There are newer employer reviews for Merrill Lynch

Great company culture and experience

Current Employee - Client Associate in Austin, TX
Current Employee - Client Associate in Austin, TX

I have been working at Merrill Lynch part-time (more than a year)

Pros

The people there are very friendly and helpful. There are high expectations as expected, but more than sufficient resources to help you succeed in your role.

Cons

There aren't as many options to move around the firm in the Wealth Management division. The work becomes pretty routine, and I don't get to travel much.

Advice to ManagementAdvice

Incorporate a bit more flexibility

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  1. 5 people found this helpful

    PMD Financial Advisor Trainee Program:

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Financial Advisor Trainee in Garden City, NY
    Former Employee - Financial Advisor Trainee in Garden City, NY

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

    Pros

    They sponsor licensing and still look good on a resume for future employers who mistake it for the company it once was

    Cons

    The PMD program (Pay Mozilo's Debts, Pay Mortgage Debts, Pay Mentor's Debts) is a program that at one time trained some of the brightest minds on Wall Street to become CFP's and million dollar producers. To some extent it still does that, but to a larger extent, the program has become much less selective in hiring, less hands on with training, and largely out of touch with the economic downturn that has negatively affected many otherwise bright minds. Today's advisors succeed by pushing products that are often unsuitable simply to keep up with monthly goals. Otherwise ethical advisor trainees are pushed aside for those who skirt the moral/ethic judgement line as long as they make their aggressive goals--aided of course by management and compliance who turns the other cheek, until of course you get caught. This gives everyone in the industry a black eye.

    Common objections to doing business with ML as a startup trainee advisor are largely out of your control, such as major issues with the company (why would I want to invest with a firm that bankrupted itself and didn't follow its own advice), the industry (I had a bad experience with another advisor from your firm or from a competing firm and would never work with a major wirehouse again), and the economy (fiscal cliff, political gridlock, unemployment, volatility).

    Yes, the market has been up recently and since 2008 things have gotten better. But tell that to someone who lost their shirt in '08, missed the runup in '09, and also got burned in the tech bubble a decade ago--and you will understand that it's not as easy to gather assets and build a business as it was 15 years ago when Merrill Lynch was anything other than a laughingstock and the market was pumping out double digit gains every other year.

    Advice to ManagementAdvice

    Stop telling yourself that that Merrill is the company it once was, and making believe that the conditions to build a business as a financial advisor now are the same as they once were. Mandate teaming. Don't hire 30 people if 5 are going to stay. Stop hiring college 23 year olds just because their dads are doctors. Train on products instead of having a wholesaler come in to lecture once a week.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  2. 2 people found this helpful

    This is a sad place to work

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Operations Specialist in Hopewell, NJ
    Current Employee - Operations Specialist in Hopewell, NJ

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

    Pros

    This is a job. While it does not pay very well it is better than nothing. Perhaps the only good benefit is when you have a child you can take 6 weeks off paid. This is for both the mother and the father.

    Cons

    The pay stinks. Bonuses have been done away with. Raises are minimal, if you get one. Benefits have been slashed to the bone and the prospects for the health insurance going forward are scary. Your phones are recorded, your email is recorded, and now they even take screenshots of your computer as you work.

    There is very little room to move up in the company, and there is very very little funding for anything. So if something is broken don't except it to get fixed. I don't just me the software programs, you should see the chairs!

    If the choice is between working here any somewhere else, choose somewhere else. If you have no other options, do this until you can find a place that appreciates their workers.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
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