Pros

Unlimited upside potential, new hires are given substantial training and are strongly encouraged to look at a client's entire portfolio and lifelong goals.

Cons

initial training is too concentrated on financial planning and frighteningly little about individual securities and how they function. If you are new to the industry, don't expect to start your business in any way other than the company sees fit.

Advice to Senior Management

Continue to train new hires with a strong focus on overall financial planning, but remember that high net worth clients need their advisors to understand what is in their portfolios...

Pros

You can really make your own career at AMP. Advisors ultimately win most of the time in the company's eyes

Cons

As a leader pay has been slashed so much and responsibilities have been increased substansially. There is no longer a clear path forward if you want to be a leader

Advice to Senior Management

Create a clearer vision for the field leaders and ask for field feedback when making decisions. Management doesn't know what it is like on the ground

Pros

Income tied directly to bringing in new clients, aka amount of work you put in. You build your own practice.

Cons

Ameriprise is not a very reputable firm. It is very difficult for recent college graduates to find success as a new financial advisor at Ameriprise. Instead of teaching you about financial planning you learn scripts instead.

Advice to Senior Management

There should be a longer period for new hires before they have to survive on new clients along. Perhaps it is a training program to work for more senior advisors while the younger one builds knowledge and experience.

Pros

If you are willing to basically give up your life for two to three years and you're good at selling you can make a lot of money.

Cons

You are expect to work a minimum of 60 hours a week. 100% commission. In the beginning you basically need to cold call people to create prospects. They want you to memorize scripts.

Advice to Senior Management

None

Pros

It does offer a good opportunity to start a practice from scratch. If you do not have any formal education, this is a good place to invest people's money.

Cons

Little to no management. They will take anyone off the street, get them to pass the series 7, and tell them to get clients in the door. The main priority is to sell permanent life insurance and annuities.

Advice to Senior Management

There needs to be more training for experienced advisors. Teaching 5-6 year advisors the same things as year 1 advisors is ineffective.

Pros

good place to start off if you can't get into another firm.
If you stick with it they allow you to become independent, at this point all of the negatives go away.

Cons

My manager would push high commission products to the point that I sometimes questioned if my licenses would be jeopardized by following managements recommendations.
I know for talking to others in the company this was not the case a all offices so this all depends on who is running the office you work in.

Advice to Senior Management

Encourage local mangers and Branch VPs to look long term at their businesses, VUL policies are not appropriate for everyone. I had a case of a single late 20's person; the manager told me to sell him a VUL first.

Pros

AMP is building a great platform for advisors to do business.
Advisor centric firm.
AMP is well capitalized with alot of cash.

Cons

Too much change at all levels. A ton of turnover in management at branch level and above. Over half of the branch mgrs from 2008 are no longer in the role. Very sad

Advice to Senior Management

Slow down the change. Remember AMP bought HR block and not the other way. You are losing alot of very good people because of decisions being made.

Pros

lots of opportunity, potential to become your own boss, had great training systems, great technology available, the ability to make your own pay check,

Cons

tough on your personal life, can work hard and make no money, management seems confused on their current direction, tough industry right now in general, training structure is not what it use to be, non-forgivable draw salary can be difficult to deal with, pay structure has changed for the worse

Advice to Senior Management

determine what direction you are going in and stick with to that path, provide support for advisors who have put time in with the company

Pros

The company pays for you to take the Series 7 and the other neccessary tests and these certifications are transferable.

Cons

Purely sales job dont be fooled....Pay is non existent. You will be forced to sell Ameriprise services and products against your better judgement.

Advice to Senior Management

Be honest with new hires up front. You know what it takes to be successful if they dont have it. Tell them.

Pros

High earnings potential. Planning process provides strong relationships with clients.

Cons

Primary compensation consideration is "production" (new money). Little or no compensation paid for building and maintaining strong client relationships. Staff does most of the work and generally does not receive a fair share of revenues from employing Advisor.

Advice to Senior Management

P2 Advisors need more support in Practice Management skills. New field management structure provides little support.