Merrill Lynch

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8 people found this helpful  

Churning Financial Advisors in a Financially Difficult Period

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Culture & Values
  • Career Opportunities
Former Employee - PMD Financial Advisor in New York, NY
Former Employee - PMD Financial Advisor in New York, NY

I worked at Merrill Lynch full-time (more than a year)

Pros

Salary, platforms, many supportive advisors.

Cons

The PMD program is a joke. The goals are rediculously high, management is extremely rigid, and the month you don't make your hurdles they are more than eager to put you out on the street. The whole point of this program isn't to cultivate talented advisors as much as it is to get people in the door any way possible (usually through deception), get as many family/friends accounts over as soon as possible, let you go when you haven't hit your hurdles so that the older Advisors can inherit your accounts without having to do any real prospecting. it's a sham; don't waste your time unless you have no other options and can milk them for whatever they are willing to give you.

Advice to ManagementAdvice

Spend time cultivating Advisors instead of churning them in and out...stop lying to Advisors to get them in the door, then lying on the way out saying it was because you didn't hit your hurdles when the fact is that senior management needs to satiate the older advisors who are too lazy to prospect anymore.
The PMD program is a meat market; 90% of advisors don't make it (they will tell you it's 25%--don't believe them). Every other thing is a lie or a drastic misrepresentation. Many of us were lied to about salary arranagements to incur us to work there, about split arrangements with senior advisors, how long we would have to catch up to our hurdles...it's a joke and the levels they will go to deceive you to fatten their pockets at the expense of yours--well all I can say is that I warned you.

Not a place to build a career. More like a stop in between careers or an alternative to unemployment.

Doesn't Recommend
Negative Outlook
Disapproves of CEO

1264 Other Employee Reviews for Merrill Lynch (View Most Recent)

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  1.  

    Great way to see how the financial services industry operates.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Wealth Management Intern in Costa Mesa, CA
    Former Employee - Wealth Management Intern in Costa Mesa, CA

    I worked at Merrill Lynch as an intern (more than a year)

    Pros

    If you are a student looking for a professional internship, Merrill Lynch is a great company to gain valuable experience in the financial services industry and receive school credit simultaneously.

    Cons

    Expect to do a decent amount of administrative work, which is to be expected for most internships.

    Recommends
    Neutral Outlook
    No opinion of CEO
  2. 1 person found this helpful  

    A Former Industry Leader

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Senior Financial Consultant in Fort Lauderdale, FL
    Former Employee - Senior Financial Consultant in Fort Lauderdale, FL

    I worked at Merrill Lynch full-time (more than 10 years)

    Pros

    Unlimited earnings potential for the right person.

    Cons

    Former and current management deviated from the firm's core values.

    Advice to ManagementAdvice

    One hundred percent striving to truly meet customer needs is the no nonsense solution to the company's many problems.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
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