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An excellent experience that opened me up to the wealth management industry!

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

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

Pros

Great exposure to senior financial advisors and management. Worked one-on-one with wealth management group financial advisors and client associates. Management offered sound advice and were wide open to formal and informal conversations throughout the office. The culture cultivated a pristine and honorable environment that I enjoyed working in throughout the two year internship.

Cons

As one of a few interns throughout the office, there were not many people my own age.

Advice to ManagementAdvice

Have more structured branch activities involving interns to "ease" up on the conservative financial services culture that can be seen from out viewpoint.

Recommends
Positive Outlook
Approves of CEO

1170 Other Employee Reviews for Merrill Lynch (View Most Recent)

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  1. 4 people found this helpful  

    Terrible PMD program

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Financial Advisor
    Former Employee - Financial Advisor

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

    Pros

    They paid for my Series 7 and 66, decent salary while you are studying, great coworkers, not much outside of that

    Cons

    Unless you love cold calling out of a phone book, this is not the job for you. You are expected to bring in $30 Million in assets in 3 years, with basically no help at all. I suppose if you have a lot of rich friends and family who trust you, you could do alright.

     As a recent college graduate, I had basically no chance. They just hire a bunch of PMDs, have them bring in a few clients, and then fire them. Its all a part of their business model. Unless you can get on a team, your chances of success are about 1%.

    "Training" consists of nothing more than watching outdated video from the 90's. Absolutely terrible.

    Out of the 7 guys who started at the same time as me, I think there is only 1 still working there, and he is very close to getting the ax. Most PMDs are actively interviewing at other places during their employment with ML.

    Advice to ManagementAdvice

    Lower sales goals. Put more people on teams.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  2. 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 for 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
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