Merrill Edge Reviews

Updated March 30, 2015
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3.0
87 Reviews
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David Darnell
34 Ratings

Pros
  • I met a lot of great people while working here (in 6 reviews)

  • Good benefits that's all, some of the lower management does try (in 5 reviews)

Cons
  • The place stinks, the company does not care about you all they care about is the call center metrics (in 9 reviews)

  • Merrill Edge asked that you memorize a script to use with each and every client (in 6 reviews)

More Pros and Cons

Employee Reviews

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  1. 3 people found this helpful

    Growing company with good people

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

    I have been working at Merrill Edge full-time (more than a year)

    Pros

    Good comensation once you reach Premier level as an FSA. GREAT learning experience. You can make a lot of money if you are good at bringing in new money, and production.

    Cons

    No value placed on experience or FA development. Mangers r not very intelligent and DEFINITELY devoid of leadership especially in Hopewell office. All they care about is numbers.

    Advice to ManagementAdvice

    Take a good look at the Hopewell management team.They are incompetent, occasionally unethical, short sighted buffoons. You are in a position to take this business to the top but you HAVE to do something about this management team. No way is Levine's dream of taking this company to 200 billion will succeed under this leadership team.

    Doesn't Recommend
    Negative Outlook
    Approves of CEO
  2. Big firm with tons of resources and locations.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Financial Solutions Advisor in Atlanta, GA
    Current Employee - Financial Solutions Advisor in Atlanta, GA

    I have been working at Merrill Edge

    Pros

    Not so much pressure to sell but there is some

    Cons

    Too much banking functions like a personal banker which takes away from the brokerage functions

    Advice to ManagementAdvice

    It may seem more efficient to have FSA do everything, but too many tasks and activities may cause average or less than average production in each category, instead of stellar production in a few functions.

    Recommends
    Positive Outlook
    No opinion of CEO
  3. Good Company

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Investment Specialist in Lincoln, RI
    Former Employee - Investment Specialist in Lincoln, RI

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

    Pros

    The people here were great.

    Cons

    Could pay more but that's what everyone says.

    Advice to ManagementAdvice

    Make the website better

    Recommends
    Positive Outlook
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  5. 3 people found this helpful

    Not for everyone

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Senior Fsa in Trenton, NJ
    Former Employee - Senior Fsa in Trenton, NJ

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

    Pros

    pretty quick promotions, nice people to work with.

    Cons

    compensation goals greatly increased but not for commensurate reward.

    Advice to ManagementAdvice

    bonus structure too complicated, too many goals to hit, too many land mines in the bonus compensation package , insufficient reporting of goal status due to complexity of all the "asks" regarding service and goals. Too easy to lose significant portions of bonus due uncontrollable client service feedback.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  6. Financial Solution Consultant

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Merrill Edge

    Pros

    Company pay for your study time and licenses.

    Cons

    Call Center environment may not be suitable for everyone.

    Advice to ManagementAdvice

    Communication

    Recommends
    Positive Outlook
  7. Avoid at all costs....

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Field FSA
    Current Employee - Field FSA

    I have been working at Merrill Edge

    Pros

    Honestly there are none worth mentioning

    Cons

    Micromanaging has gotten out of control as the FSAs are getting hounded on a daily basis by their MSMs for totally irrelevant things.
    As several other posts have alluded to, more focus now on pushing banking products rather than investment products which is contrary to what the role really should be.
    FSAs also are expected to do many menial banking tasks.
    It is also true that the vast majority of customers do not want anything to do with investment products unless it carries that magical FDIC coverage.
    Many referrals that are passed along by business partners are a complete waste of time.
    Sales goals are a joke and are completely out of reach for most FSAs.
    The Compliance Dept. at Merrill Edge should be renamed the "Sales Prevention Dept".

    Advice to ManagementAdvice

    Stop the micromanaging and have some more realistic expectations for your FSAs. Morale is extremely low in the banking centers and you will see many FSAs say "Sayonara" unless some changes are made very soon.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  8. 3 people found this helpful

    Not what I expected

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

    I worked at Merrill Edge full-time

    Pros

    1)You get a salary and benefits.
    2)You get a three month ramp up period to build a pipeline.
    3)The training is pretty good.
    4) Very young program where and there is opportunity to move around after a year.

    Cons

    1) Management and compliance is all over you for menial tasks.
    2) You're not a real financial advisor, you're a glorified personal banker
    3) You have to sell certain amount of credit cards to hit your numbers and home loans
    4) Most people that come to the bank barely have two nickels to rub together and completely risk averse. Further, are just cd shoppers.
    5) You have to make cold calls on a record line which makes you completely robotic to a prospective customer and if you fail the call it will affect your compensation.
    6) Branch Managers are with you or against you on any given day.
    7) You will be competing against personal bankers for customer interactions.
    8) Management is really young and most of them shouldn't be managers.

    Advice to ManagementAdvice

    Have a clear goal for both the Branch and the FSA. I find that there was a challenge trying to explain to the personal bankers how our goals are aligned with theirs. Realign the goals based on the banking center itself. In low traffic areas, it's very difficult to hit your numbers even if you are the best salesman. Stop forcing FSA to sell credit cards and mortgages.

    Doesn't Recommend
    Positive Outlook
    Approves of CEO
  9. 1 person found this helpful

    Potential Payouts and Great Place to get Licensed

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Investment Specialist in Jacksonville, FL
    Former Employee - Investment Specialist in Jacksonville, FL

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

    Pros

    It's easy to ask coworkers questions, if you stay on the same gate like service for a long time you don't have to learn much, and time off is sufficient paid 3 weeks per year.

    Cons

    Programs can be difficult to utilize, lack of knowledge from management on processes, micromanaged to the second even if you're doing a back office request if you're out of adherence for 5 minutes you get talked to. Very few people actually get the projected bonuses that are advertised. Mine was lower when I was on trade doing more responsibility and harder calls with margin and options then when I was on service and did pin resets all day. 5 occurrences(unscheduled days out/sick day) policy.

    Advice to ManagementAdvice

    Negotiate base pay otherwise when something better comes along people leave. Train your reps for what they're supposed to do not just highlighting their mistakes. Focus on fixing the problems why clients are calling in vs. micromanaging all things reps do; since, some requests take time to do. Hire top performers from within to be in management positions.

  10. 3 people found this helpful

    Changing for the worse

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Merrill Edge full-time (more than a year)

    Pros

    Friendly co-workers for the most part
    Benefits aren't too bad
    Starting pay isn't spectacular but better than similar type positions at other institutions.

    Cons

    You are pushed to do banking products and handle customer service issues the majority of the time
    Referrals, which are the FSA's lifeline for additional pay, are most of the time as a vast majority of banking customers are either too risk averse for investments or don't have a nickel to their name.
    Sales goals are completely unrealistic in a majority of the banking centers
    Systems are very antiquated, confusing to understand and crash a lot
    Compliance is an absolute nightmare and is impossible to work with

    Advice to ManagementAdvice

    Invest in better technology, stop having us do banking duties 24/7 and have compliance be just a little more user-friendly to the FSAs.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  11. This is a great place to start your financial career!

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

    I have been working at Merrill Edge full-time (less than a year)

    Pros

    1. S7/S66 licensing paid to study
    2. Salary and Comp is great you can make A LOT of money in a short amount of time if you are successful (60-120k+ depending on what platform you are on)
    3. You can be promoted up the tiers in as early as 3 months if consistent and the goals aren't that hard to hit if you work hard (you don't have to work late to hit goals as long as you are efficient with your time).
    4. The floor has a very positive attitude with team leads always willing to help you. Everyone is friendly and tries to help you out. You will see a lot of FSAs taking time out to help other FSAs.
    5. Strong leadership with a great expectation in the future.
    6. No cold calling!
    7. Fun company outings/events (Company picnic, cultural events, bowling night, etc...)
    8. If you show strong interest in a certain segment they will take that into consideration for being moved around if an opening appears.
    9. You are not just a number here, upper managements will recognize you and the effort you put in and you will be rewarded.
    10. This is a great place to start out of school do not be intimidated

    Cons

    1. Tracking goals can be an issue since its not always picked up that's why you need to track everything you do manually.
    2. Benefits are OKAY not the best.
    3. Sometimes you have to deal with tedious tasks that take time away from advising (Bank/Middle office requests)

    Advice to ManagementAdvice

    Do not turn into a micro managing style, everyone like to be left alone and run their own little business. It has not started yet and I hope it never does. Other than that it's truly a great place and the upper management actually cares about you.

    Recommends
    Positive Outlook
    Approves of CEO

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