Ameriprise

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

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Career Opportunities
Former Employee - Manager  in  Irvine, CA
Former Employee - Manager in Irvine, CA

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 ManagementAdvice

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.

Doesn't Recommend
Disapproves of CEO

Other reviews for Ameriprise

  1. 1 person found this helpful  

    Take off the rose colored glasses and watch your back.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Director  in  Minneapolis, MN
    Former Employee - Director in Minneapolis, MN

    Pros

    Minneapolis is a nice town to get around in. There are a number of employee networks you can belong to. The company has a high profile in the community and has projects like Habitat for Humanity that you can be involved in.

    Cons

    Environment can be political. Too much autonomy is individual departments where managers can take advantage of employees without protocol or process.

    Advice to ManagementAdvice

    Senior management is awesome, approachable and genuine. Middle management needs to learn how to be more transparent and fair. Experimental roles and initiatives need greater structure and precedence.

    Approves of CEO
  2. 2 people found this helpful  

    Still a good place to work, after 17 years.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Financial Advisor  in  Minneapolis, MN
    Current Employee - Financial Advisor in Minneapolis, MN

    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 ManagementAdvice

    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.

    Recommends
    Approves of CEO
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