Pros

There is no other name in the industry that carries the prestige, weight, and wow factor as Merrill Lynch. As an advisor you have tons of freedom over your time, the kind of business you want to run, the money you want to make, and it really is the biggest and most powerful firm in the world.

Cons

Too big. Very cold management, there is a very fierce and negative competition amongst the advisors. No salary all commission. If you aren't a million dollar producer, you are ignored, unsupported, and treated like third cousin. There is no formal recognition of performance. Basically if you want to build a practice the world of products and services are available to you, but no that you will be treated like garbage until your numbers are $1million or better.

Advice to Senior Management

Understand your advisors, not everyone starts off producing a million. Start a training program, give support to your up and comers, and allow more friendly competition.