Ameriprise Financial clamps down on franchisees with new rules

Amerprise had an opportunity to redefine the financial services industry after what occured in 07 and 08 but instead they are modeling themselves after proven failures such as Merrill and UBS. Great move.

I have worked on the employee side for 8 years, and many of those were in management.. I recently got denied the opportunity to goto the franchise side… I would never recomend working here, I just can’t get out, or I would..!

The main focus of Ameriprise (as we were constantly told) is about “driving value for the shareholder;” the unspoken goal seemed to be way-overpaying the bozos at the top who systematically convinced the best advisors to leave the company by providing inferior service, lower payouts, a fraction of the options, nickel-and-diming, and contant fiddling with pay-out grids. They seemed to see us as their self-sustaining sales force, not independent business owners. It mystifies me why advisors who can leave, don’t leave. Those who can’t almost invariably see their employment as a kind of prison term. The grass actually IS greener on the other side, for advisors AND their clients — I know from experience. It used to be one of the places you could start in the business (no more, apparently), but after that, get the hell out. I really wonder who would join them?

Ameriprise financial Service, Inc has been very good to both my clients and I. The company is simply taking advantage of the economic environment which will lead to value to our clients and shaeholders.

Having a financial background, I was reading an article at USAA whereby AMP is listed as a great franchise to own based on 0 loan defaults…now I know why. Working in mtg banking I know too well how reward matrix are manipulated, and will pursue my representatives to license ALL forms of commissions- so that upper management “bait and swap” schemes cease for unlicensed “other” financial sales with personal compensation contracts- which are too cumbersom to pursue against big business through the courts.

I worked at AEFA for over 10 years … This company, at its heart, has NEVER, shot straight with its people.

When this company COULD be moving the industry toward becoming a profession (given its size). They choose to stay on the commission side of the line and NOW, rather than helping our world change (to one where we REPRESENT clients) they are fighting to keep a bigger piece of a shrinking commission pie.

Myopic, at best