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Wet_Blanket ![]() Admin Group ![]() ![]() Team America (not iMo) Joined: Mar/10/2010 Location: New England Status: Offline Points: 41207 |
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Great, SN aliases are now coming back.
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Ducati's Prediction (06/24/2022):
Ducati: The economy far outweighs blue haired women screaming about abortion this election. |
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nest ![]() Member ![]() Tech Guy Joined: Jul/07/2012 Status: Offline Points: 464 |
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End of days
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missionshooter ![]() Senior Member ![]() ![]() Joined: Feb/12/2014 Status: Offline Points: 5663 |
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What made you go to ameriprise?? The check?
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"We probably have a 98% close rate." - Circlejerk 7-28-22 |
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CashFlow ![]() Senior Member ![]() Joined: May/04/2011 Status: Offline Points: 927 |
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Happy for you Nest!!
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Macduff ![]() Senior Member ![]() ![]() Joined: Oct/27/2013 Location: United States Status: Offline Points: 1017 |
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P1 or P2?
I'm guessing P1 if you're a manager.
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“I was born for the storm, and a calm does not suit me.”
― Andrew Jackson |
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missionshooter ![]() Senior Member ![]() ![]() Joined: Feb/12/2014 Status: Offline Points: 5663 |
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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.
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"We probably have a 98% close rate." - Circlejerk 7-28-22 |
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I Miss Jim ![]() Member ![]() Joined: Aug/01/2022 Status: Offline Points: 135 |
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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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Wet_Blanket ![]() Admin Group ![]() ![]() Team America (not iMo) Joined: Mar/10/2010 Location: New England Status: Offline Points: 41207 |
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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.
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Ducati's Prediction (06/24/2022):
Ducati: The economy far outweighs blue haired women screaming about abortion this election. |
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Nathan Explosion ![]() Platinum Member ![]() ![]() Joined: Mar/08/2011 Status: Offline Points: 32276 |
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Breaking the souls of financial advisors pays well!
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Wet_Blanket ![]() Admin Group ![]() ![]() Team America (not iMo) Joined: Mar/10/2010 Location: New England Status: Offline Points: 41207 |
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Ducati's Prediction (06/24/2022):
Ducati: The economy far outweighs blue haired women screaming about abortion this election. |
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Nathan Explosion ![]() Platinum Member ![]() ![]() Joined: Mar/08/2011 Status: Offline Points: 32276 |
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Macduff ![]() Senior Member ![]() ![]() Joined: Oct/27/2013 Location: United States Status: Offline Points: 1017 |
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AMP > Betterment Don't @ me.
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“I was born for the storm, and a calm does not suit me.”
― Andrew Jackson |
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Iamlegend ![]() Platinum Member ![]() ![]() Joined: Mar/09/2010 Status: Offline Points: 21280 |
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He probably wanted to avoid the conflict of working with a client or potential client.
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nest ![]() Member ![]() Tech Guy Joined: Jul/07/2012 Status: Offline Points: 464 |
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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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B24 ![]() Moderator ![]() ![]() Joined: Mar/09/2010 Status: Offline Points: 23771 |
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It seems like the firm is structured such that it makes it very hard to leave. No?
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"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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SometimesNowhere ![]() Gold Member ![]() Joined: Mar/11/2010 Status: Offline Points: 13735 |
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😬😬😬😬😬😬😬😬😬😬😬😬😬
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luvindy ![]() Moderator ![]() ![]() Joined: May/17/2010 Status: Offline Points: 23949 |
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nest is my new favorite poster.
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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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Macduff ![]() Senior Member ![]() ![]() Joined: Oct/27/2013 Location: United States Status: Offline Points: 1017 |
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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.
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“I was born for the storm, and a calm does not suit me.”
― Andrew Jackson |
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B24 ![]() Moderator ![]() ![]() Joined: Mar/09/2010 Status: Offline Points: 23771 |
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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.
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"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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luvindy ![]() Moderator ![]() ![]() Joined: May/17/2010 Status: Offline Points: 23949 |
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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.
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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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