transition and retirement sale planning. I'm surprised they'd punish a buyer for doing a purchase with the lower payout considering the seller could have merged into the branch prior to the sale. 
8/31/12,Sportsfreak:
"If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time."
Dow 13,090 S&P 1406
5/23/13 UC:Dow 20k before 20% crrectn Dow 15,
Back to Top
 Post Reply Post Reply Page  <123>
  Share Topic   

Forum Jump Forum Permissions View Drop Down

Forum Software by Web Wiz Forums® version 12.03
Copyright ©2001-2019 Web Wiz Ltd.

This page was generated in 0.094 seconds.