There are newer employer reviews for Ameriprise

 

Company reputation is definitely on the rise

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Career Opportunities
Current Employee - Anonymous Employee
Current Employee - Anonymous Employee

I have been working at Ameriprise

Pros

1. Company seems very intent on eliminating the "Insurance firm" stigma that hurt the company when I first started in 2006. Its clear that they are now focused on having clients and prospects think of Ameriprise as being very compentent and respected throughout the industry as investment experts. Purchasing Columbia was a huge step in that progress.

Cons

401(k) plan is weak. For an investment company they haven't done a fine job in finding a 401(k) plan with decent investment choices.

Advice to ManagementAdvice

On the P2 side, the fees charged to the franchise advisor are quite high, and the level of support does not seem to fit the amount being paid. For example, there is a $75/mth technology fee charged for each computer being used in the office. Yet only a few phone calls to the technology help desk are given free each year before you are charged $35/per call. If I'm paying $75/mth for technology and then there are software issues during the month that need to be resolved ASAP why am I paying for a phone call to get the solution? Shouldn't part of the $75 go towards that?

Recommends
No opinion of CEO

574 Other Employee Reviews for Ameriprise (View Most Recent)

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  1. 3 people found this helpful  

    Fast food of financial planning firms

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Financial Advisor Trainee
    Former Employee - Financial Advisor Trainee

    I worked at Ameriprise

    Pros

    Salary/Draw, Marketing budget, Leads, and a recognizable brand name. Flexible hours, 401k and benefits., decent commissions. Great program for acquiring a multitude of licenses, good study materials.

    Cons

    If you're a trainee the first 12 weeks of probation will be a bizarre ritual of 12 hour days of lunch n' learns, memorizing scripts, corporate trainee videos and psychotic amounts of telemarketing. You will be paid peanuts or the minimum whichever is less. 8 am to 8pm and 500 phone calls a day for $350 a week. The lunch seminars are humiliating. You will be pressured by management to charge everybody (including family and friends) planning fees. The plan is nothing but an elaborate pitch to determine how much insurance and RiverSource mutual funds your clients can afford. You will damage relationships based on this firms price gouging, inferior products, torturous account fees, and quotas that will turn the most friendly honest advisor into an disability insurance, annuity and A class mutual fund carnivore.

    Advice to ManagementAdvice

    You can not have a pimply-faced college kid armed with a ton of newly gotten licenses who has never invested a dime in the market charge 500 bucks for 3 sit down meetings. Use your force of new trainees to assistant profitable advisors. Let them work their way up and be able to sustain a realistic business model before you mooch their friends and relatives into financial plans. You may not be churning and burning clients, but you sure are with new financial advisors.

    Doesn't Recommend
    Disapproves of CEO
  2.  

    Financial Planners

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Financial Planner
    Current Employee - Financial Planner

    I have been working at Ameriprise

    Pros

    You can be your own boss in the franchise position

    Cons

    You never know what your payout level will from one year to the other.
    You have to pay for everything undert the sun.

    Advice to ManagementAdvice

    Be more consistent in the payout levels and stop "steering" products and services.
    Let the advisors be advisors and not sales people.

    Recommends
    Disapproves of CEO
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