Merrill Lynch – “Top company. Hard to move forward”

Pros

Job duties- You have a sophisticated platform that really makes life easy. You take on a good amount of responsibility in the advisor's business. Pay and benefits are very competitive with additional incentives- depends with advisor you work with. Company- Prestigious. Sophisticated. people. Good training and development. Resources galore on research. A company that gives you the tools to give your client the best experience and for you to get the best resources to do your job.
If you are happy with the associate role and want to do this all your life you are in a great place.

Cons

Duties- Roll of the dice with your experience in the advisor you work with pay, treatment, etc. The brokers here are much more driven and nothing but business. The entire business revolves around advisors and their egos are huge especially here where its probably one of the most difficult areas to develop a book of business on your own or you are a big fish that came over from another firm. Company- Biggest con is do you want to be an associate all your life- if you do your in a great place but if you want to move up its a murky future. Being an advisor you have to generate a book of high networth clients in a short period with no leads. If you can do this your golden but I reckon 1% succeed. Its a difficult program. If you want to go to other areas of the firm its very difficult because they only hire top graduates with golden resumes. My observation is that management is highly qualified as well. I have seen associates that have been there for years and have never been promoted. Maybe they didn't want to. I guess it relates to location this is my experience and observation, I'm sure that there are other locations with opportunities and managers without MBA's.

Advice to Senior Management

Merrill and Bank of America are two completely different cultures and client bases make sure you don't forget that and make sure you don't anger the clients.