Potential Advisor

End of days

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

Ameriprise sounds great...

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. 

Nathan Explosion wrote: 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.

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.

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. 

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 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.

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.