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Wet_Blanket View Drop Down
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Team America (not iMo)

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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.
Ducati's Prediction (06/24/2022):

Ducati: The economy far outweighs blue haired women screaming about abortion this election.
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nest View Drop Down
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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
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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?


"We probably have a 98% close rate." - Circlejerk 7-28-22

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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!!
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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
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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.


"We probably have a 98% close rate." - Circlejerk 7-28-22

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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 . . . 
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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. 
Ducati's Prediction (06/24/2022):

Ducati: The economy far outweighs blue haired women screaming about abortion this election.
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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!  
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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.
Ducati's Prediction (06/24/2022):

Ducati: The economy far outweighs blue haired women screaming about abortion this election.
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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
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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
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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. 
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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. 
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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
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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. 

😬😬😬😬😬😬😬😬😬😬😬😬😬
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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,
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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.”

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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
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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,
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