Merrill Lynch

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26 days ago

Merrill Lynch Financial Advisor Trainee- Philidelphia, PA & Surrounding

Merrill Lynch Philadelphia, PA

The Practice Management Development (PMD) role is a 43 month development program for professionals who wish to build a wealth management business and… Merrill Lynch


26 days ago

Merrill Lynch Financial Advisor Trainee- Philidelphia, PA & Surrounding

Merrill Lynch New York, NY

The Practice Management Development (PMD) role is a 43 month development program for professionals who wish to build a wealth management business and… Merrill Lynch


17 days ago

PMD FA Trainee - Bus DevMerrill Lynch Team Financial Advisor Program (Business D

Merrill Lynch New York, NY

Understand all aspects of an optimal practice and complete the training and development needed to prepare for a successful career as a Financial… Merrill Lynch


17 days ago

PMD FA Trainee - Bus DevMerrill Lynch Team Financial Advisor Program (Business D

Merrill Lynch Louisville, KY

Understand all aspects of an optimal practice and complete the training and development needed to prepare for a successful career as a Financial… Merrill Lynch


Merrill Lynch Reviews

1,257 Reviews
3.7
1,257 Reviews
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Merrill Lynch President & CEO of Bank of America Brian T. Moynihan
Brian T. Moynihan
356 Ratings
  •  

    In short, working at Merrill Lynch feels like working in a police state. Every move you make is questioned.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Registered Client Associate in San Francisco, CA
    Current Employee - Registered Client Associate in San Francisco, CA

    I have been working at Merrill Lynch full-time (more than 3 years)

    Pros

    The pros are few. One is that you get the experience of working in a very demanding environement, so you learn how to deal well under stress and negative circumstances.

    Cons

    Little to no opportunity for advancement, little support and opportunities for personal and professional growth. No process, in terms of servicing clients and accounts, is efficient - this is because of extremely tedious paperwork and misinformation by the back office. There is absolutely no formal training. I've now worked in two offices in two parts of the country, and even as the learning curve is huge and expectations are high, literally no training is provided. It sets new employees up for early frustration and failure. The only phrases I have heard repeated about how Merrill Lynch trains its Client Associates are "baptism by fire" and "sink or swim". That shows how much the firm wants to invest in you and values you....which is not at all. I've seen many people who could be very capable and successful, given the proper tools, begin at Merrill Lynch and fail within 6 months.

    Another large issue is the culture. Merrill Lynch management is afraid of losing financial advisors to other firms, so every decision is made to keep big producers happy. That means that Client Associates will always lose in a battle. If an advisor is unhappy with a Client Associate, the CA will absolutely be moved to support new advisors or fired. If the CA is unhappy with the advisor and requests to be moved to support other advisors, the wish will only (and I mean only) be granted if it will not make the advisor mad enough to leave the firm. In an office with about 30 Client Associates, I truly cannot tell you the last time one of them said they were happy with the culture, management, and day-to-day processes of the job. Discontent is extremely high and morale extremely low.

    Advice to ManagementAdvice

    There is no reward for hard work. You literally have to be with the company for around 15 years to see any material change in how you are valued. That is why the turnover is increasing exponentially. Promotions, substantial raises, and true professional growth support are non existent. If you change the culture from only favorings FA's to also valuing CA's, their contributions and career paths, you would see a drastic difference in turnover, loyalty and morale.

    Doesn't Recommend
    Negative Outlook
    Approves of CEO

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