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Ameriprise- A solid idea held back by the moves of senior management

  • Comp & Benefits
  • Senior Management
  • Culture & Values
  • Career Opportunities
Former Employee - Manager in Irvine, CA
Former Employee - Manager in Irvine, CA

I worked at Ameriprise

Doesn't Recommend
Disapproves of CEO
Doesn't Recommend
Disapproves of CEO

Pros

Ameriprise Financial gives those who want a chance to break into a career in financial planning/services a chance. Instead of servicing clients of a firm with no personal stake in their financial future, Ameriprise allows you to help navigate a client's financial future from beginning to end. More than focusing on one aspect of a client's financial life, Ameriprise's financial planning concept focuses on how each factor affects the others. This means an Ameriprise Financial advisor can assist with college planning, retirement, investment management, insurance needs and integrate tax and estate planning aspects into their recommendations.

Cons

Senior management has become way too entrenched in "top-down" management. Each level above the other thinks those below have no idea what they are doing and must be controlled in every aspect of the day-to-day lives. Senior management teams that have been removed from client interaction and financial planning strategies (or management associates who have never been licensed) control the requirements and compensation of advisors, which ulimately lead to the recommendations being made.

The P1 side of Ameriprise tries to take the best practices of one office and change the nation based on one or two samples. This causes continuous change in corporate strategy, which indirectly affects the advisors themselves and their ability to manage their career.

Advice to Management

Invest more in your P1 advisors. Spin off the "Riversource" funds to a third party and open the third party distribution channels for insurance and annuities. It is impossible to remain 100% objective when you can only offer one company for a product, no matter much the client needs/wants the product (if a client comes to an Ameriprise advisor, why must they be given Riversource insurance as a first option? Is it the only company that sells this type of insurance? Hardly.) This will allow your planners to remain (and feel) truly objective. Use the proceeds from the sale to invest in the advisors themselves, There is no reason an advisor should be working 60-70 hours a week for an average pay of $38,000 annually. Help them make the job easier with assistance in lead generation (how come the discount brokers can get 1,000+ clients a day, but Ameriprise can't get 1,000 leads a day for P1?). The H&R Block purchase could be a step in the right direction, but it must be handled correctly. Also, would it kill you to change the compensation from a draw to salary? Face it, once people fall in the draw, they are paid as a salaried employee, but lose the incentive to work as hard if they feel they can never get out of the hole that's been dug. It might cost you thousands per year by paying more to the advisors, but you will save/make millions through lower turnover, more motivated employees and satisfied clients.

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  1. Helpful (2)

    Still a good place to work, after 17 years.

    • Comp & Benefits
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Financial Advisor in Minneapolis, MN
    Current Employee - Financial Advisor in Minneapolis, MN

    I have been working at Ameriprise

    Recommends
    Approves of CEO
    Recommends
    Approves of CEO

    Pros

    Great people, a sense of mission, and a real concern for clients. Focus on ethical behavior. Minimal BS from most (not all) leaders.

    Cons

    Sometimes the maverick is not as appreciated as we mavericks might like! Diversity is seen as primarily a function of ethnicity and skin color, not as a function of different ways of thinking.

    Advice to Management

    Listen to the folks in the trenches - when they get worried, you should be too. They may not have all the answers, but they tend to have a pretty good finger on the pulse.

  2. A decent corporate environment.

    • Comp & Benefits
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Senior Business Analyst in Minneapolis, MN
    Current Employee - Senior Business Analyst in Minneapolis, MN

    I have been working at Ameriprise

    Recommends
    Approves of CEO
    Recommends
    Approves of CEO

    Pros

    Respectful and positive corporate environment. Fair compensation and work/life balance policies. Focus on the customer, innovation, and results. The company is getting it's name out there after an increased focus on marketing and building the brand. Also made a huge investment in upgrading our technology over the last few years.

    Cons

    A lot of belt-tightening and outsourcing during the last couple of years. Several re-organizations have shuffled leadership and departments around. Tough to know who you'll be reporting to 6 months from now.

    Advice to Management

    Focus on keeping tenured, knowledgeable, and productive employees happy and ensure career opportunities are available for people to grow into.

There are newer employer reviews for Ameriprise
There are newer employer reviews for Ameriprise

See Most Recent

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