Management and Management Systems at an Ameriprise Financial Services’ Branch
My father taught me about the stock market when I was very young and growing up I always had had an interest in investing and the markets in general. After high school, developing a career as a financial consultant seemed very appealing. I found a company, which I will refer to as “XYZ Financial Advisors,” that would sponsor me so that I could get the necessary licenses to register as a financial advisor with the plethora of agencies that require it. After a month of study, I easily passed the exams that would allow me to practice as a professional financial advisor.
About six months later, I realized that the management of the advisory firm I was working for just didn’t support the staff underneath them and I made a decision to leave the company. I knew I had found the right field – I loved, and still love working in the industry – but I needed to find a system that would help me succeed.
The next month I had an offer to join the ranks of Ameriprise Financial Services, a Fortune 300 Advisory firm, provided that I got a different set of more specialized licenses. This meant more intensive study and a prolonged unemployment, but the opportunity was too good to pass up. It was at this point that I decided to go back to school as well. I figured as long as I was going to be at home studying, I could kill two birds with one stone. Today, I am in pre-appointment (training) program at Ameriprise’s Redwood Shores, California Branch.
I didn’t realize it at the time I joined, but the differences in management styles and systems at Ameriprise made a huge difference in not only the efficiency in which business was done but also in the morale of the advisors in their day-to-day work. Management systems at the branch office of Ameriprise Financial Services in Redwood Shores, California are well constructed and supervisors there are well versed in good management techniques. Those same ideas may have been either inadequate or missing at “XYZ Financial Advisors.”
Functional and Dysfunctional Control Systems
When I worked at “XYZ,” I noticed immediately that everyone was essentially working for themselves. Managers were forced to maintain their own client book because even they didn’t receive a salary.
Although Wells Fargo has maneuvered the recent crisis very responsibly and prudent, it is lumped together with other Wall Street firms and their failure during the crisis. Its’ reputation, as the reputation of any firm on Wall Street, has suffered. The trust in Wall Street firms is destroyed It is believed that the economic crisis was triggered by failures in leadership; we are in a so-called leadership crisis, meaning that the majority of the American public doesn’t have trust in their leaders anymore, and neither do employees trust their managers. This leadership crisis influences the productivity of banks, as can be seen at the falling stock value of Wells Fargo. Therefore, to guarantee enduring productivity, Wells Fargo has to adjust some managerial aspects because only a strong leadership provides a stable future and avoid another crisis.
If Beverly knew about this management styles before heading into the job at Gridlock Meadows she might have been more prepared for what was about to come. This paper might have come off a little bias but remember that each management style has its positive aspects as well as negative ones. The key is recognizing the management style and how to work with each one you may encounter.
Many Personal Financial Advisors will choose later on to obtain different arrays of licenses, certifications and registrations. These allow the Advisor to sell or buy different stocks, to sell insurance, or to advise on specific cases in the financial world. These licenses and certifications can also help to build a resume, bring in more clients, and to improve the reputation of a Personal Financial Advisor. On common such certification is the Certified Financial Planner Board of Standards In addition to these, many larger firms or government regulations will require Personal Financial Advisors to register for things such as the Securities and Exchange Commision, or the North American Securities Administrators Association. There is always room to grow and improve in the field of Personal Financial Advising, and Ronald E. Osborne sums up the potential for growing in this industry by saying, “Unless you do something beyond what you’ve already mastered, you will never
The Effective Manager: Perspective and Illustrations. Ed. Jon Billsberry. Thousand Oaks, CA: SAGE Publications: 287-294.
Time sure does fly; in the blink of an eye, yet another 7.5-week class has come and gone. Just like life, it is scary to think that in just a few short years I will be graduating college and be in search of a future career. The magnitudes of readings, assignments, PowerPoint lectures, and videos have all contributed to the valuable knowledge I have gained since taking this course. Nothing that was presented or required was seen as invaluable towards my progression of career development. This career development course has allowed me to do some self-exploration, career research, and help me understand what influencing factors were related to the job market. Ultimately, this class helped me gauge and find a suitable career path, which will forever shape my future.
When Phil joined Stuart & Co, they “emphasized the development of long-term client relationships based upon rendering expert independent financial advice” (Merchant & Van der Stede, 2012). They prided themselves on having financial advisors that were trusted counselors to their clients in all financial situations. However, that has since changed. Stuart & Co began to push branch managers to pursue clients towards specific products and services, even if it was not within their best financial interest. These changes posed a risk for Phil and his clients. Phil felt they risked losing many long-term clients by persuading them in unnecessary directions, possibly causing them future financial
Throughout life one takes countless journeys and comes to appreciate new experiences and life lessons. Being raised to understand how to value a dollar and what a dollar is worth gave me insight into the world of finance. Therefore, there is no inquiry why finance caught my attention. For four years I have studied hard to comprehend wealth, currency, financing, and funding through my education of receiving degrees in Finance and Accounting. However, I by no means wanted an occupation where one consistently does the same task on a daily basis with no space for growth. I yearn for a profession that can take me to new encounters and new understandings; and for one day after visiting Disneyland I knew precisely what I would embrace.
Over the past 150 years, Wells Fargo Bank has become one of the largest financial institutions in the North America. Wells Fargo Bank is much more than a bank. It’s a premium financial service provider. It believes in its people and products to help them to succeed. So how has Wells Fargo become such a leader in the financial world? It measures its success by its management staff and team members. Wells Fargo has developed and implemented its own management structure and answers the following questions regarding existing success:
When I was looking for a company to work for one thing that mattered a lot to me was company values. I wanted the company to have positive values because I wanted my personal values to be the same as the companies. One company that shares similar values is Wells Fargo. The vision of Wells Fargo is “We want to satisfy our customers’ financial needs and help them succeed financially.” (The Visions and Values of Wells Fargo) Being a Private Financial Advisor follows the same vision, the purpose of being an Advisor is to ensure your clients financial stability and to make sure the customer is satisfied. They are also a very well established company with over 15,000 Financial Advisors. (Wells Fargo Our Advisors)
This includes based on needs all managers are dedicated to their effectiveness to administer a growing business to improve effectiveness and performance measures Judge, T. A. & Robbins S. P. 2017). Well this sounds impressive but let’s factor in that the Wells Fargo culture has so far geared their focus on the high pressure sales environment which through a report described drove employees to fabricate a number of false accounts
Recently I have been thinking about many different career choices. However, one stands out above the rest. I would like to be a financial advisor for a company such as Edward Jones. I am interested in this field for quite a few reasons. I enjoy working with, talking to, and getting to know people on a more personal level. This job takes a lot of hard work and commitment, but it pays off. My Uncle Doug owns his own Edward Jones office in Maryland. I see how well he has done for himself with this career and all of the opportunities it provides. I chose to research this career because I am very interested in learning more about becoming a financial advisor and to see if this would be a career I would really enjoy.
My decision in taking this course ultimately sprung from my desire to further my education of psychology as it relates to the Financial Planning Profession. I’ve been working in the field for roughly five years which is relatively short when compared to that of my peers. However, it didn’t take long for me to realize that that Financial Planners, while well equipped to give sound financial advice, are not often given proper training in dealing with the complex emotional aspects of their client relationships. Through years of study and the recent
I am hoping that the career as a financial advisor is right for me from what I hear from everyone, it seems like a pretty good field to get into. During this paper I plan to find whether this career is actually for me or if it’s time that I change my major yet again. Since I really don’t know what I want to do with the rest of my life, and the career as a financial advisor is just something that came to me in my thoughts I really hope I can find what I need to know to make a decision if this is what I want my life to be.
Finance is a field that had always fascinated me right from my undergraduate college days. What make me interested in this particular field of study are the art of finance and the complexity of investment market which would allow me to employ my personal skills, such as analytical and communication skills, along with my personal characteristics such as dedication and compassion for what I do. As one of the most important sector in the world, I believe it would provide me with a broad range of career options.
Over the past hundred years management has continuously been evolving. There have been a wide range of approaches in how to deal with management or better yet how to improve management functions in our ever changing environment. From as early as 1100 B.C managers have been struggling with the same issues and problems that manager’s face today. Modern managers use many of the practices, principles, and techniques developed from earlier concepts and experiences.