Merrill Lynch Reviews

Current Employee – been working at Merrill Lynch full-time for more than a year

Pros – This is the retail global wealth management division. So it all depends on the division you work in to really get an answer on all the pros. Its really a roll of the dice because you see one person go into the position and they get lucky and advance and do great things others fall flat and end up leaving negative reviews. The PMD program is one of the best on the street. They invest into you and try to give you the tools you need. Great research. Unlimited ways to develop a business but of course you have to generate revenue to stay. Great colleagues, you learn from senior advisors and there are many resources. Bulge Bracket firm on a resume. Many who fail end up with good jobs internally or externally. There is an alumni network of wirehouse successes and failures, it becomes a fraternity/sorority and people respect you trying.

Cons – This is one of the most difficult jobs you will work in. Its hard to pin it down. You are an entrepreneur and Merrill advisors are your greatest competitor. Its like being dropped in the middle of the African Savannah and you have to survive. In this function you can work all day long and not get anywhere. Prospecting methods don't work to the extent of assets you can get unless you get lucky. The program I think is really set-up for failure. Merrill knows they have trouble with getting new relationships. They do good with the existing ones. They also know their top advisors are too busy to aggressively prospect and they want to make them happy. So they bring you in, you go out and work your Rolodex, at some point you fail, they force you out or you quit, and then give your account to the best advisors. Even if you pass the program it doesn't mean you will make the real money. The only people who make it are those who partner with top advisors(family members mostly) and those who are older who have a large base of clients to call on. They then say things like "its all on you" the worst part is the demoralization of it. You want to win but the business has become oversaturated internally and externally and Merrill is more set up for churning people out then really trying to cultivate. Its strange when I look at all the flunkies who were trained and developed and spit out only to go to another firm and excel there.

Advice to Senior Management – Bank of America leave Merrill alone. The model works if you keep widdling away pay the advisors will leave. I think you should have a better program for junior advisors. If you look at your record of success its dismall

No, I would not recommend this company to a friend – I'm optimistic about the outlook for this company

Former Employee – worked at Merrill Lynch full-time for more than 3 years

Pros – Great people. Many opportunities to migrate to other groups.

Cons – Too much red tape. Turf wars.

Yes, I would recommend this company to a friend

Current Employee – been working at Merrill Lynch

Pros – -great culture and work/life balance
-meritocracy

Cons – -too bureaucratic
-health benefits are pretty weak

Current Employee – been working at Merrill Lynch full-time for more than a year

Pros – Lifestyle can be great for a financial services type of job but can include week ends and festivities; long work hours especially in evenings but you can play tennis every morning

Cons – Business development, very difficult to identify new potential clients - no help from the company nor the management

Advice to Senior Management – team culture

Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

Former Employee – worked at Merrill Lynch as an intern for less than a year

Pros – Get a look at how financial advising works.
Group very helpful in answering any questions.
Will give references for future jobs.
Possibly will lead to future positions.

Cons – Can't do much more then "Prospecting" because you most likely won't be licensed at the time.
Was an unpaid internship.

Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

Former Employee – worked at Merrill Lynch full-time

Pros – Ample opportunity for growth and a culture that supports the individual.

Cons – It's still a large company, and has an even larger footprint since Bank of America took it over.

Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

Former Employee – worked at Merrill Lynch as an intern for less than a year

Pros – *great experience
* attend weekly seminars with high profile FA's
* work 1 on 1 with a FA
* direct access to Bloomberg Terminal

Cons – You have to really stand out and prove yourself to turn the internship into full time employment.

Advice to Senior Management – It is great that you make yourself accessible.

Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

Current Employee – been working at Merrill Lynch full-time for more than a year

Pros – - Great company
- Good training
- Great benefits
- Good pay

Cons – Difficult to make it as an advisor in this business unless you can open $5mm-$10mm accounts on day 1. Don't waste your time or theirs!

You need one of three things to make it in this business: 1. a lot of luck 2. immediate family with $5mm-$10mm (that have told you they will move it to you before you even start) or 3. a lot of time! (which the hurdles in the program are not conducive to building a successful business so quickly)

Advice to Senior Management – You promote teaming so much. Incentivize senior FAs to team with junior brokers. More people would make it!!!
There are dormant accounts within the firm not being worked that FAs just getting started would love to have and work (and make more money for you consequently).

– I'm optimistic about the outlook for this company

Current Employee – been working at Merrill Lynch full-time for less than a year

Pros – Good on your resume, sponsor your licenses/certs

Cons – Below average pay, bad management

Advice to Senior Management – Not sure, get new management really...

Yes, I would recommend this company to a friend – I'm not optimistic about the outlook for this company

Current Employee – been working at Merrill Lynch full-time for less than a year

Pros – Was paired up with a young member of the PMD program and worked with him on his day to day work (cold calls, lead follow ups, equity and bond reviews).

Cons – No real training, internship mill. Don't expect a job and do it for the experience

Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company