Merrill Edge Reviews | Glassdoor

Merrill Edge Reviews

Updated November 16, 2017
345 reviews

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3.1
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David Darnell
127 Ratings

345 Employee Reviews

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Pros
  • Fair compensation plan with great benefits (in 28 reviews)

  • They have a good benefits package (in 23 reviews)

Cons
  • But a call center can also be lots of fun from a team perspective (in 36 reviews)

  • Don't build your own book of business (in 11 reviews)

More Pros and Cons

  1. "Great First Job"

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

    Pros

    Very fun and friendly office culture. Paid time in classroom to study for licensing. Management is very helpful. Great benefits and straight forward expectations. Met many life long friends. Top producers are highly compensated.

    Cons

    The role is a sales position but you can very easily get stuck with customer service tasks. Your customer survey scores resulting from tasks outside of sales can greatly impact your commission payouts.


  2. Helpful (3)

    "Get Your 7 & Leave"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I worked at Merrill Edge full-time

    Pros

    Fair pay, generally good co-workers and free lunch most days.

    Cons

    If you like to sit in a cube and answer 100s of phone calls a day then this job is for you.

    You're basically a high paid customer service associate.

  3. "Tough, but rewarding"

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

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

    Pros

    Plenty of room to grow and move up, great opportunities to make good money if you perform well. People around you are great and are always very helpful. Most are more helpful than management when it comes to helping you do your job.

    Cons

    Training program for my position was total crap. You'll get many clients furious before you ever figure out what you are doing which is months down the line from when you actually start. It's a total client service call center position, didn't ever feel like my position had value. Also, no a sales role but they push you to make 'sales' that you aren't really getting compensated for.

    Advice to Management

    Get a better training program instead of dropping reps on the phone with no clue what to do. It gets clients incredibly upset because you are dealing with their money.


  4. "Vice President"

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

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

    Pros

    Flexible work environment. Good work like balance.

    Cons

    Decision making is incredibly slow due to to many "cooks in the kitchen". This makes business changes and program development painstakingly slow.

    Advice to Management

    Invest in, and grow your leadership; if you do not, they will find another company that will.


  5. "Investment Specialist"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Merrill Edge full-time

    Pros

    - amazing team of managers
    - great culture
    - really care about community and employees

    Cons

    - still unifying all the different lines of business and companies (Merrill Lynch, Merrill Edge, Bank of America, etc). can be cluttered and disorganized with this interactions at times

    Advice to Management

    Keep up the good work!


  6. "Opportunities come with micro management"

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

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

    Pros

    There are a lot of opportunities through the Bank of America / Merrill Edge / Merrill Lynch family of companies. Competitive Salaries and incentive pay. Robust benefits package.

    Cons

    Many departments have lots of micro-managing of employee activities. Your working hours can be changes with little notice at any time. Team leadership and moral issues can make the work environment very difficult at times.


  7. "Great pay. Not so great culture"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Investment Specialist in Phoenix, AZ
    Former Employee - Investment Specialist in Phoenix, AZ
    Recommends
    Positive Outlook

    I worked at Merrill Edge full-time (More than 3 years)

    Pros

    Merrill Edge pays above market for talent and they're evolving pretty quickly when it comes to the staid world of banking. There are training resources available and generally every effort is made to help you out if you struggle in a certain area.

    Cons

    The work environment can best be described as "buddy-buddy". What I mean is that your social standing determines a lot about your work life - from how stressful your day to day duties are to when/if you get promoted.

    Another con is that the culture is becoming more and more sales oriented to the detriment of other functions. Sales are definitely important, but so is risk management, compliance, and back office operations. This probably isn't specific to Merrill, but it still counts as a con in my book.

    Advice to Management

    Try to better understand the day to day work of those you manage. A lot of the larger business problems stem from the smaller level issues that associates run up against day to day.

  8. Helpful (3)

    "GOOD LUCK"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Middle Management
    Current Employee - Middle Management
    Doesn't Recommend
    No opinion of CEO

    I have been working at Merrill Edge full-time (More than 5 years)

    Pros

    -Paycheck
    -Licenses
    -Benefits/401k match
    -Boost the resume
    -Big company=opportunities outside of Edge
    -Potential for upward advancement if you're "in" with the right people.

    Cons

    -Years of hiring lower/middle management based on "soft skills"(aka buddy buddy culture) has led to management that is stuffed full of subpar people that can barely do the technical side of the job.

    -Typical corporate bureaucracy issues of no one wanting to ruffle feathers, own issues, improve processes, etc. Usually doing nothing and rationalizing the nothingness is managements solution to legitimate issues.

    -Most team managers solely focus on micromanaging the comp numbers (and thus you) as that is how they are paid.

    -Trading platform not originally designed for trading online causes numerous issues for clients. Trading issues are so ridiculously common and widely accepted by management that a litany of excuses have been created to absolve liability to the firm. Firing clients that have had numerous trading issues has become a business plan.

    -This leaves new reps in a situation where they're essentially thrown to the wolves (dealing with pissed clients all day/most managers don't know how to help the reps if they tried-which they don't.) You'll have to make use of the more tenured reps instead.

    -Comp structure is setup for the rep to fail (I know of multiple instances where reps have had bonuses withheld due to a "recalculation" of comp numbers-reps typically need to be available for inbound calls 80% of their day and suddenly come back 78% after "recalculation"). Other stories of managers forgetting to add "deviations" (time off phone for research, etc) which results in reps being under 80% and having no recourse. Clients that are really only pissed at the firm and give you a bad survey potentially costing you thousands, fighting with other reps for credit, etc. Please keep in mind I was in a non comp based role, so I have no qualms with the comp system personally. Trust me-the comp reporting nightmare stories are numerous.

    -Essentially a call center sales job where limited focus is placed on resolving real issues, smart reps will just learn how to game the comp system and throw the rest of the job out of the window.

    If you can deal with the above then.....

    -GOOD LUCK

    Advice to Management

    Slow down on building out the used car salesman fleet. Sales are obviously important, but so are teaching reps the technical skills needed for the job. Spend the money needed to fix the platform-enough of the band aids. These two things will only lead to a better client experience.


  9. Helpful (4)

    "Direct Supervision Principal"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Doesn't Recommend
    Positive Outlook
    No opinion of CEO

    I worked at Merrill Edge full-time (More than 5 years)

    Pros

    The non cash benefits are good.

    Cons

    High turnover so no one knows what they are doing. Management adds layers to tasks to try to make their departments look busy meaning many useless steps. Senior management has said multiple times they were not expecting as fast of growth so controls and staffing are not in place.

    Advice to Management

    Review tasks and remove useless steps. This is best done by those doing the tasks not outside consultants. Remove redundant departments. Create a better work enviroment to retain associates so turnover is not so excessive.


  10. Helpful (2)

    "Financial Solutions Advisor"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Somerset, NJ
    Current Employee - Anonymous Employee in Somerset, NJ
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

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

    Pros

    Great Benefits, 4 weeks vacation, great work life balance

    Cons

    Every increasing sales goals, more of a banking sales role than a financial advisor, you do not have a book of business of your own, high turnover in the role, highly micro managed

    Advice to Management

    Job satisfaction would increase if the role involved building a book of business. This role takes away the value and effort of becoming a financial advisor if you feel more like a personal banker .


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