Ameriprise Reviews in Minneapolis-St. Paul, MN | Glassdoor

Ameriprise Minneapolis Reviews

Updated July 21, 2017
45 reviews

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Minneapolis-St. Paul, MN Area

1.0
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Ameriprise Chairman & CEO Jim Cracchiolo
Jim Cracchiolo
30 Ratings

45 Employee Reviews

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Pros
  • In my role I feel that there is a very good work/life balance (in 81 reviews)

  • Good Benefits as far as healthcare (in 51 reviews)

Cons
More Pros and Cons

  1. Helpful (3)

    "Toxic work environment"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Manager in Minneapolis, MN
    Former Employee - Manager in Minneapolis, MN
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at Ameriprise full-time (More than a year)

    Pros

    Convenient location in downtown Minneapolis

    Cons

    Leaders are micromanaging bullies who kiss up and kick down

    Advice to Management

    Empower your employees and treat all people with respect


  2. Helpful (1)

    "Financial Planner"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Planner in Minneapolis, MN
    Former Employee - Financial Planner in Minneapolis, MN
    Doesn't Recommend
    Positive Outlook
    Approves of CEO

    I worked at Ameriprise full-time (More than 3 years)

    Pros

    Their stock has gone up. Good education benefits are available if you pass the class and if it qualifies as part of your job.

    Cons

    Limited access to outside products... outside mutual funds must pay to be "preferred partner" and have access to the sales force.

  3. "Administrative Assistant"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Corporate Receptionist/Assistant in Minneapolis, MN
    Former Employee - Corporate Receptionist/Assistant in Minneapolis, MN
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I worked at Ameriprise (Less than a year)

    Pros

    NICE LOCATION BUSY DURING RUSH HOUR

    Cons

    low pay/no pay raise
    no positive environment
    too much office politics

    Advice to Management

    Train your Employees properly


  4. Helpful (6)

    "Unhappiest Place on Earth"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - AAC Financial Advisor in Minneapolis, MN
    Former Employee - AAC Financial Advisor in Minneapolis, MN
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at Ameriprise full-time (More than a year)

    Pros

    They used to pay for licensing...that might have changed by now

    Cons

    Everything. Garbage clients, garbage managers, garbage coworkers. No opportunities, low pay, and management follows the 3 B's (badger, belittle, and bully). It's an awful, toxic boiler room that should be shut down by the SEC and have all senior management jailed

    Advice to Management

    Admit that you're fleecing clients and screwing over your workforce; turn yourselves into the authorities.


  5. Helpful (1)

    "Ameriprise"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Minneapolis, MN
    Former Employee - Anonymous Employee in Minneapolis, MN
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at Ameriprise full-time (More than 10 years)

    Pros

    Decent benefits from this company

    Cons

    IT management is too focused on never making a mistake that innovation is constrained.


  6. Helpful (9)

    "The worst corporate experience in 20 years"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Senior Director in Minneapolis, MN
    Former Employee - Senior Director in Minneapolis, MN
    Doesn't Recommend
    Positive Outlook
    Disapproves of CEO

    I worked at Ameriprise full-time (More than 10 years)

    Pros

    Good benefits, great cafeteria, reasonable maturity in business processes, reasonable (but not great) money, open to some employee growth, good location.

    Cons

    Overall the management system is set up to compete with each other and leaders act like animals in a jungle. Ridiculous politics, incompetence at senior levels, rewards handed out to unethical people, and overall absence of executives. This company is successful by accident, not design.

    Advice to Management

    You could be great, but you're settling for less than average because you reward the wrong behavior. Remove leaders that are unethical and you will change the world. You need 30% less people and more will get done.


  7. Helpful (3)

    "Sr. Director"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Minneapolis, MN
    Former Employee - Anonymous Employee in Minneapolis, MN
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at Ameriprise full-time (More than 3 years)

    Pros

    Horrific experience. Do not recommend.

    Cons

    Leadership is severely lacking in the most basic people skills.

    Advice to Management

    Hire individuals who have the appropriate skill set.

  8. Helpful (3)

    "Lacks organizational direction in AAC"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Client Service Associate in Minneapolis, MN
    Former Employee - Client Service Associate in Minneapolis, MN
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at Ameriprise full-time (Less than a year)

    Pros

    Ameriprise knows how to throw an employee party! They were quick to award trophies and host formal events. Well kept office in downtown Minneapolis.

    Cons

    The call center I was in completely lacked organizational direction. Upon calling my team clients usually waited at least five minutes to reach a rep to then be transferred to a service group. As a financial advisor my role was essentially an operator.
    There essentially was no licensing program. While all other firms I've worked with provided classes or mentor programs to succeed, Ameriprise only payed for the exam and books. Most all of my colleagues took the exams 2-3 times before passing.
    Managers do not invest time in any of their employees but the ones who are leading in numbers. Many do not have even one on one checks ins because managers don't see value in investing that time.

    Advice to Management

    Invest in call flow planning, value the client experience and provide opportunities for employees to improve.


  9. Helpful (11)

    "Avoid if you can"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - AAC Financial Advisor in Minneapolis, MN
    Former Employee - AAC Financial Advisor in Minneapolis, MN
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at Ameriprise full-time (More than 5 years)

    Pros

    They pay for your initial licenses. Sadly that is it. They used to provide significant ongoing training but that has fallen by the wayside as a newer "team" model has been adopted.

    Cons

    I want to be clear that this is not a review of a branch office but rather a corporate department The Ameriprise Advisor Center or AAC as they refer to it.
    Pay:
    When i started pay was a combination of base salary and comission. By the time i left the pay structure had been altered to one of bonus and base. Your bonus is determined by 2 factors your team hitting its target revenue and how well you get along with your manager. Even meeting your number means you will see a comission payout of about 10 to 11%. The number is adjusted quarterly and annually. If you have experience in this industry you know how low of a grid payout that is. A typical producet is going to be expected to generate 150k to 200k GDC per year. They will alter pay plans annually, I watched people have issues purchasing homes due to the constant pay plan changes.

    Clients:
    At one point earlier in my tennure with the organization their were many clients worth working with. The organization solely works with orphaned clients that come from Ameriprises field advisors. These clients were typically cast off from the first advisor becuase the advisor could not generate any more revenue off of them. Suffice to say many of these clients are more than a little disgrunteled with the firm. You will be expected to sell each of them a financial plan when you initially meet with them. Most of the clients do not have the assets to warrant purchasing a financial plan. Thses clients have also been called to death at this point, sometimes several times in the same week.

    Management:
    The management of the AAC is broken down into 3 levels, the team manager, the directors (managers bosses) and the VP running the department. Management definitely has a bro culture mentality about it. Reminded me of highschool and college locker rooms.

    People and culture:
    Sadly the quality of people to work with diminished greatly as i worked there. Many would be amazed to know that people like this were allowed to handle other peoples money and advise them on what to do with it. Many a high five did i witness after someone dropped a "rava bomb" ie convinced a client to purchase an annuity. This type of mentality is rampant in the department. Client suitablilty really is a secondary concern to meeting the teams revenue number. As the training has fallen off dramatically new "specialists" have been brought in to sell for the sales people as the newer sales people have little to no experience selling the financial products they are recommending. 0 to 6 months experience is not uncommon. It is not uncommon for an advisor to be drunk or high during the work day, probably to deal with the misery and stress of being there.

    Roles and expectations:
    Be prepared to work 55 to 70 hours per week. If you are newer your job will consist of setting appoints for the sales roles or advisors or doing their paperwork. If you are in a selling roles you will hold 8 to 12 client meeting per day with mostly unqualified clients who have had this exact same meeting with one of the previous advisors several times. You will also be expected to sell a financial plan to eveyone you meet with. Anyone with tenure in this industry knows this is unethical. The place essentially functions as a boiler room and i feel sorry for clients who through no fault of their own have their money there.

    In summary this place is toxic. Avoid it at all costs. Waiting tables is a better job than this

    Advice to Management

    Close the department.


  10. Helpful (3)

    "Poor leadership"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Mutal Fund Accountant in Minneapolis, MN
    Former Employee - Mutal Fund Accountant in Minneapolis, MN
    Doesn't Recommend
    Negative Outlook
    Approves of CEO

    I worked at Ameriprise full-time (More than 3 years)

    Pros

    Benefits overall are above anywhere else I've seen. Flexible work arrangements are available if employees push aa a a a a

    Cons

    Leadership is so disconnected from employees it's unreal. I was in school getting an MBA while there and management did the exact opposite of what managers should do (zero transparency, executive decisions, favoritism, lack of employee input, little face time with managers). Additionally, compensation is far below industry average, I make over 30% more in my new (very similar) role than I did at Ameriprise.

    Advice to Management

    Value your employees, pay them fairly and hear their input. Crack a management best practices book every once in a while


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