Merrill Lynch

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Merrill Lynch Reviews in Phoenix, AZ

Updated November 26, 2014
Updated November 26, 2014
9 Reviews
2.8
9 Reviews
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Merrill Lynch President & CEO of Bank of America Brian T. Moynihan
Brian T. Moynihan
9 Ratings

Review Highlights

Pros
  • Decent work/life balance(based on your work area) Good (not great) benefits (in 50 reviews)

  • Learned a lot about wealth management, especially through the online courses (in 43 reviews)


Cons
  • The work-life balance is definitely a con (in 23 reviews)

  • You are expected to work long hours with no overtime pay or additional compensation (in 37 reviews)

More Highlights

9 Employee Reviews Back to all Reviews

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  1.  

    Cubical Farm

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

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

    Pros

    fast paced and teamwork culture

    Cons

    cubical farm, put your head down and answer calls

    Advice to ManagementAdvice

    streamline learning

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  2. 1 person found this helpful  

    The best training and atmosphere to prepare for taking your series tests.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - PMD Financial Advisor in Mesa, AZ
    Current Employee - PMD Financial Advisor in Mesa, AZ

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

    Pros

    Training, Introduction into the industry, FA mentors

    Cons

    Tiers are not easy to hit. Success at ML requires personal high net worth connections, previous bank transaction lead connections. Must be able to find many leads with a net worth greater than 250K ML will give you trouble approving accounts for less than 100K. Your hard earned leads will be pushed to Merrill Edge.

    Advice to ManagementAdvice

    More oversight after the series tests have been passed on helping PMDs get legitimate leads.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  3.  

    Time as a summer analyst was well spent

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Intern - Summer Analyst in Scottsdale, AZ
    Former Intern - Summer Analyst in Scottsdale, AZ

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

    Pros

    Good work/life balance. Given option to return after receiving graduate degree. Looking to grow practice.

    Cons

    Project flow was always at the mercy of ability to pull new clients. Unclear about career path within my group, which led me to accept another position.

    Recommends
    Neutral Outlook
    No opinion of CEO
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  5.  

    Good experience

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Intern - Intern in Scottsdale, AZ
    Former Intern - Intern in Scottsdale, AZ

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

    Pros

    - Great atmosphere
    - Useful connections
    - Learning the industry

    Cons

    - One-sided business model
    - Not a good fit for everyone

    Recommends
    Positive Outlook
    Approves of CEO
  6. 4 people found this helpful  

    It was the worst decision of my life to work at this company

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

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

    Pros

    You will get wall street firm experience, if you can last six months to a year.

    Cons

    There are senior advisors who have been with the company for decades, and there are those who have been with the company for 0-2 years. That's it. It should be glaringly obvious that this is a problem. The reason? No one can make it through this program. Senior advisors won't look your way if you're a trainee (even though they got their success by having a father give them money or accounts, or being favored for accounts by management). My first day i was told there were four people in my same desk in the past year. This company is a revolving door because it's set up that you will fail. The goals are impossible, working hours long, help is not available, and just when you're exhausted from trying to make it work.. they will place you on probation. You will fear for your job, be afraid to be without income, accept an offer from another company, then get sued by Merrill for training costs.. oh and there is no training but you are forced to sign a document that says training is worth $40,000. There was not one hour of training during my 2 years there. It was sink or swim, figure things out, pray for the best. Most wait to be fired to avoid the lawsuit, but then a firing is listed on your license. Not sure why anyone would take this job! Unless of course they have millions in money ready to sign on the dotted line. Then again, hopefully that much money wouldn't go to this company!

    Advice to ManagementAdvice

    Face the facts - your PMD program is dysfunctional! It takes advantage of entrepreneurs and driven people who are looking for a quality long term career, and leaves them broke, jobless and in trouble.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  7. 4 people found this helpful  

    PMD advisor role will put you in the poor house after paying back training fees!

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

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

    Pros

    None that I can think of.

    Cons

    I got hired and showed up for the first day of work. After being toured around the office to see the break room, mail room and restrooms, I was shown my desk and given a binder. The binder contained a self study program of FINRA licensing and the ML way to cold/warm call. They said the PMD program was going to be three years long and you would receive a salary along the way. Nice huh? The training was a few pow wows a month gearing you towards how to speak to million dollar clients that you were to find and persuade to do business with. Most pow wows were a "Senior Advisor" bragging about how they did it (having wealthy family.) I was told very early on by an admin person the only way to survive was to have wealthy family or friends that would help you meet your production goals.
    The management said you would get a mentor to work with and they would help you build a book of business. The problem there was that so many new people revolved in and out of the firm, no advisor wanted to be a mentor. The only ones who would take you on are the advisors that would let you cold call and get a couple of accounts and then they would take them over once you quit or got fired. The PMD advisor said in a meeting that 4 people in 5 years made it. By my math, they would hire 5-10 new PMD advisors per month. So the odds are against you.
    So, once you left the company, they had a law firm send you a demand letter for training cost. The cost start at $7,500 and go to $25,000 depending how long you were there. You had to sign a contract regarding training payback to get the job. What a joke. I was not trained. I already had all of my licenses and credentials. If you are considering a job with ML, DON'T! Every one else I talk to that worked there is in the same boat. If you get fired there may be an out form the "training cost." I don't know and I bet you don't want to find out.

    Advice to ManagementAdvice

    Get a real training program instead of throwing people against a wall and seeing who sticks. 4 people in 5 years.........

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  8.  

    Terrible company

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Investment Specialist in Chandler, AZ
    Current Employee - Investment Specialist in Chandler, AZ

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

    Pros

    None that I can think of!

    Cons

    Lied to by recruiter on bonus, licensing, and other areas. Supervisor is nothing but a task master.

    Advice to ManagementAdvice

    Your culture stinks.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  9.  

    Trainee

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - POA Trainee in Phoenix, AZ
    Current Employee - POA Trainee in Phoenix, AZ

    I have been working at Merrill Lynch

    Pros

    Overall there are mamny good things about being a retail financial advisor, the hours can be very reasonable. That is assuming you can make it through the initial 2 year training program. There is also the opportunity to make good money.

    Cons

    The downside is that very few make it through the training program. My guess would be 1 out of 10. If you are looking for a job with analytical rigor this is not it. This is more of a sales position than anything else. Expect lots of cold calling and prospecting.

    Advice to ManagementAdvice

    My advice would be to facilitate capable people in their practice. The 1 out of 10 ratio of success is not acceptable. They may be better off by adopting some sort of mandatory partnerships for all new hires seeing that is the only way people can make it anyway.

    No opinion of CEO
  10. 1 person found this helpful  

    Decent internship

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Intern in Phoenix, AZ
    Former Employee - Intern in Phoenix, AZ

    I worked at Merrill Lynch

    Pros

    Merrill Lynch has excellent brand recognition. Having an internship there will get your foot in the door to pretty much any finance company in the world. Depending on who you work for, you can have a great experience. The company has market share in most markets, especially in Arizona. Employees kind of like the company, they don't love it though. I have a lot of respect for the leadership and the people who work there, but there are of course some bad apples. The company is very fair and respectful and something I would recommend. Advancement is all about increasing your client base.

    Cons

    There is a 95% failure rate as a financial advisor while working for Merrill Lynch, and that's WITH the Merrill brand behind you. Because Merrill has market share you're often going after prospective clients who are already with the firm but another financial advisor. As an intern you typically do not receive monetary compensation, but instead school credit. It's worth the investment. You can make the internship what you want. If you want to learn sales or investments it's a great opportunity if you ask the right questions. The advisors are also well connected and offer great advice. If you can afford not to get paid, do it.

    Advice to ManagementAdvice

    none

    Recommends
    No opinion of CEO

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