Potential Advisor
Printed From: Advisorheads
Category: Introductions
Forum Name: Greenhorn Introductions
Forum Description: MAKE YOUR FIRST POST HERE!
URL: http://www.advisorheads.com/forum_posts.asp?TID=6478
Printed Date: Mar/26/2026 at 8:44pm
Software Version: Web Wiz Forums 12.03 - http://www.webwizforums.com
Topic: Potential Advisor
Posted By: nest
Subject: Potential Advisor
Date Posted: Jul/07/2012 at 2:13pm
|
I am a career changer looking to get into the advising world with a background in the auto industry. Currently researching the best way to break into the business. Leaning towards Edward Jones for all their training and support initially, but also curious about going independent. |
Replies:
Posted By: MainStreet
Date Posted: Jul/07/2012 at 2:16pm
|
good luck.
You can do worse than Edward Jones, and sometimes it seems like everyone here took a paycheck from St. Louis. Which tells you a lot, both good and bad.
Welcome/ ------------- Trouble is, you think you have time ~ Buddha |
Posted By: Iamlegend
Date Posted: Jul/07/2012 at 3:13pm
|
Welcome. There may. Be 2-3 better places to start but certainly multitudes of worse places. Welcome! |
Posted By: EightOaks
Date Posted: Jul/07/2012 at 5:15pm
| I came from the insurance side. Northwestern Mutual then MassMutual. They are heavy on the insurance, but good with training / support. You have to branch out on your own to do the investment side. But then you have the best of both worlds for a full planning platform IMO. |
Posted By: Guests
Date Posted: Jul/07/2012 at 5:54pm
I assume you mean WFA, meh. Where else besides those 2 other than getting lucky and having an Indy hue u a salary or Indy and have already a sizable savings? Which even then I say EJ or WFA is better for training and having a brand to start. Or were you talking about f he wanted to be more insurance or p&c based? |
Iamlegend wrote:Posted By: Iamlegend
Date Posted: Jul/07/2012 at 6:25pm
|
I would say Wfa. Rja. Stifel then EJ Or a large indy willing to train. |
Posted By: Wet_Blanket
Date Posted: Jul/07/2012 at 6:37pm
------------- The true 🤡 was the Biden voter all along. |
Posted By: Guests
Date Posted: Jul/07/2012 at 7:43pm
| IAL do you have the details on stifle and RJ new FA comp and hurdles? |
Posted By: stevuke
Date Posted: Jul/07/2012 at 8:12pm
|
Some advice from an advisor who was just looking for a new home: Talk to every single place that you'd be willing to commute to. You can find a gem almost by accident. I think it's more about the branch and the people than the firm. Insurance can be a good place to start; I did. It's easy, turn key. Usually tons of support. You can learn the ropes in an afternoon. Quick money. My only mistake is that I didn't leave THE SECOND I knew I wanted to be independent. My advice, start at the place you feel has the best mentors. Then, if you don't want to be there for ever, as soon as your ready, don't delay!! ------------- Know your worth, then add tax! |
Posted By: Iamlegend
Date Posted: Jul/07/2012 at 9:14pm
Stifel is 25% to 10k then 50% Rja not sure. Not sure for those less than 5 years. |
Posted By: Charlie Six
Date Posted: Jul/08/2012 at 12:50am
|
Welcome. EDJ is a great firm to start as the training and support will equip you with the tools necessary to build a book of business. ------------- Charlie Six "Those who don't understand how money or government works will eventually become slaves to those who do." |
Posted By: Rather be golfing...
Date Posted: Jul/09/2012 at 12:44pm
|
IAL - Does Stifel have a training program?? ------------- ...but I can make more $$'s doing this. |
Posted By: supercoop
Date Posted: Jul/09/2012 at 10:16pm
|
EJ is not bad firm. What I like is that they understand grassroots marketing (gorilla style). Going through the uneasy paces might be good for you. Whether you will stay with the firm is another story. That decision needs to be made before you build too much of a book of business. I chose independent, but that is not for everyone. |
Posted By: nest
Date Posted: Aug/17/2022 at 2:30pm
|
Bored during a conference call…I typed “A” I my browser and it auto filled advisorheads. It was like seeing an old college girl friend. Still hot, but in a different kind of way. I forgot how welcome a distraction you guys are. Really missed reading about EJ. Think I might stick around a bit now that I’m more of a mid career time waster instead of a knuckle dragger. Left EJ right before Covid hit. Currently a branch manager with another firm. |
Posted By: CashFlow
Date Posted: Aug/17/2022 at 2:36pm
Distraction….well that’s one way to put it.
|
Posted By: BullishT
Date Posted: Aug/17/2022 at 2:44pm
Producing branch manager?
|
Posted By: nest
Date Posted: Aug/17/2022 at 2:54pm
| Yes producing. 80% Advisor 20% manager duties. More a title than anything. Accountability partner and HR stuff. |
Posted By: BullishT
Date Posted: Aug/17/2022 at 3:01pm
Sounds like it has been a productive 10 years for you!
|
Posted By: missionshooter
Date Posted: Aug/17/2022 at 3:12pm
|
How many Assets did you take with you from EDJ? ------------- Our purpose is to partner for a positive impact- to improve the lives of our clients and colleagues, and together, better our communities and society. |
Posted By: nest
Date Posted: Aug/17/2022 at 4:10pm
|
It all came over slowly so I never actually calculated it. Maybe 15 quick and some more dripped over? That’s a guess. Current book is 205 clients 47MM. For anyone interested in the career progression: Series 65 RIA Ej Cetera Ameriprise |
Posted By: Wet_Blanket
Date Posted: Aug/17/2022 at 4:23pm
|
Great, SN aliases are now coming back. ------------- The true 🤡 was the Biden voter all along. |
Posted By: nest
Date Posted: Aug/17/2022 at 4:26pm
| End of days |
Posted By: missionshooter
Date Posted: Aug/17/2022 at 6:53pm
What made you go to ameriprise?? The check? ------------- Our purpose is to partner for a positive impact- to improve the lives of our clients and colleagues, and together, better our communities and society. |
Posted By: CashFlow
Date Posted: Aug/17/2022 at 7:06pm
Happy for you Nest!!
|
Posted By: Macduff
Date Posted: Aug/17/2022 at 7:55pm
|
P1 or P2? I'm guessing P1 if you're a manager. ------------- “I was born for the storm, and a calm does not suit me.” ― Andrew Jackson |
Posted By: missionshooter
Date Posted: Aug/18/2022 at 4:33pm
|
Ameriprise sounds great... Ameriprise's Independent Channel (P2) charges franchise-like fees, they require that you hit production levels across a variety of categories (new clients acquired, GDC, financial planning fees, etc) and such production determines your actual payout. ------------- Our purpose is to partner for a positive impact- to improve the lives of our clients and colleagues, and together, better our communities and society. |
Posted By: I Miss Jim
Date Posted: Aug/18/2022 at 6:12pm
Only Ameriprise presence in my market is some dude who works out of his home and puts all his clients’ money in Riversource VAs. He’s not taken seriously by any of the real advisors in town. I’d be inclined to bash Ameriprise, but they just stole the biggest producer at my firm, so they must have something else to offer besides overpriced insurance products . . .
|
Posted By: Wet_Blanket
Date Posted: Aug/18/2022 at 7:19pm
|
My predecessor owns three multi-million dollar homes, knows thousands for RIAs, and who does he have handle his investments? Some guy at Ameriprise. Never understood it. I haven't asked him, didn't want to insult him or his guy. ------------- The true 🤡 was the Biden voter all along. |
Posted By: Nathan Explosion
Date Posted: Aug/18/2022 at 7:40pm
Breaking the souls of financial advisors pays well!
|
Posted By: Wet_Blanket
Date Posted: Aug/18/2022 at 7:43pm
------------- The true 🤡 was the Biden voter all along. |
Posted By: Nathan Explosion
Date Posted: Aug/18/2022 at 7:48pm
 |
Posted By: Macduff
Date Posted: Aug/18/2022 at 8:29pm
AMP > Betterment Don't @ me. ------------- “I was born for the storm, and a calm does not suit me.” ― Andrew Jackson |
Posted By: Iamlegend
Date Posted: Aug/18/2022 at 8:59pm
He probably wanted to avoid the conflict of working with a client or potential client.
|
Posted By: nest
Date Posted: Aug/24/2022 at 10:03am
|
I came to Ameriprise because the office I was brought in to run happens to be here. I didn’t do much due diligence on Amp. I’m on the franchise side and the comp was good so I took the job. Now that I’m here I would never choose Amp. I can’t believe the big EJ girl came over here. They clearly just paid her a fuck ton. They nickel and dime advisors constantly. Manipulating payout grids. Now just as of this week if you buy another Ameriprise book you have to hold it at the previous owners grid for 3 years! So if we’re at 91% payout and buy a book @ 75% we have to use the 75% for 3 years. Frustrate the hell out of me. They definitely are stock holder first mindset. Expensive for clients and advisors. 25 bps haircuts on all advisory accounts. I could go on but I’ll just ruin my day. That said, advisors can run the practice however they want. I’ve gotten to know a few other office and see how they run. Within an hour I have old school A shares guys, 100% recurring, and books that are 80% annuity slinging fucks. Just depends on the person like everything else. Ameriprise grid does steer towards managed accounts and charging for financial plans so that is the overall trend.
|
Posted By: B24
Date Posted: Aug/24/2022 at 10:09am
It seems like the firm is structured such that it makes it very hard to leave. No?
|
Posted By: SometimesNowhere
Date Posted: Aug/24/2022 at 10:13am
😬😬😬😬😬😬😬😬😬😬😬😬😬
|
Posted By: luvindy
Date Posted: Aug/24/2022 at 10:36am
nest is my new favorite poster. ------------- 8/31/12,Sportsfreak: "If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time." Dow 13,090 S&P 1406 5/23/13 UC:Dow 20k before 20% crrectn Dow 15, |
Posted By: Macduff
Date Posted: Aug/24/2022 at 10:55am
This is going to cut into margins. When I was there, I saw some crazy multiples on book purchases. IIRC, I saw 4-4.5x on a couple. Lowering the profitability there hurts both the buyers and sellers. Fuck AMP though. I was an AFA in a P2 CAC practice and I couldn't stand it, for many of the reasons you mentioned. I saw the writing on the wall; it wasn't worth building a book there and being stuck, so I left and started over. ------------- “I was born for the storm, and a calm does not suit me.” ― Andrew Jackson |
Posted By: B24
Date Posted: Aug/24/2022 at 10:58am
In their defense, they make it real easy to acquire other practices (probably helps keep assets in-house). Guy in my town has just been buying retiring advisor's books all over the place. I think he's close to $1B AUM, and he didn't gather most of that.
|
Posted By: luvindy
Date Posted: Aug/24/2022 at 11:05am
|
My friend at AMP says they openly talk about merging branches to stock production for better payout grids. As others have said, the big value proposition is seamless transition and retirement sale planning. I'm surprised they'd punish a buyer for doing a purchase with the lower payout considering the seller could have merged into the branch prior to the sale. ------------- 8/31/12,Sportsfreak: "If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time." Dow 13,090 S&P 1406 5/23/13 UC:Dow 20k before 20% crrectn Dow 15, |
Posted By: Macduff
Date Posted: Aug/24/2022 at 11:21am
For sure, that's why the multiples have been pushed so high. When you can move 100% of the book with a single form, it makes the transition easier. ------------- “I was born for the storm, and a calm does not suit me.” ― Andrew Jackson |
Posted By: johnalden
Date Posted: Sep/16/2022 at 5:11pm
I sat through an Ameriprise presentation very recently. I was impressed with their transition process among other things. I came away thinking they really have some good things going on. They did a proforma for me and went over all operating expenses. The 25 bps haircut you are referring to on fee based accounts was described to me as a fee that varies based upon the size of the household as well as the advisor's book of business. They told me the highest global admin fee would be 20 bps for my book, and only on small households. They told me that on larger households it could be as low as 5 bps. I'm waiting to get all of this in writing. Also, they told me I would not have to do financial plans that I charge for. Is this not correct?
|