Merrill Lynch Reviews

Updated May 13, 2021

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3.9
74%
Recommend to a Friend
92%
Approve of CEO
Merrill Lynch President & CEO of Bank of America Brian T. Moynihan
Brian T. Moynihan
1,214 Ratings
Pros
  • "When you first start work life balance is none existent(in 159 reviews)

  • "Good work place, solid work environment(in 148 reviews)

  • Cons
  • "Strenuous, long hours, very difficult(in 111 reviews)

  • "Just wasn't personally interested in working as a financial advisor(in 81 reviews)

  • More Pros and Cons
    Pros & Cons are excerpts from user reviews. They are not authored by Glassdoor.

    Ratings by Demographics

    This rating reflects the overall rating of Merrill Lynch and is not affected by filters.

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    1. 5.0
      Current Employee, more than 1 year

      Amazing company

      May 13, 2021 - Senior Client Service Representative in Jacksonville, FL
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Great benefits, flexible, good morale

      Cons

      No cons for this company

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    2. 4.0
      Current Employee, more than 3 years

      Get Back to Focusing on Clients

      Mar 23, 2021 - Registered Client Associate 
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Great benefits and competitive pay especially if you have advisors that give you a percent of their compensation. My Financial Advisors have everything to do with why I love my job. Nice office spaces with a good overall office culture . Technology is better than competitors in many ways. Merrill has also made some great progress the last year in upgrading and developing technology.

      Cons

      Merrill has forgotten that the client is what matters. The company is no longer interested in doing what the client needs and wants. Managers don’t care about anything other than e-delivery, how many bank accounts you open, their upcoming audit and their own scorecard. We are definitely micromanaged on e-delivery and banking. Learning curve is steep but if you are fairly independent and have the initiative to learn, you will do great. We have not been allowed to work at the office for a year now due to COVID-19, while most of our competitors have been back in the office. It has caused a strain on client relationships and job satisfaction.

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      1 person found this review helpful
    3. 4.0
      Current Employee, less than 1 year

      OK place to start. Not much advising/planning

      Jan 5, 2021 - FSA - Financial Services Advisor 
      Recommend
      CEO Approval
      Business Outlook

      Pros

      60k base and quarterly bonus (typically under 10k per quarter). Covid hours right now are m-f 9 to 4 (8-6 normally + 1 Sat per month half day) and some branches are closed so work from home. Warm(cold) calling on bank clients If you want to move up to management this is a good gig for that. If you want to be an advisor you'll need to move to another firm but you'll have your 7 and 66. CFP reimbursement after 6 months in service.

      Cons

      You're not allowed to talk about stocks or mutual funds to self directed clients or the robo platform (MGI) so if they come in to see you for help you have to tell them to call merrill (service lol). If you do advise them you're getting in trouble. Client has a lot of credit card debt? Solution? Sell them a CC they can transfer the balance into. No time to financial plan or advise because you need to keep the queue moving and hit your quota. Compliance - every call you make is recorded and some get reviewed for QA. So if the bank client mentions they have an ira find a way to give them disclosures (even if awkward to do in mid conversation) or you get written up. Working from home temporarily - branches get closed without warning and then you're stuck cold calling from home. Try getting older bank clients to do video appointments lol No branch to work in means no walk ins for you to meet - isn't this why we gave our soul to the bank?

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      2 people found this review helpful
    4. 4.0
      Current Employee, more than 1 year

      Overall Good Company

      Apr 17, 2021 - Wealth Management Banking Specialist 
      Recommend
      CEO Approval
      Business Outlook

      Pros

      - Plenty of resources - Industry Leading products and services - Good teammates - Good pay

      Cons

      - New banking role for the company so there is quite a bit of confusion and many financial advisor teams are resistant to working with bankers. A good number of Merrill advisors do not like working with the bank. Their lack of engagement can directly affect your performance and bonuses. Advisors are not held accountable by Merrill management to work with wealth bankers. Also, there is lots of micromanaging in this role and unrealistic performance expectations..

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    5. 4.0
      Current Employee

      Good place to work

      May 12, 2021 - Associate Financial Advisor 
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Team/ collaborative atmosphere, opportunity to grow business, strong brand recognition, new office.

      Cons

      No cons worth mentioning. Nice firm.

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    6. 4.0
      Current Employee, more than 1 year

      Can be stressful at times

      May 11, 2021 - Wealth Management Client Associate in Northbrook, IL
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Great pay, benefits, compensation and yearly bonuses

      Cons

      Lots of work. Feels extremely stressful at times

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    7. 4.0
      Current Employee

      FADP Merrill Lynch

      May 12, 2021 - Financial Advisor Development Program (FADP) in San Jose, CA
      Recommend
      CEO Approval
      Business Outlook

      Pros

      SIE, Series 9, Series 66 license training

      Cons

      No bonuses, and not enough guidance

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    8. 4.0
      Current Employee, more than 1 year

      FADP

      May 11, 2021 - Financial Advisor Development Program (FADP) in Philadelphia, PA
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Training program takes you from licensing to FA

      Cons

      Lack of mentorship within the program

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    9. 2.0
      Former Employee, more than 1 year

      Great Benefits but Poor Work Environment

      May 6, 2021 - Financial Services Representative in Rolling Meadows, IL
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Great Benefits, Good opportunity to learn about investment products. Required to study for licensing exams in a loud environment where the trade teams were constantly talking on the phones. Not sure how you are expected to pass an exam in such an environment.

      Cons

      Mandartory Overtime in a 4X10 Work Schedule. Required to work 11-12 hour shifts due to a lack of employees in the Financial Services Role. Required to upsell products to clients to open new accounts and work with advisors. Not enough sales training provided. I did not feel like a valued employee when all my manager was concerned about was hitting the metrics of sales.

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    10. 5.0
      Current Employee, more than 1 year

      Merrill Edge Financial Solutions Advisor - Rewarding Hard Work

      Jan 23, 2021 - Financial Solutions Advisor 
      Recommend
      CEO Approval
      Business Outlook

      Pros

      You will have a lot of clients, you will have a lot of work, you have a base plus quarterly bonus structure that incentivizes that hard work. Clear daily structure, broadest range of responsibilities within financial services, compensating multi tasking a wide array of activities. Fastest growing division of Bank of America. Prominent Visibility in the local Community

      Cons

      Coming to this role with no banking experience (esp. non bank financial advisor) can be a cold shock. After training complete, day 1 is typically like nothing you've ever experienced. Wave after wave of customers, relentlessly appearing while you adjust to the pace, struggling to adapt. It can take months to find your feet properly, but you will either sink or swim in that first week. The pressure doesn't really let up. The longer you stay, the more you can handle. The more you can handle, the more you are given. The more you are given, the more you are rewarded, The more you are rewarded, the more you can handle, willingly. Rinse and repeat until one day, you look yourself in the mirror and wonder what you've become.

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      1 person found this review helpful
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