Comments

1. Michael Says:
   December 12th, 2005 at 9:39 pm

   I interviewed with them about two years ago, so this may be out of date. First of all, they contacted me rather than the other way around, which is very rare for employers. To get through the interview, you have to pass a test (very, very easy; anyone who passed eighth grade should be able to pass the test), go through an in-person interview (just standard interview questions), and go through several call simulations. After passing those three things, you get a job offer. Starting out, you make less than $30k after passing the Series exams. They pay you some modest amount as you study. Then, you work your butt off. The phrase I kept hearing was, “You won’t be making six figures, but you’ll be working like you make six figures.” After a few years, you’re supposed to have built up a client base of around a hundred people, which is supposed to push your commissions into the six figure range. Then, you’re allowed to go off independently similar to a franchise or go into administration.
   When I was in the room for the initial presentation, I totally felt like I was in the scene from Boiler Room where Seth hears his first presentation about the company. I also remember how they kept on stressing that they didn’t do “cold calls”. The people who I dealt with were definitely your hard-sell salespeople types.
   I’m also concerned about my recent experience with them where they kept on calling our office. Actually, this is a funny story. After we won the fish bowl contest and had our free lunch, he first called one of my coworkers on a cell phone. He then called the office line, and she picked up again. When he heard her name, he actually lied about who he was when he asked for me. Then, he called the same line again, and the same coworker picked up again (we all share the same number). She put the guy on hold for another coworker, and the guy hung up and gave up on us. I think he knew he was up for a match when he found out we all worked at a financial consulting firm.
   Anyway, it’s basically a sales job. You’re not so much an adviser as someone selling their products. They don’t require a good education or prior knowledge of finance. The only guarantee you have of their quality is their having passed the Series exams, which basically anyone can pass. Basically, take their advice with a grain of salt. Like I said in another comment, I’m sure there are good advisers that work for them, but I wouldn’t count on it. I also get the impression that they have a very high turnover rate, as they are very aggressive in recruiting and the first few years sound like they really stink.

2. jigsaw1975 Says:
   December 12th, 2005 at 10:40 pm

   Hi,

   Can you look at this website and let me know if this is legit?

   http://www.self-help.org/depos.....trates.asp

3. justanotherblogger Says:
   December 13th, 2005 at 6:26 am

   I’ve had them contact me a few times to ask if I was interested in an interview. I politely declined every time.

4. Flexo Says:
   December 13th, 2005 at 6:54 am

   I had my resume online on monster or careerbuilder and someone from the local Ameriprise contacted me about coming in for an interview. I wasn’t interested in a sales job…

5. Jonathan Says:
   December 13th, 2005 at 8:39 am

   Self-Help CU looks to be insured by the NCUA, similar to FDIC for banks. NCUA.gov Registration

6. Loi Tran Says:
   December 13th, 2005 at 9:49 am

   Draw is usually 30k a year or less depending on the company. The thing is they want you to have a certain amount of appointments to meet or they will not pay you. When someone is on draw, they usually earn half the commission. So they may instead of getting 40%, they will get 20%. They also get no bonuses.

7. Brian Says:
   December 13th, 2005 at 10:59 am

   Is Edward Jones any different?
   They pride themselves on being a “hometown” financial services company, so you can pretty much set one up anywhere. I was looking at the career portion of their website and here is what new Investment Reps(IR) must commit to:
   New IRs must:
   1. Make 25 quality contacts per day (125 per week).
   2. Ask open-ended questions to obtain financial information.
   3. Present an appropriate investment and ASK for the order.
   4. Assess each contact, add to prospect funnel - MyDesktop - and indicate next action.
   5. Contact each prospect at least every two weeks.

   The training is a little more rigorous than Ameriprise but the hard sell tactics are still there. I know my dad has been with Edward Jones for years and has never had complaints.
   Was wondering if any of you had any experiences with t
   hem.

8. Mark Says:
   December 14th, 2005 at 1:27 pm

   I had the “30 minute presentation” about a month ago. My wife had to leave a luncheon this guy sponsored and felt obligated.

   When we arrived it took ten minutes to get us into a room. The rep introduced us to another rep who sat in. This guy was obviously the other’s boss. Neither gave off the vibe of a certified planner but rather a guy with a presentation to make.

   I have a pretty good financial background and accounts with about a half dozen brokers - as soon as my knowledge of investing became obvious (after about twenty minutes) he changed in midstream and started pushing long term care insurance and estate planning.

   By then I was ready to end it courteously. I told him I would be glad to consider dealing with him further if he would provide me with two references. His response to that was “Well, you know I’m only going to give you names that will be great references so why don’t we skip that?”

   That was it for me. I got a bit short, so much so that my wife berated me after we left. I felt a bit guilty but it has since gone away. She hasn’t had to deal with cold-calling brokers for thirty years so is unfamiliar with the marketing end of finance.

   Long story short, I haven’t heard from them since, and I can only assume that I am not on their priority list.

   Mark

9. Oliver Says:
   December 15th, 2005 at 6:18 pm

   I meet with an Ameriprise guy about 6 months ago because I got a letter in the mail about get 25K MR points. So I called up and made an appointment with the person.

   At first the guy started to pitch me a managed mutual fund account. So I asked what does my 1.75% fee management fee pay for. So he told I would get access to some great mutual funds. So I asked him to give me some examples. All the funds on his list where class A shares of retail funds with 5.75% front end load. So I told the guy sorry not interested in loaded funds.

   Then the guy tried to sell me full term life insurance policy. So I said sorry not interest in that either. At this point he got mad and started to get agressive with me. He started to tell me I dont know how to handle my money or how mutual funds work. So I said thank you for the presentation and could you please sign my post card so I could get my bonus points from Amex.

   He refused to sign the post card because he said I waisted his time and the only reason I came in was to get the bonus points.

   So I went off on him and said. Well for starters I have a manage mutual fund profolio from Smith Barney who charges 1% management fee and only invests in class F shares which are not loaded. I might have considered investing with you except you tried to take advantage of me by recommend only Class A mutual funds so you could get highest commision from me. I told him he got 2 choices he could fill out my post card or I was going to call Amex and let them know not only did he refuse to fill it out and tried to rip me off. He filled out the form and I left.

   Btw I got a call from someone else in his office like 2-3 months later offering to meet with me to review my goals and consider opening an account with them. I said No thank you please remove me from you call list.

10. The Unknown Professor Says:
    December 19th, 2005 at 8:04 am

    I used to work for them 20+ years ago when they were Investors Diversified Services (and then American Express Financial Advisors). It’s true - they are a slaes organization, since financial planning services are more often sold than bought.

    My take is that they arenn’t the best, but they do add value to their primary target market. If you’re financially sophisticated and disciplined, you cna do better by researching things on your own, creating your own plan, and shopping for products on your own. However, their main market is the people that won’t (or don’t) do that. For these people, they don’t provide the “best” alternative, but they definitely do improve their finances. So, whether they’re good or bad depends on what you’re comparing them to (i.e. the “best” or what their customers were doing before they met them).

    They do provide pretty good training to their staff, and most will eventually go on to get their CFP designation. They were among the first companies to push “consultative selling” where they actually listened to customers’ goals and objectives.

    However, when all’s said and done, they’re looking for salespeople, since to make it in that field takes a lot of sales ability, a great deal of motivation, and a very, very thick skin.

11. Strom Says:
    December 19th, 2005 at 12:42 pm

    As an investment consultant with a competing firm, I have found myself over the years looking forward to any competitive situation with Ameriprise or, as I like to call them, Annuity Hut. Like a hammer seeing every problem as a nail, in almost every case I have ever seen, their recommended solution to any investment question is either a variable annuity or a variable universal life policy, often both. You will be sold a $400 ‘financial plan’ in which the ultimate conclusion will be to, surprise, buy a variable annuity or vul policy.

    Earlier this year, I made a presentation to a couple that had just been through the spiel with a two-man team from (at that time) AMEX. The annuity pitch always sounds great - guaranteed growth, variety of investment options, etc. Unfortunately, AMEX claimed (in writing, signed by the branch manager) that the annuity was a ‘no load’ and that even though the annuity would be going into an IRA, it was worth the added expense because of the guaranteed growth rider. Of course, when we went through the actual contract together and looked at all the relevant expenses, the 7% selling commission (eh, no load?) and an NASD printout showing one of the ‘advisors’ had filed for bankruptcy less than a year ago, it quickly unwound. The only thing unusual in this story was that they had put some of their sales pitch fantasies in writing.

12. thc Says:
    December 20th, 2005 at 7:12 am

    Look folks, you’re not going to get much a “financial consultation” from anyone giving out gift cards at Costco. And, if you expect to work with somebody with financial planning credentials, you had better have at least $250k available to invest. I’m a CFP with one of the largest firms and I don’t talk to anyone off the street unless I know they can afford me.

    As for working in the field, you don’t need experience to get a job with most firms, but to be successful you have to be able to learn a lot very quickly and work your butt off.

13. fargo Says:
    January 8th, 2006 at 11:24 pm

    How can anyone be so ignorant as to generalize about all advisors affiliated with any one broker-dealer? As a CFP affiliated with Ameriprise, I don’t offer annuities or proprietary funds. Only work by referral. Take a look at yourself and your generalizations. No one works for free and stays in any business.

14. Eric Says:
    January 26th, 2006 at 11:15 am

    Mark’s posting shows just how stupid he is. If you are in a managed account, you do not pay the 5.75% front load on mutual funds. Instead the fee is waived. Know what you’re talking about before you go out and post something like that.

15. Michael Says:
    January 30th, 2006 at 12:52 pm

    http://www.nytimes.com/2006/01.....6data.html

16. Sam Says:
    January 30th, 2006 at 8:00 pm

    Hi guys listen I just got a job at Ameriprise and I’m supposed to start soon. I recently graduated college and I have some serious issues about starting. I am literally starting in two weeks and I need some help determining the differences between the other financial firms out there. Im in my mid twenties and honestly I don’t know the difference. Everything I hear about the company is bad and I’m honestly worried about getting involved with a company that has a bad reputation, so if anybody can write back asap and let me know or e-mail me back I would greatly appreciate it.

17. unclebenny Says:
    February 7th, 2006 at 10:22 am

    It seems everyone here is so negative, it’s no wonder you were not sucessful. Granted financial advisors and planners can recommend ill advised instruments, that’s why consumers should research any investment on their own. It’s the job of the advisor, as i can ascertain, to present options.
    A wonderful point was made that most people are doing nothing with their money besides a savings account at their bank, if they’re lucky. A structured financial plan with investments incorporated, or worst case increasing general awareness about the necessity of such considerations, is a service in and of itself.
    Nobody likes the “hard-sell” but it seems that many grads are looking for the “soft job” these days without the requisite work.
    I was recruited by Ameriprise and am seriously considering accepting the position. I was an English major in college and was never recruited by a financial firm for obvious reasons. These big firms missed out because I have great skills and am not afraid of hard work.
    Conversely my mother and father work in securities for mid and large sized regional brokerages in NY and TX. Their new hires are practically paid interns, who “suck it up” to get their foot in the door. In Manhattan, arguably the most expensive place to live in the world next to Tokyo and Hong Kong, new hires or “sales assistants,” with their Series 7 were being paid 25-30K.
    I will do better than that my first year. I will hold “lunch and learns” and seminars at local schools to stir up business. I will ask my family for referrals. I’ll pitch my grandmother on the necessity of estate planning. And I’m going to work my ass off for retainers and comissions, but it doesn’t mean that I’ll be screwing clients in the process.

18. timmyp782 Says:
    February 9th, 2006 at 3:36 pm

    I just got a call yesterday from them. I didn’t graduate with a Business degree either but have experience in both marketing and sales, so I’m sure it’s mostly a sales job. If anyone has anymore insight or if you work at Ameriprise anywhere in New Hampshire, email me. Thanks.

19. Ace Planner Says:
    February 16th, 2006 at 12:19 am

    OK, I’m an ex-planner with AEFA, now Ameriprise, and I’m going to enlighten you all. The best deal ever for a financially illiterate person is to pay an AEFA advisor $500 to write a plan, and then purchase A Class shares, disability insurance, Variable Universal Life Policies, and long-term care insurance, etc.

    Everyone else will just try to sell you something they get a commission on, or just pitch investments at you hoping something rings a bell with you.

    A Class shares only have a front end load if they are purchased outside of a Wrap Account. The Wrap Account winds up costing much more than A Class shares over the long haul (5-10 years). And Variable Annuities work similar to Wrap Accounts for the client (including load-waived A Class subaccounts), the advisor just gets a much bigger payment up front and smaller payments over time.

    I’m an independent advisor now, and I can tell you it costs more to use me than to use a new Ameriprise advisor. Their plan writing software will tell you if you are self insured, or if you need insurance. My clients get insurance whether self insured or not: they choose to transfer risk. Their compensation is more than Edward Jones, but their focus is different: sell financial plans. Edward Jones just wants to pitch a financial product at you, and I was told by an ex-EJones rep that they sold crappy investments (too much risk for the yield in bonds for example) If you’re on this site, you might not need them, but I’d give them a fair shake, challenge their statements, and *listen* to how they respond.

20. Joaquin Says:
    February 19th, 2006 at 1:25 pm

    I just called in since i passed their easy ol “test.” Anyways, I got an interview on wednesday. Does anyone have any insight on what type of questions they ask during thier interviews? Thanks

21. Dan Says:
    March 6th, 2006 at 11:32 am

    I underwent their info session and test, then their second interview with the practice phone calls. They seemed pretty keen on taking me, even though all my experience to date has been as a social worker. They did like to say “you need a mind of an entrepeneur and the heart of a social worker for this job.” I’m still a social worker, so what does that say?

    Anyway, their draw is $6/hour. You get only draw for the first 8 weeks, then you get paid out any commissions you earn when the 8 weeks are up. Then that repeats the second 8 weeks. By the end of 16 weeks, you need to meet a quota of enrolling something like 20 clients. At 16 weeks, you start earning your commissions regularly. So, that’s $6/hour for the next 16 weeks. I turned them down based on that because I have a mortgage to cover.

    I was also not happy with their lack of attention to preparing for my interview. I would reference things on my resume and the guy gave me the look of “what are you talking about?”

    Anyway, they seemed didn’t seem professional in a way I thought financial specialists should be, they seemed to treat their applicants as interchangible, and overall, the risk of failing far outweighed the theoretical benefits.

22. RC Says:
    March 7th, 2006 at 10:17 am

    I do have an Ameriprise Financial Advisor. I agree that they are probably pushed to some extent on the funds they recommend, but to be fair, my advisor was a verbal referral from a friend, and the advisor completely understands my financial goals/desires. So, in general I am happy.

    I do wish the advisor would go independent. That would for me, in my mind, remove any of this conflict-of-interest issue lingering in my mind.

    The funds the advisor has recommended have performed very well. Even the obvious one or two that were likely pushed for extra commission have done fine. Could I have done better elsewhere? Probably. But I also could have done much worse as well.

23. USBfan Says:
    March 14th, 2006 at 1:19 pm

    The pay must be different in different offices. In austin, the first 20 weeks you are on a salary (just under 1000 every two weeks) plus comm. When you are hired you get a 1500.00 bonus, it basically pays for your series 7, 66 & Group 1 exam costs plus maybe 200.00) At the end of 10 weeks, you also get another 1500.00 bonus. After the 20 week (hazing or trail period) you start working on a forgivable draw of the same amount (about 1000 every two weeks). The average new rep in Austin makes about 50K their first year. A select few may make above 100K, but they basically kiss their friends/family goodbye for a year. Some make less…not much above the 24K draw…for them, it’s probably not going to be a good career for them at any firm. I don’t work for Ameriprise, but my husband did and I have a friend who works in the Austin office now. Also I read somewhere that having it on your resume is a black mark and other firms won’t hire you. Not true, my husband was hired on at Goldmans in a major market area. Ameriprise was actually really supportive about the move and didn’t put up a fuss or make him sign a non compete, so he kept most of his clients. It was a great experience for him and he thinks they have one of the best training systems in place…but that like anything, it varies from office to office.

24. Sallie Says:
    April 10th, 2006 at 11:48 am

    I went for the test and same day interview and was never called back which surprised me as all the other candidates there didn’t have a clue what the company did. I had 30 yrs succesful experience as a business entrepreneur including a couple of yrs of insurance, and investment training from a husband who owned his own Wall Street firm. Also, just the right age to know people who have money to spend.

    I found that even the simplist question to the interviewer (or any question at all), such “is this a sales oriented job?” threw him into a tizzy.

    It appeared to me that they win either way. If you’re successful and go on to a franchise, you sell their products. If you only last a couple of months, you’ve brought in customers for the long term, and when you leave they don’t owe you addl commissions on these accts (?).

25. Arthur Vandelm Says:
    June 21st, 2006 at 5:38 pm

    I am a client of ameriprise, the other day I called their 1-800 number and was very shocked. The person I talked to was very nice and helpful. He walked me through the options that I had for when my certificate came up for renewal. He did not try to sell me anything, just gave me the facts. Its nice to know even in today’s day and age that one can call and get someone who is geniune and kind. From my experience they are a very down to earth company (I believe they are based in Minneapolis)

26. Cblair Says:
    July 12th, 2006 at 9:00 pm

    I am with them now as a customer. I went with them because he was a pretty intelligent friend of mine. I have been with them for a couple of years. In short, I have a my wife and I VUL’s,IRA, Roth IRA, Disability, Term Life, 529 plans for the kids. I am not too knowledgable in this stuff. I feel I was sucked in. My gut is telling me I am getting screwed. I am going to look into getting out. After reading all the postings before me it seems that it was a great sales job by my friend. Business is busniess. I need to do what is best for me.

    Any advise?

    CBB

27. Stephen Says:
    August 8th, 2006 at 8:15 pm

    I am an advisor for Ameriprise. First, I read the original post and a couple others, but not all of the above posts.. Second, are you kidding me???

    OK, here we go…

    1) Ameriprise, as a firm, has been around since 1894… There is a reason we have been around over 110 years, have around 450 billions in assets, advise over 2.5 million clients, and need over 10,000 advisors nationwide.

    2) YES, we are compensated both by an annual planning fee(which if you dont have a written financial plan and actually want to achieve something realistic in your life, you are just dreaming) AND we also receive commsions on products we offer…. Just like any other broker out there, except, we can NOT sell you a product just because we get the most money out of the transaction. Our company is highly based on compliance, and part of that includes doing what is BEST for the client. SO, if you require something that pays more commision to us to reach your goals, then yes that is what you need. But every recommendation an Ameriprise Advisor makes, is in the best interest of the client, unlike other “planners” out there.

    3) We have nore CFP’s (CERTIFIED FINANCIAL PLANNERS) than any other company. In fact, other brokers or investors are NO LONGER aloud to call themselves financial planners because they do not have the licenses to conduct planning. They do transactional trades, and are not required to concentrate on YOUR goals and objectives like the advisors of Ameriprise do.

    4) The initial consultation which we offer to potential clients is FREE, will show you IF there is something better financially available to you, and includes EVERYTHING I have said above. We are required to disclose: 1) The company info, 2) our compensation, and 3) what exactly we do as advisors.

    In conclusion, if you have not met with an Ameriprise Financial Advisor before, I recommend taking advantage of the free consultation. If you have any questions, feel free to ask me anything. I live in south FL and do business in all of FL as well as VA currently. Email stephen.g.nagy@ampf.com

    Thanks

    Stephen Nagy
    Financial Advisor

28. Jonathan Says:
    August 8th, 2006 at 8:22 pm

    Lots of Ameriprise employess commenting here!

    Sure, you have a lot of CFPs, but what percentage are CFPs? I met with a financial advisor, and he was *not* a CFP. Does that mean I shouldn’t trust him?

    AND we also receive commsions on products we offer?. Just like any other broker out there

    Not true. Fee-only financial advisors (many of whom are also CFPs) do no earn commissions off of the financial products they sell you. See NAPFA.org.

    We are required to disclose: 1) The company info, 2) our compensation, and 3) what exactly we do as advisors.

    Yes, but you don’t do it very clearly unless asked directly. Just because it says so in fine print somewhere isn’t good enough. I have also been presented with funds with upfront loads with uncompetitive annual expense ratios. Was I told that verbally there was a commission earned on these? No.

    Finally, I have no doubt that Ameriprise has some very smart and honest employees. You may very likely be one of them. But that doesn’t mean I won’t watch out, and probably pick an advisor without conflict of interests like with Ameriprise.

    Unknown Professor’s comment about how Ameriprise can help the financially illiterate gave me pause. I guess they are a solution, perhaps not the best, but a solution for some people who would otherwise do nothing. However, I still think a fee-only planner could be a better option.

29. jen Says:
    August 14th, 2006 at 7:45 pm

    All jobs are sales jobs. this is america. we sell things to one another.

30. Raymond Says:
    September 20th, 2006 at 7:06 pm

    Just wanted to point out the following facts about Ameriprise:

    1. In many places the so called based salary is 27K (Florida for instance)

    2. Commisions are not paid until 5-6 months after you start; and when they are finally paid out, some of your salary already paid is taken from your “Release Check”

    3. They don’t tell you that you have to work 60+ hours per week until your first day of work. (30+ hours in script classes).

    4. If you don’t have 5 clients in 10 weeks = out the door

    and many many many more….

31. JustSomeBroad Says:
    September 27th, 2006 at 10:59 am

    Ok guys, here is the deal. Ray, Jen, absolutely dead on. Except when I started they stressed the fact that we would be working 60+ hours a week. Emotional competency and work-home balance (although rarely achieved) is a huge factor the company stresses to all employees. Yes, I do work for ameriprise, but I just started, so everything being said here, I see both sides, having two weeks in I am still actually critical about the process. But what you’ve got to understand is that this is corporate america, everything involves a “sale”. I have seen people push products that provide higher payouts and I have seen people not recommend expensive products simply because it’s not appropriate for someone’s specific situation. The Series 66 exam is mostly business ethics. We are held to higher standards than some people because we deal so much with such an important aspect of people’s lives- their money. If you encounter an ameriprise advisor that seems to be acting otherwise you should probably contact their manager about it for questions. It’s all about reading people guys, if you’re meeting with an advisor, make sure you like them and feel you can trust them. If someone seems a bit sheisty, odds are, you are correct. I know some people think million dollar VUL policies are ridiculous, but for someone with 3 young kids and a wife, I assure you it’s not. Keep in mind that just because something seems expensive doesn’t mean it’s not a must-have. Yeah, we sell things… but think about it, if you are someone who needs financial advice, would you prefer to go to one person who will advise you and then have to find another to implement, or would you rather build a relationship with one person and have them do it, have them know your finances inside and out and know what’s right for you?

32. JustSomeBroad Says:
    September 27th, 2006 at 11:07 am

    CBlair- I don’t know you’re exact situation but regarding average joe with a family to support, everything you listed sounds like something you should have… amounts are of course confidential for you and are different for everyone. Please keep in mind that pulling out of these programs and policies can potentially hinder the compounding effect. If you feel like you’ve been cheated I would suggest finding an unbiased second opinion. Often times managers of the advisor’s office can explain things in a different light where you may be able to see the value in what you have going, a bit more concisely. If you go to another company, they will try to gain your business as well. There are quite a few government sites where you can get unbiased information. Good luck in your future endeavors.

33. JustSomeBroad Says:
    September 27th, 2006 at 11:14 am

    just one more quick note and then I am off of this site… I have heard a lot of negativity about ameriprise’s VUL (variable universal life) policies. just wanted to note quickly is that there are two reasons behind the frequency of this recommendation. first of all for many people who would like a cash value build up that is flexible and can stay semi-liquid it is phenomenal… but secondly, we are the only company, currently, who is licensed to sell this particular type of vul with the riders that we offer… it is catching on and probably within the next year or so you will see other companies doing the same.

34. Anne Says:
    October 16th, 2006 at 7:05 am

    OK, here are some facts about Ameriprise.

    They have 34 regulatory actions against them. They have paid millions and millions and millions in fines. Here is some information from Morningstar, and you can see it all by using NASD’s Broker Check.

    link

    Ameriprise in-house (Riversource) funds are, compared to a firm like Vanguard, very expensive and poor performing. Take a look at Morningstar fund family data.

    People started pulling money out of the Riversource funds like crazy, so Ameriprise (AEFA at the time) HAD to start selling other funds. But they made sure to STILL get lots of bucks from the client ..under the table in the form of kickbacks from ’select/preferred’ fund companies . But Ameriprise didn’t tell the clients about this conflict of interest with kickbacks - or the cost to the client. This is illegal. They got caught:

    link

    Of course, Ameriprise still gets kickbacks and still has conflicts of interest, but now they are forced to disclose it:

    link

    Ameripoff hires kids off the street because those kids have parents that just might have ….money. So, kids are hired and told to go after their ‘natural narket’. I have seen terrible, expensive portfolios set up by ‘advisors’ that was a close friends or a relative of the client. And when the client questioned the advisor about the fees (that I had to tell them about–the trusted advisor/friend/relative never did!!), the trusted friendly advisor turned ugly. Very ugly.

    Ameriprise does not ‘advise’. They don’t compare all products on the market to find the best one for the client. They sell…they find a way to fit what makes them the most money into the client’s ‘plan’.

35. Stephen Says:
    October 16th, 2006 at 7:27 pm

    Anne, are you serious? Continue to read the first link you provided… it went on to say how riversource had it’s problems just like a lot of other companies, and paid fines, but were rather small compared to a lot of other companies… all financial firms that have hundreds of billions of dollars under management are going to have legal issues, and for the most part they are blown out of proportion… i was driving in Fort Lauderdale, FL a couple weeks ago and read a HUGE BILLBOARD on I-95 that said IF YOU HAVE WORKED WITH MORGAN STANLEY, CALL 1800******* TO SUE MORGAN STANLEY. Does that mean they are a terrible company, NO. They have just had issues as well as Ameriprise and whoever else you want to research.
    Riversource has perfermed poorly in the past, but has been revamped and has been perferming much better lately. Come back to this site in 5 years when all other companies are switching away from “day trading” and start to mimic riversources “Fund of Funds” concepts.

    Ameriprise hires kids off the streets? Im sure kids off the streets can pass their series 7, 66, life insurance licenses….and just go get rich natural market. Yea, im sure you are right there! GIVE ME A BREAK…. Not only is that a stupid comment, but it just does not make sense… do you have any IDEA how much money is spent on a first year advisor? tens of thousands of dollars if not over a hundred thousand dollars… im sure the leading company in the country for financial planning would spend tens of thousands of dollars on “kids off the streets”…..

    I almost did not reply to this post until I realized how pathetic of an attempt it was… Sure, some of it is true, but compared to the real world, Ameriprise IS the largest financial planning firm in the country, has over 2.8 millions clients, and is not going anywhere b/c of it’s leading concepts and ideas in the financial industry.

    Stephen Nagy
    South Florida Market Group
    stephen.g.nagy@ampf.com

36. Chris Says:
    October 31st, 2006 at 8:18 pm

    Ignorance is bliss,

    Its easy to throw rocks at the castle, when no one is throwing back.
    I have been with Ameriprise Financial for two years and I know first hand what a meeting with prospects goes like. Some of you writers act as of this is a used car sales approach to getting a financial plan, I assure you its far from. Consider that you are always going to have a few bad apples in the bunch. The company has 10,000 advisors and is the largest company in the industry. I have helped personally see my clients lives turned around and they would not share the same sentiment of those of you who are searching this message board to find the dirt on Ameriprise after having gone to what we term a “PMM”. For all of those you fellow advisors who have been working long hours to ensure your clients are protected and wealthy this next phrase goes without explanation “More money is lost through indecision then making the wrong decision”. You writers who complain can continue to procrastinate and watch opportunity pass by you waiting for a sure thing… I hear Suze Orman has another post on the no-load funds…Here is a thought for you-is your 401-k plan through work no-load? Or do you even care>

37. chicagohoosier Says:
    November 8th, 2006 at 1:20 pm

    I was offered a position with Ameriprise shortly before the transition from AMEX. I turned it down simply because it was too “risky” at the time. My wife was pregnant with complications and had just stopped working, we also have a 6 year old, and a healthy mortgage. I was/am interested in the work and potential, but am curious about the likelihood of getting the 5 clients in 10 weeks? Does anyone know the statistics on how many are let go for not meeting that goal?

38. Clint Says:
    November 13th, 2006 at 1:27 pm

    I’m going for an interview in two days. He told me it would require approximately 2 hours to complete, I’m a recent graduate, and am pretty nervous. Can anyone tell me what to expect for the interview? It sounds as though it is a group interview (as in many boilerroom) with the VP, followed by a test? What’s this test all about? Should I be nervous? Thanks

39. Christina Says:
    November 19th, 2006 at 12:47 pm

    I recently got as far as the examn part of recruiting for Ameriprise Financial Consultant. The recruiters for this position are very very aggressive. More aggressive than any other job/position I have ever applied for. I am talking, daily phone calls, multiple emails, and requesting a “committment” from me. I do not possess a college degree at this point, but I have extensive sales experience. After completing the online math test (which is supposed to guage if i can pass the series 7 which they will sponsor me for) I was contacted immediately. The recruiter told me i scored very very high, and again wanted to reconfirm my area office visit with the field VP. I agreed. He asked if I had any questions regarding this position so far. I asked him, how do i obtain clients in my first month assuming I know nothing? He told me I would have to contact my “natural market” ie, family, friends, people I trust. This turned me off. In other words, I know nothing, but I should take people whom I know and use them for their money and possible mis-invest it? I didnt say this to him, but it was such an obvious scam. He told me on the interview that I would have to prepare a marketing scheme. He emailed me materials to prepare for it. The “materials” were basically a chart asking me to list my “natural market” contacts. I would present this chart on the interview to my interviewer. So basically, they would hire me based on my contacts. There is no real help at Ameriprise I am sure. THe recruiter was vague on what “draw” was. I wrote him an email cancelling my appointment with the Field VP. He is refusing to take “no” for an answer, and asked to speak with me again to “address my concerns.” There is nothing to address. These people are scumbags. I have a steady career right now, was just looking to change fields, and they are intent on me leaving my career without giving me any real base salary, and no answer about what the hell “draw” is. The advisor also told me that the “draw” is “forgivable” meaning that if i end my career with Ameriprise before i make any money I will not have to pay that draw back. YEAH RIGHT! These people will say anything to get you in the door! Only take a job from them if you have NOTHING ELSE to fall back on! I started off really interested, and willing to put in 60 plus hours per week, but after all this shadiness, I think I will just stay put where I am!

40. Ken Glanton Says:
    December 6th, 2006 at 2:03 pm

    So where does a soon to be graduate go to work? Ameriprise and Enterpise seem to be the only place recuiting. I am about to finish a masters degree (that I should not have wasted the money on). I am ready to go to work, but 60 hours a week seems drastic. Plus the fact that they recruit so hard makes me uneasy. I was offered a job by them a while back, and told them I needed to wait until I finished grad school. They told me to call them when I was done.

    Any help would be appreciated- I am struggling with what I am going to do in a month as far as my career goes.

    Thanks. Please feel free to email me at kenglanton@gmail.com

41. Do You Work For Primerica Financial? Or Are You A Client? » My Money Blog - Stumbling Along the Path to Financial Freedom Says:
    December 11th, 2006 at 7:31 pm

    […] In my post about what it takes to work for Ameriprise Financial, I’ve received a ton of interesting comments from current and former Ameriprise employees, interviewees, and clients. I’m not saying these two companies are the same, I just want to learn more. If anyone has any direct experience with them, please share in the comments. What is their “philosophy”? What’s the payout? How does your “downline” form? What kinds of products do they sell? What kind of training do they provide? […]

42. Steve H Says:
    December 12th, 2006 at 10:53 pm

    After my Father died I discovered my mother had invested most of her money with Ameriprise, through a relative.(Actually AMX at the time). After showing her the sales fees and high expense ratios, she challenged the Ameriprise CFP(with my prompting). After many unpleasant conversations with Ameriprise I decided to manage half of the money and prove my point. During this time, my mother was sure I would lose everything. I put her money in recommended Vanguard funds from Bob Brinker. After three years, all her money is now in Vanguard. My point is that most people are explotied by their lack of financial knowledge. Ameriprise is not much different than any other broker, they are paid on commissions. I’m astounded by people’s lack of basic financial knowledge and their unwillingness to learn about money. Note: I also learned the hard way. After my “financial consultant” at AG Edwards lost a lot of MY money on stocks, he explained he was sorry and it was “his fault”. After realizing he made a lot money based on my losses, I understood whose fault it was… Mine.

43. Dan Says:
    December 13th, 2006 at 6:43 am

    I would argue that Ameriprise employees (and others) who are defending themselves and promoting their respective employers have a vested interest in doing so. I would also argue that many individual financial advisors are turning a blind eye (probably subconsciously?) to their sales practices, otherwise they might not like what they see when they look in the mirror.

    The Warren Buffets of the world have a lot of disdain for the financial-advisor community. The Vice President of Berkshire, Charlie Munger, compares it to legalized embezzlement in one of his speeches.

    I personally believe that financial advisors provide a useful service to people who want to learn absolutely NOTHING about investing and are willing to pay ANYTHING to do so.

    So, if you are going to hire a financial advisor I think your best bet is to tell them they can only invest in Vanguard funds. This way, they will earn the 1% of assets per year (or whatever it is) but will never get an added commission by investing in a specific fund. This will remove any potential for conflict of interest on their part.

44. Ryan Says:
    January 11th, 2007 at 4:43 pm

    I just had the first test today which was a breeze. I must say that I was mostly impressed with what I saw, at least at this specific office. Those who passed the test were given the infosession by the VP and he spent around 1.5 to 2 hours with us. He seemed very relaxed and honest and was straightforward about all aspects of the job. He did mention the long hours at the beginning of the job and that we MIGHT want to use our “natural market” in the beginning to get started but said it was not required. He spoke of the other means to obtaining clients - the lunch and learns, cocktail parties, home office leads, etc. He explicitly stated there was no cold calling and they do not do that (which is good considering I went for a stock broker interview yesterday and hated the cold calling aspect).

    It also became clear that the job is only HIGHLY sales oriented in the BEGINNING. After you have a decent customer base you can effectively dedicate more and more of your time to meeting with them as needed (usually semi-annually or quarterly). It seems to be that they are indeed in it for the customer, as he mentioned they are highly regulated and that they emphasize customer relationships and focusing on the specifics of each individuals and their needs.

    All in all I got a good feel about the VP and place in general. I will be continuing the interview process.

45. Kristin Says:
    January 19th, 2007 at 2:54 pm

    Ameriprise is a highly sales oriented career for about your first 10 years in the career. As far as the hiring process goes, it has changed some. You interview as the first responder says, but you do not get paid while studying or taking your exams. And it’s a three strikes and you’re out rule. You do get a bonus structure equalling as much as $6,000 based on production in the first year. The draw is $23,660, though they tell you it’s $24k. And the lies go on from there. I was a highly-compensated advisor, top in my office, and when I decided the career was not right for me (but wanted to ride my numbers as long as possible while deciding what to do next), I was told on a daily basis that I was quitting the job. They support their advisor force for about 3 months, and then leave them to cold call, and take people to lunch at various locations to beg for business from then on. And their franchisees are even worse. Talk about compliance violations.

46. Jeff Says:
    January 26th, 2007 at 3:43 am

    I get the notion that all of the rejects from the industry come here to vent their frustration and spread negativity due to thier failures and shortcomings. Not every person can perform this job. It takes alot of hard work, dedication and it has an extreme learning curve. Fortunatly I am a person who likes the challenges of life , so this job suits me just fine. I make well over 6 figures and that is growing all the time (without coldcalling). For new advisors, this is a great solution because it is very difficult to get a job with firms like Merril or JP in the beginning. Many of them require at least 3 years expirience. Most institutions involved in the securities industry require a degree of sales. The Series 7 test Licences you to “sell” securities. Did you people walk into this blind? You spent all that time studying and taking a 6 hour exam and did not know that it licences you to engage in the sale of securities. Most firms I interviewed with all told me the same song and dance about how they want you to be able to obtain your own clients. The way I see it, I am in an industy that initially involves sales, but in the end, (if you succeed), you can kick back in a nice office fully paid for by the company, have a company expense account, service your clients plans and collect residual income. Like most jobs, it takes hard work. Yes, there is definatly a high turn over rate , but the whole point of the new employer compensation and structure is to weed out those who can not handle this job. Most of you have not made it through the hoops and became what they refer to as “airborne”. Once you have 20 plans written and 30k in GDC, you get your own desk/office and much more respect. I have had friends who worked in law firms , CPA firms and many other industries and believe me, it is not as easy as you think. They have their own stringent expectations at all these places that make it difficult to attain your desired pay or even remain in your job. One other comment I would like to make is that I got successful initially because I sacraficed money for learning. I looked at the first year as an extention of college and just learned as much as possible. Everyone is looking for the fast buck, but I gotta tell you, without expirience, a Masters degree or destinction from an ivy League University, you are not worth much to an employer and therefore can not demand high saleries. If you read this, I appreciate the time you took to listen to my point of view.

47. some dude from the tundra Says:
    January 30th, 2007 at 12:20 pm

    Well, this site was a good find (even if one-sided) as I too, was recruited at a job-fair by Ameriprise. The reason I even looked into this was to see some comments from employees, some salary info and just how much selling I would be doing.

    I majored in education, and the teaching market in the upper midwest is crowded. Since my wife is committed to a job in MN, it was not possible to travel to a state where teachers are in short supply so I attended a job fair. Their recruiter was just so happy to see that I had skills in informing people and important interpersonal skills, she gave me a number to call. About one week later, I found out that they just plaster the Twin Cities job fairs and the colleges here with recruiters and get as many people interested as possible to schedule to go to their “hiring events”. After reading that the hiring event is nothing more than just one step in a long process, I’m not going to attend.

    I have nothing against Ameriprise, but I’m not interested in becoming what looks like a low-level sales N00b that makes a decent salary (it was equal to what I’d made teaching), but has quotas to fill and a long ladder to climb. I’m not against hard work in anyway (believe it or not, teaching is no cake walk…) but after looking into this a little, this choice would not work out. I guess I’ll weigh my options and look into some other work for now…thanks for the posts!

48. otakuwind Says:
    February 8th, 2007 at 4:20 pm

    when I worked with Ameriprise, the turn over ratio was about 9/10 quit/fired in 1st year.

49. Dfw Broker Says:
    February 20th, 2007 at 5:53 am

    Allow me to begin with I work in the financial services arena. I am an independent broker CLU & Chfc certified and really do not care for Ameriprise. With that being said the only thing as bad as an agent who sells VUL & WL to everybody that walks in the door is the person who will make a blanket statement like Whole life is always a bad deal, or only buy term and invest the rest at 10% in a mutual fund. Especially misguided are the people here who have sat down with the intent to waste a professionals time and then justify their actions.

    Allow me to address several fallacies or twisting of statistics contained within this conversation.

    Turnover rate @ ameriprise 90% first year. I do not have the stats for ameriprise but even if this were true the insurance and financial planning profession as a whole has an 87 % turnover rate at the 60 month mark. only 13% of all planners and insurance agents will still be in the profession. It is a difficult career path for anyone and I see time after time people blaming their surroundings and shirking all personal responsibilities when they fail in the business. The blame goes both ways.

    An Ameriprise employee pointed out the large number of cfp’s and the reply was
    “Sure, you have a lot of CFPs, but what percentage are CFPs? I met with a financial advisor, and he was *not* a CFP. Does that mean I shouldn?t trust him?

    100% of CFP’s are CFP’s it is a designation. Assuming you were talking about the % of ameriprise advisors that are CFP’s, what is it that you believe makes CFP’s so much better as advisors. The general knock on non CFP’s seems to come from the impression that they are less knowledgeable about stocks/mutual funds or more commission driven. This is from what exactly? Also what makes them qualified to sell life insurance? Considering that a recent financial planning trade mag showed in a survey showed that only 23% of CFP’s rated themselves as very knowledgeable or extremely knowledgeable about life insurance.
    Also consider that the society of financial planners are having serious discussions about whether the term fiduciary responsibility should even be in their charter. Consider that numerous cfp’s I have come across have recommended against a client even applying to replace an in force life insurance policy (all of these replacements recommended were like for like, term for term, UL for UL) even though i could demonstrably show savings of 5-20% in cost of insurance, guarantee periods or increase in face amounts and have stipulated that once we apply, if the clients physical condition does not merit the savings then the original policy will remain in tact, they still recommended their clients against even seeing if they would be approved at or better than the rates I quoted and every time the life insurance agent who provided that policy was recommended by that CFP. Now I do not know for sure what the real reason was as 4 of the 5 stopped taking or returning calls and emails afterwards and gave a nonsense reason to the client and the 5th tried to give the non sense reason to me. Being in arrangements with CFP & RIAs myself, the likely reason is not that they were directly comped by the agent but the agent likely gave them a “marketing fee” in exchange for the referral. Do not think that CFP on the door means altruistic.

    Also please tell me how an agent who makes 5 or 6% up front on an instrument with an 8 or 10 year surrender period is any better or worse than a CFP that charges .75-1.5% per year over the same period?

    Lastly to those who get the free lunches or set appointments to waste an agent/planners time. Even if the agent/company was as bad as you say how is it that you can justify your actions? Did I miss the new math where 2 wrongs make a right? You want financial professionals to not be “hard closers” yet you would take up their time like this knowing that, like every other profession in the entire USA, they have required minimum production requirements. I have seen agent after agent, planner after planner get frustrated by people who waste their time and become driven by the dollar coming to their pocket and not the dollar going to their clients pocket. The buck certainly needs to stop with the professional but do not act as if it is the evil Ameriprise/Ed Jones/ xyz employee out to get the poor little old consumer. Their are people out their like that but there are people like that in every profession in the land. I will continue this at a later time.

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