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Archive for August, 2013

Ameriprise is a financial institution that has been around since 1894.

Ameriprise is a financial institution that has been around since 1894.

According to Alex Firestone, his experience at Ameriprise Financial Services was exactly what was necessary for his career. It was an unpaid internship, but according to Firestone “was more of a resume-booster and very valuable experience.” He was able to work on personal qualities while retaining new knowledge on the financial sector, the asset management industry, and Ameriprise Financial itself.

First, Firestone wanted to really emphasize the relationships he gained, using social skills to meet with old/new clients. By establishing relationships with clients, they felt comfortable enough to let him sit in on their meetings. These meetings provided him with the most opportune learning objectives: which questions to ask, which information to give clients, and when to use sense of humor while advising. Other skills he worked on were organization and time management, of which both qualities improved immensely over the summer.

Ameriprise was important for expanding his professional network relationships, too. Besides for new connections with clients and advisors on LinkedIn, Firestone also had discussions with the advisors about their past job experience. Mr. Kalish has worked as an advisor for over 25 years, Mrs. Paolicelli used to work at the United Bank of Scotland, and Ms. Haughney used to work at Merrill Lynch. They all asked for his resume to distribute, and Ms. Haughney even offered him a job at her new branch of Ameriprise.

He did a lot of Excel work, too. According to Firestone, he “created a detailed Excel report of all of the advisors’ client portfolios. Because of that, the advisors were able to see the problems that needed fixing for certain clients.” After problems were found, the advisors showed him how Ameriprise sets targets, sets proposals, rebalances portfolios, and then trades securities. They did that through the use of a program called Thomson ONE from Thomson Reuters. This was by far the best financial advisory tool he had seen. He was able to research, compare, run reports, and set alerts for various securities. Using this program to surround himself with market statistics and immense amounts of securities research “truly allowed him to broaden his knowledge of the national and international economies.”

In conclusion, Firestone believes his internship at Ameriprise Financial was extraordinarily invaluable. “Motivation, hard work and a yearning to learn more” fueled his path to an excellent experience.

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Kenneth T. Neilson, Edward Netter, Muriel Siebert and William G. Spears smile at the Quinnipiac University Business Leader Hall of Fame ceremony.

Kenneth T. Neilson, Edward Netter, Muriel Siebert and William G. Spears smile at the Quinnipiac University Business Leader Hall of Fame ceremony.

Muriel Siebert, a 2006 Quinnipiac University Business Leader Hall of Fame inductee, died on Aug. 24 of complications of cancer. She was 80.

“Today we acknowledge the passing of one of the true pioneers of Wall Street,” said Matthew O’Connor, dean of the School of Business. “Muriel Siebert was the first woman to become a member of the New York Stock Exchange, purchasing her seat in December 1967. With this trailblazing step, she opened the door for a generation of women to enter and advance in the competitive and male-dominated world of finance. Earlier in her career, she was a partner at Brimberg & Co. and subsequently opened her own firm, Muriel Siebert & Co. Inc.  During the 1970’s and early 1980’s, she temporarily left Wall Street to become New York State’s Superintendent of Banking. She was also a long-time advocate for financial literacy, especially among young people. Quinnipiac University had the honor of inducting Ms. Siebert into its Business Leader Hall of Fame in 2006. She remained an inspiration to our business students and her leadership inspired many young women to join the world of finance.”

Please click here to read more about Siebert’s life, and here to read more about our Business Leader Hall of Fame.

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David Cadden

David Cadden, a professor of management in the Entrepreneurship and Strategy Department in the School of Business at Quinnipiac University, was quoted in the Hartford Courant about Pratt & Whitney’s decision to lay off approximately 400 employees, half of whom are from Connecticut.

Cadden said the cuts were an “effort to reduce costs because of ‘issues’ in both the military and commercial markets.”

The reduced demand for spare parts and the discontinuation of the military’s F-22 Raptor, which Pratt made the engine, contributed to the reduction in staff, he told Connecticut most circulated newspaper.

Please click here to read more.

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David Cadden

Pratt & Whitney laid off approximately 400 employees on Tuesday, about half of whom are in Connecticut. David Cadden, a professor of management in the Entrepreneurship and Strategy Department in the School of Business at Quinnipiac University, offered insight.

“It is always disheartening to hear of any layoffs, particularly given the current economic environment,” Cadden said. “These layoffs are part of P&W’s effort to reduce costs because of ‘issues’ in both the military and commercial markets. P&W produces engines for the F-22 and the F-35. The F-22 program ended with a production run far short of the original plans. The F-35 has been a problem child program and there is some uncertainty with respect to the final production run and the reimbursement by the government for engines. In the civilian market, P&W has faced stiff competition and the airlines, as part of their cost-savings program, have run more effective maintenance programs. This has reduced the demand for P&W’s spare parts. Hopefully, P&W’s geared turbine will revitalize its civilian engine program and if Lockheed can manage the F-35 more effectively, and the sequester issue can be dealt with then we might see a resurgence in P&W. That should be followed by hiring, although I’m not sure if those jobs would be in Connecticut.”

Members of the media wishing to speak with Cadden should call John Morgan, associate vice president for public relations, at 203-206-4449 (cell) or 203-582-5359 (office).

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