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Here's a thought... instead of all this speculation why don't you just call her
Mentor
She left. It’s real. Don’t bother her while she is in the middle of her transition. Give her a few weeks to get all her clients in ACAT mode, and then reach out and ask her about it, especially if you don’t know her personally.
She was an amazing and supportive colleague and she chose a path that fits her and her clients needs the best. I’m happy for her and and am sad I lost a true partner. Ameriprise gained a rockstar!
Mentor
She didn’t sell her book because she didn’t own it at Jones. They are paying massive transition bonuses to move over. It’s a lateral move from an ownership standpoint, but they have much better tech, products, services, etc.
Mentor
Yeah, I wrote that before I realized she went the P2 route, based on comments from above. It won’t let me go in and delete the comment now.
Was she an advisor? If so she probably sold her book to them which means she no longer owns it and if she wants to leave them, she can’t take her clients with her. It’s a good retirement strategy…
I’ve been with AMP for more than 20 years. Selling my practice now. We control who we sell too. It’s our equity in our own books.
Again, she went to their Independent channel, so no check for 3x revenue. Probably, more like 1x.
You are totally wrong.
She got more than 1X
I am hearing 2-2.5x is the market now, but 3x is probably not out of the realm of possibility. If she got that, god bless her.
Actually a bit more than 3 times. Almost 3.5
Wasn't her production only around 4mm? I would assume she got around 12
Mentor
Her assets were 1.7 billion
Mentor
According to the article that came out a few hours ago, she went to the Ameriprise franchisee channel, which means she did not get a check for 3 times T12. She still likely got a huge check, but my guess is it’s between $5-10 million instead of $30-40.
Branch manager 1. We are franchisees at AMP. We can sell inside AMP or outside.
Who is she. I don't get why it's such a big deal
She was the first 10mil producer in the firm and also the first to one Billion AUM, he is correct. There are a small handful of advisors in the Billion AUM…. And she was the number one producer for years. Another guy in North Dakota is pretty close. The firm has thousands of million dollar producers…10 times that is another league!
I can tell you that being involved in a practice sale right now that 3 or more times recurring revenue is the going rate. She might have also received a premium from Ameriprise given the size of her book.
The article on business wore says she left to take her practice wealth management to next level
What do you expect her to say? “I left because Ameriprise wrote me a multimillion dollar check to move?” Many of her clients will see the article, so the reason stated has to be client-centric.
Well I saw a targeted ad from them offering double commission your first year if you move over to them
Yes but not for a super producer. Those rules don’t apply.