Merrill Lynch PMD - Financial Advisor Interview Questions | Glassdoor

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Merrill Lynch PMD - Financial Advisor Interview Questions

Interviews at Merrill Lynch

81 Interview Reviews

Experience

Experience
67%
24%
9%

Getting an Interview

Getting an Interview
63%
19%
9%
8
1

Difficulty

2.9
Average

Difficulty

Hard
Average
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Helpful (3)  

PMD Financial Advisor Interview

Anonymous Interview Candidate in New York, NY
No Offer
Negative Experience
Easy Interview

Application

I applied in-person. The process took 4+ weeks. I interviewed at Merrill Lynch (New York, NY) in May 2015.

Interview

Very organized initial process and completely disorganized after the interviews. Outside recruiter contacted me initially; she pretty much pushed for PMD route; and during the interview I was told that to join a team is super difficult as nobody wants you basically. Online test was extremely easy.

Interview Questions

Other Interview Reviews for Merrill Lynch

  1.  

    PMD Financial Advisor Interview

    Anonymous Employee in Mobile, AL
    Accepted Offer
    Positive Experience
    Average Interview

    Application

    I applied in-person. The process took 2 weeks. I interviewed at Merrill Lynch (Mobile, AL) in January 2014.

    Interview

    Very short they did not ask me to many questions. They really just want to see a self starter and someone who doesnt need to be told they are doing well all the time.

    Interview Questions

    • What type of personality do you think you have?   1 Answer

    Negotiation

    There was none


  2. Helpful (2)  

    PMD Financial Advisor Interview

    Anonymous Employee in Minneapolis, MN
    Accepted Offer
    Positive Experience
    Easy Interview

    Application

    I applied online. The process took 4+ weeks. I interviewed at Merrill Lynch (Minneapolis, MN) in October 2012.

    Interview

    The interview is a multi-phase process where they evaluate your aptitude for the position. You'll create a business plan that demonstrates you know how and are potentially able to generate sufficient volume to grown your own business.

    Interview Questions

    • How would you approach pursuit of sales volume? Are you comfortable with cold calling? Are you willing to work 12+ hours per day to start-up your business?   1 Answer

    Negotiation

    There is not any negotiation. You start with a fixed salary and the salary declines over time, as the plan is for you to survive primarily on commissions from the business you generate.

  3. Helpful (9)  

    PMD Financial Advisor Interview

    Anonymous Interview Candidate in New York, NY
    No Offer
    Positive Experience
    Average Interview

    Application

    I applied through a recruiter. The process took 1+ week. I interviewed at Merrill Lynch (New York, NY) in January 2015.

    Interview

    I was contacted by their in house recruiter. Telephone interview was quick and easy. Soon after I was contacted via email by complex manager's assistant who sent all the required paperwork and the official interview was arranged. The visit to the office went well, I interviewed with two advisors and was given an overall picture of the firm, group and the expectation I was asked to interview with the complex manager later that week but did not follow up as I did not think the job would be a good fit. I feel the requirement to bring in 1mm/month investible assets, was not realistic.

    Interview Questions

    • why do you want to be a financial advisor?
      what is your plan to find clients?
      what makes you different from any other advisor?   Answer Question

  4.  

    PMD Financial Advisor Interview

    Anonymous Employee in San Francisco, CA
    Accepted Offer
    Positive Experience
    Average Interview

    Application

    I applied online. The process took 3+ weeks. I interviewed at Merrill Lynch (San Francisco, CA) in August 2015.

    Interview

    Phone interview - straight forward, though I had experience so we talked about why I wanted to become a advisor. Have a brand, and explain how the certain social economic class you might associate with.

    Interview Questions

    • Why are you seeing this position? What differentiates yourself.   Answer Question

    Negotiation

    haven't happened yet


  5. Helpful (3)  

    PMD Financial Advisor Interview

    Anonymous Interview Candidate in New York, NY
    No Offer
    Positive Experience
    Average Interview

    Application

    I applied online. The process took 3 weeks. I interviewed at Merrill Lynch (New York, NY) in May 2015.

    Interview

    The interview was basically a test to see if you have the capability to bring millions of dollars to the firm. If they can't not see the potential after the interview, you won't get an offer. By all means, try to demonstrate it whether it is through connections or experiences.

    Interview Questions

    • Have you been following the market lately? Tell me some updates?   Answer Question

  6.  

    PMD Financial Advisor Interview

    Anonymous Employee
    Accepted Offer
    Positive Experience
    Easy Interview

    Application

    I applied online. The process took 6+ weeks. I interviewed at Merrill Lynch in September 2015.

    Interview

    First there is a phone interview, very basic. Then a second phone interview asking about your achievements. They will contact you within a week to schedule a face to face with 3 different senior advisors. The interview is very professional, straightforward and informative. Be sure to put a lot of thought and strategy into your business plan. I'm currently waiting to hear back from the office to see if i was successful in getting the position! Fingers crossed!

    Interview Questions

    Negotiation

    Haven't gotten to that point yet!


  7.  

    PMD Financial Advisor Interview

    Anonymous Employee
    Accepted Offer
    Positive Experience
    Difficult Interview

    Application

    I applied through a recruiter. I interviewed at Merrill Lynch.

    Interview

    Several rounds of interviews. I was not given any preliminary tests as I had previously worked for the company in other areas. Took a month to hear back, then three more for on boarding.

    Interview Questions

  8. Helpful (15)  

    PMD Financial Advisor Interview

    Anonymous Employee
    Accepted Offer
    Neutral Experience
    Difficult Interview

    Application

    I applied online. The process took 3+ months. I interviewed at Merrill Lynch in June 2015.

    Interview

    After applying online I received an email asking me to complete a FIAT test, which is a financial aptitude test. The test began with simple questions asking things that requited basic knowledge of finance like stock splits and ended with complex theory type questions. I am sure this financial aptitude test was put in place to test for my ability to pass the Series 7 and 66 licensing exams. Set aside at least three hours in a quiet area with a computer to take the test. You are not notified upon completion whether you passed or failed the test.

    Shortly after completing the FIAT, I was emailed to schedule a phone interview with a recruiter. The recruiter was very friendly. She explained the interview process, told me I passed the FIAT test, gave me helpful advice and asked normal, easy interview questions about my job, education and life achievements. I do not have a college degree. Be prepared - although ML (Merrill Lynch) says they will hire experienced sales people without a college degree, it was a major hurdle I had to overcome in many interviews. The recruiter had warned me about this so I was prepared to answer questions about why I am qualified for the position even though I do not have a college degree. I felt like she was on my side and she wanted me to succeed.

    After speaking with the recruiter, I was set up with a semi-local ML branch where they set me up with a phone interview with the managing director of the area. I was asked about major life achievements in business and my personal life. They like to see competitive people, so playing sports is a plus. Admittedly, I do not play sports and I am not interested in sports.

    After my phone interview with the managing director, the managing director’s assistant reached out to me and gave me a list of tasks to complete:

    - Schedule a phone interview with three FAs (financial advisors).
    - Listen to audio files.
    - Write a business plan on being a FA with ML using the template provided. ML asks about 6-10 questions to be focused on in the business plan. My business plan was 10 pages total when complete after answering the questions asked. I took my business plan very seriously, as should you. In your business plan they want to see that your centers of influence (people you can market to that are part of your life) have high net worths and would be good potential clients. They also want to see why you would be a good FA with ML.

    Next I had a panel interview I brought ten final copies of my business plan and ten copies of my resume. The panel interview was tough. Let me tell you this, if your business plan is clear, concise and you answered the questions thoroughly, almost every answer you give the panel will come out of your business plan. I feel like I answered many of their questions word for word from what I wrote in my business plan. If your business plan is solid (mine took me two weeks of long nights), your panel interview should be cake. The hardest part of my panel interview was proving to them that I would be fit for the position even though I do not have a college degree. Two of the older FAs on the panel of 4 seemed really focused on the fact that I do not have a degree, while the other two seemed not to care. I maintained that the fact that I do not have a college degree is completely irrelevant and does not effect my ability to sell. The panel also wants to see that you can handle rejection. Working as a FA in wealth management is essentially a sales position. I had consulted this website before all my interviews and had answers ready for many questions based upon what other people said they were asked. Between reading interview questions on this website and having a SOLID business plan. I feel I was very prepared.

    Shortly after I had a one-on one interview. It was casual, easy, and my interviewer (another FA) was nice. I could tell he was pleased and I was almost positive I landed the position I worked so hard for.

    Within a week I received the job offer.

    This was a difficult interview process, and I didn't include a few small steps. Overall I am happy with the completed experience. My work dynamic is great. Everyone is friendly, driven and goal oriented. It is completely different than any other place I have worked before. I feel like everyone is like me - ready to succeed. I have yet to run into a lazy person or slacker. Again, do not bother applying to work for this company unless you plan on working hard. My first week I worked over 50 hours, because I knew to succeed I would also have to make sacrifices.

    Interview Questions


  9.  

    PMD Financial Advisor Interview

    Anonymous Employee in Boston, MA
    Accepted Offer
    Positive Experience
    Difficult Interview

    Application

    I applied through an employee referral. The process took 2 weeks. I interviewed at Merrill Lynch (Boston, MA) in May 2012.

    Interview

    Two meetings with RD and PMD Coach. First meeting was to judge your character and talent. Second interview was to go over offer from ML and to set adate for me to start. Accepted position and within one week was given 6 months to get Series 7, 66 and Health and LIfe license.

    Interview Questions

    • How will you acquire clients? How will you be successful?   1 Answer

    Negotiation

    There was minimal negotiation. You had two tiers to choose from and that was it. The higher paid tier required higher hurdles each month.


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