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| *Ostroff, Fair and Company>>>Financial Services |
Whats with the long hours as a Financial Advsior? |
Im going to start working at Ameriprise as a Financial Advisor soon, and the only thing putting me off is the fact that they want you to work 65-75 hours a week. They said after 3-5 years, you will make six figures, and can scale back your hours to 30/week, so I figure its an investment. I am just wondering why they require those hours, and why not just 40/hrs a week throughout the first 3-5 years. It would just take a bit longer to build that client base. I assume its the same way at other places too. Does anyone know why? Perferably, someone who has worked at Ameriprise could answer. Those hours do seem quite long. I heard some not so great things about Ameriprise..so I don't know whether or not you should trust what they tell you. Just do some more research on the company before you proceed. Those aren't realistic hours. I am intern at a financial advisary firm and the new hires work about 50hr/week to buildup their client base. You just have to be efficient with your time. And it is true that the more experienced people only work 25hrs/week and make 100K. I used to work at American Express Financial Advisors before they switched their name to Ameriprise. All I can say is good luck. Chances are that those hours that they are talking about are not going to be in front of clients, they are going to be on the phone, telemarketing to get your appointments. They say they provide leads, but if they are like the ones we used to get, be prepared. All those are recycled leads that someone else could not set the appointment with so they pawned them off on us. Also, 3-5 years and 6 figures? I knew guys who had 3 1/2 years and was barely making 30,000. While yes it can be done the chances are extremely thin that it will. I would invest more time into doing a background check on the company and talk to current or former advisors before committing to anything. I'd listen to the guy who worked there. In fact, ask to speak to some recent hires and tenured folks at Ameriprise. Do not be afraid to ask them what are the top three reasons people voluntarily quit their company. (The HR folks should know this by heart.) Then ask the person why they still work there. That will tell you loads! My guess is, Ameriprise is like most big companies. Promises of wealth if you just work hard in the first 3 or so years. Truth is, it's churn and burn. If you join, work smarter (be efficient). Okay the name of this game is all about the client base, now if Ameriprise is offering you a comfortable base salary to work with and you feel you have the ability to work your network for the next 3 years, I say stick it out. If anything it looks good on the resume and you cant forget obout the networking possibilities. |
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