The Unofficial American Express and Ameriprise Financial Advisors Consumer Opinion Web Site Message Boards - How can I leave Ameriprise and take my clients?

vulforthehomeless

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How can I leave Ameriprise and take my clients?
Sep 8^th, 2008, 5:39am

Does anyone want to share some advice on how to leave AMP and take their clients with them?

For the HRB guys I would recommend focusing on client relationships and the client first and not taking any drastic steps before they are ready.

Legally, what right does the company have to the clients? Can't you take your Christmas card list with you?

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What's the difference between Ameriprises' James Cracchiolo and Star Trek's captain Kirk?&& &&-Captain Kirk can run an Enterprise

Greenman72

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Re: How can I leave Ameriprise and take my clients?
Reply #1 - Oct 28^th, 2008, 3:04pm

I'm not a lawyer. But from what I understand, this is what "non-compete agreement" means.

You can't take personal information with you when you leave. No social security numbers, no account information, no balances, etc. Nothing that you can't get out of the phone book.

But if you just happen to send your old clients a card, telling them that you're at ABC Advising now, then you really didn't break the law. You're just telling them you changed jobs.

So, my advice is this--take your clients' names, addresses, and phone numbers, and put them on 3x5 notecards. Don't print anything out at work. Then you're not "competing."

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Former_Advisor

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Re: How can I leave Ameriprise and take my clients?
Reply #2 - Nov 10^th, 2008, 4:47pm

From experience, I KNOW that whether you compete or not, you will be charged with breaking the Agreement and passing out the "trade secrets." It really doesn't matter whether you play by the rules or not, they will make your life hell and force you into arbitration. Having said that, I'd still leave and take your business because you have a 50% chance of them leaving you alone.

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Max Wealth

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Re: How can I leave Ameriprise and take my clients?
Reply #3 - Nov 19^th, 2008, 9:51am

To answer your question --> be prepared.

First, consult with an industry attorney to know exactly what your options are since there are many different agreements out there.

As far as if they "come after you", there is always a chance, and they are known for it. But it also matters if you're a P1 or in the P2 program; and what your book of business looks like to them (i.e. SPS/wrapped accounts, VAs etc).

Next, overall Greenman72 is accurate - and what his is referencing is Reg S-P. You have access to public information (i.e. phone book information) but none of what is considered propriety information like account numbers and risk tolerance. It's their contention they own the client information and details - where as you may own the relationship.

He is also accurate in saying if the client received an announcement letter, you 'may not' appear to be in violation of the non-compete, specifically the non-solicitation clause. Be careful in the language that is used in the letter but by all means include your new contact information somewhere in it. (Again, have an attorney review it to be safe).

I'm sure you know, the second you leave, they will call all of your clients, usually within days - so timing is key ... if you were to give notice late on a Friday, and had your letters in the mail Saturday morning, there's a chance you can break the news to your client, and not them.

Lastly, another point to consider is your cell phone. Is it yours and do all of your clients have it and know it? Again, the theory is if they call you, you didn't solicit them.

So - if you want to leave, the message is be prepared.

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GorillaAMPF

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Re: How can I leave Ameriprise and take my clients
Reply #4 - Nov 19^th, 2008, 1:37pm

I had some clients transferred to me because an Ameriprise advisor moved to AIG. All but three of those clients have moved their assets to AIG (some of them took $12,000+ in surrender charges from their variable annuity contracts on the way out).

So far nothing has been said about them moving to their old advisor at another firm....even with the surrender charges they are paying on their annuities.

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Kelly Amexsux New User Offline Member of Amexsux Posts: 3	Re: How can I leave Ameriprise and take my clients? Reply #5 - Feb 25^th, 2009, 8:33pm If you are unhappy with your current situation - I am a FA recruiter. Feel free to email me at WallStSouth@gmail.com Kelly
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madalyn Amexsux New User Offline Member of Amexsux Posts: 27	Re: How can I leave Ameriprise and take my clients? Reply #6 - Mar 7^th, 2009, 8:28pm What's your offer, Kelly? Odd for you to be here - usually you wouldn't want people that already failed at another company.
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nj Ex Member	Re: How can I leave Ameriprise and take my clients? Reply #7 - Mar 7^th, 2009, 10:16pm An advisor can go any place they want with a license and a book ... wait AMP will not let you keep your clients.madalyn wrote on Mar 7^th, 2009, 8:28pm: What's your offer, Kelly? Odd for you to be here - usually you wouldn't want people that already failed at another company.
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NotAKoolaidDrinker

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Re: How can I leave Ameriprise and take my clients?
Reply #8 - Apr 30^th, 2009, 9:27am

Leaving and taking your book with you can be done, and relatively easily, but you MUST do the steps in the correct order. There is no deviation. I am an expert with regards to the franchise agreement and how to extricate yourself from it, although I am not an attorney.

PM me or post to this board for more info. I will actually design an exit plan for you, based on my own experience in taking nearly all my client base with me when I left, all without getting sued.

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insanity Amexsux New User Offline Member of Amexsux Posts: 6	Re: How can I leave Ameriprise and take my clients? Reply #9 - May 3^rd, 2009, 11:43pm Yeah! Leaving American Express with records is very easy! Just do it today! Oh, by the way, MAX OUT YOUR AMEX CARD AND THEN SHOW YOUR MIDDLEFINGER TO THEM, stop paying the balances!! Don't get mad or even. GET MAD AND EVEN!!!
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insanity Amexsux New User Offline Member of Amexsux Posts: 6	Re: How can I leave Ameriprise and take my clients? Reply #10 - May 3^rd, 2009, 11:46pm American Express will go belly up! They can't come after you and another 3 million Americans!!! Take all you want - all the customers, their name/addresses and give them special discount to do business with you outside... Amex = Enemy of USA!!!
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Raven

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Re: How can I leave Ameriprise and take my clients?
Reply #11 - Dec 30^th, 2009, 9:13am

NotAKoolaidDrinker wrote on Apr 30^th, 2009, 9:27am:

Leaving and taking your book with you can be done, and relatively easily, but you MUST do the steps in the correct order. There is no deviation. I am an expert with regards to the franchise agreement and how to extricate yourself from it, although I am not an attorney.

PM me or post to this board for more info. I will actually design an exit plan for you, based on my own experience in taking nearly all my client base with me when I left, all without getting sued.

I would be interested in what you have to say. I am considering a move and any experience would be most welcome. Thank you!

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lexus Anti-Ameriprise Offline Member of Amexsux.com Posts: 781	Re: How can I leave Ameriprise and take my clients? Reply #12 - Dec 30^th, 2009, 8:00pm No response, 20yrP1.
Back to top	Friends don't let friends use Ameriprise!&&&&AMP4Life read the prospectus before you meet with clients for their sake. Doubt you really care.

NotAKoolaidDrinker

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Re: How can I leave Ameriprise and take my clients?
Reply #13 - Jan 4^th, 2010, 10:57am

Raven wrote on Dec 30^th, 2009, 9:13am:

NotAKoolaidDrinker wrote on Apr 30^th, 2009, 9:27am:

Leaving and taking your book with you can be done, and relatively easily, but you MUST do the steps in the correct order. There is no deviation. I am an expert with regards to the franchise agreement and how to extricate yourself from it, although I am not an attorney.

PM me or post to this board for more info. I will actually design an exit plan for you, based on my own experience in taking nearly all my client base with me when I left, all without getting sued.

I would be interested in what you have to say. I am considering a move and any experience would be most welcome. Thank you!

There are very specific prescribed steps to take. I offer this service for a fee. If you're interested, please PM me and I'll get back to you.

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1styrP1 Platinum Member Offline Member of AMP Nation Posts: 641	Re: How can I leave Ameriprise and take my clients? Reply #14 - Jan 4^th, 2010, 3:10pm lexus wrote on Dec 30^th, 2009, 8:00pm: No response, 20yrP1. Is this directed at me? I have no response to this thread because I don't care who is looking to transfer their clients and go somewhere else. More power to them. If its not directed at me, then sorry and happy new year.
Back to top	Really 5thyrP2, but don't feel like changing the screenname