Merrill Lynch Reviews | Glassdoor

Merrill Lynch Reviews

Updated April 28, 2017
258 reviews

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2.0
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Merrill Lynch President & CEO of Bank of America Brian T. Moynihan
Brian T. Moynihan
64 Ratings

258 Employee Reviews

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Pros
  • They promote and encourage work life balance (in 93 reviews)

  • Friendly colleagues; Dynamic environment; Was offered rotational program so I learned a lot of stuffs (in 71 reviews)

Cons
More Pros and Cons

  1. Helpful (1)

    "Cutthroat"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - PMD Financial Advisor in Torrance, CA
    Former Employee - PMD Financial Advisor in Torrance, CA
    Negative Outlook
    Disapproves of CEO

    Pros

    Brand name and brand recall. Everyone knows who Merrill lynch is, however, the business can be competitive. Better be prepared to bring in accounts, otherwise don't do it.

    Cons

    Hardest 55k you will ever earn. The program is meant for rich kids with rich families and extensive network. Regular folks like us don't stand a chance.

    Advice to Management

    None


  2. Helpful (2)

    "Financial Advisor"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Advisor in Scottsdale, AZ
    Former Employee - Financial Advisor in Scottsdale, AZ
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at Merrill Lynch full-time (More than 8 years)

    Pros

    -Some (not all) of the colleagues are incredibly smart, hardworking and committed to doing what is right for the client.
    -Retirement benefits are solid.
    -Product platform is great and sufficient to win and retain business.
    -Flexible schedule...however you will be working all the time so it really does not matter.

    Cons

    -Your manager can make or break your career.
    -There are different rules based on your production.
    -The business is very difficult and most managers are not effective in helping you grow your business as they are simply task masters and just pass the messages along from above.
    -The management team in Phoenix is solid and the management team in Scottsdale is not. If you are serious about a career here seek out the Phoenix complex.
    -You will be required to make referrals to Bank of America and will likely not receive anything meaningful in return.
    -More and more the firm will tell you how to run your business.

    Advice to Management

    Talk less and listen more.


  3. Helpful (3)

    "Changes Have Been Made.....I hope"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - PMD Financial Advisor in Grand Rapids, MI
    Former Employee - PMD Financial Advisor in Grand Rapids, MI
    Doesn't Recommend
    Neutral Outlook

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

    Pros

    Flexible work schedule and if a survivor can survive they can make some pretty good money.

    Cons

    Competitive wages and the industry has been changed a lot with the availability of the internet. Either get on a team or die.

    Advice to Management

    Sounds like management has identified the problem since almost 90% of their new advisors fail.


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  5. Helpful (1)

    "Cut throat"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Houston, TX
    Current Employee - Anonymous Employee in Houston, TX
    Doesn't Recommend
    No opinion of CEO

    I have been working at Merrill Lynch full-time (More than 10 years)

    Pros

    Flexible hours and many lunches

    Cons

    Everyone is out for self, Big brokers have different rules, male dominated

    Advice to Management

    Enforce policies


  6. Helpful (4)

    "Pmd btfa"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - PMD Financial Advisor in Paramus, NJ
    Current Employee - PMD Financial Advisor in Paramus, NJ
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

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

    Pros

    Base salary. Not much else, good name recognition through ML but that is deteriorating as this is clearly more of a Bank of America driven company...i.e. Risk averse and commoditizes advisors

    Cons

    Structured to have you gather assets and ultimately leave after not achieving hurdles so that assets remain at firm. Too much unnecessary meetings and training

    Advice to Management

    Create an environment to retain talent


  7. Helpful (1)

    "Impossible goals"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Canfield, OH
    Former Employee - Anonymous Employee in Canfield, OH
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    Good money to start, but soon pares down

    Cons

    Impossible goals to reach. Very few customers to be aquired

    Advice to Management

    Have new hires team up w/ existing pros. Trying to put together a practice on your own is almost impossible unless you have a team to help you


  8. Helpful (4)

    "Very tough business"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - PMD Financial Advisor in Salt Lake City, UT
    Current Employee - PMD Financial Advisor in Salt Lake City, UT
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I have been working at Merrill Lynch full-time (More than 3 years)

    Pros

    Good people in the office. Made some good friends and got to travel with the firm to a few trainings/seminars

    Cons

    Very tough business in a changing regulatory world. In my office I don't feel I got the training or support I expected. I am a junior partner on a decent size team, but it hasn't been like I thought it would be. I don't think I will survive. I'm not sure how any new hire without the support of a team can survive in this environment

    Advice to Management

    Merrill Lynch is a dinosaur...old money is dying off. ML needs to connect better with younger, more fee averse clients


  9. "Registered Client Associate"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Miami, FL
    Current Employee - Anonymous Employee in Miami, FL
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    If you're lucky to be assigned to a team versus assisting individual advisors you may fare off ok. The biggest issue I have is the unsustainable amount of work you are expected to manage as one individual. It's like the elephant in the room that no one wants to acknowledge (even if you raise it up to management) and no one really cares because you're delivering but killing yourself in the process.
    Systems are excellent, resources are amazing, you can always phone a friend and your business partners are very knowledgable (new accounts, broker transfer, credit folks, customer accounting, bulk transfers, you name, you have colleagues just a phone call away).
    My main reason for looking for other employment opportunities is ML is too big to care for their support employees (aka sacrificial lamb). They show much more loyalty to FAs (even when they're very wrong) and frankly am looking for a more caring culture where you are not overworked, overlooked and under paid supporting main FAs and a gang of backup FAs (I've honestly lost track of how many I backup it's so dysfunctional) and yet no one stops to think this is ridiculously CRAZY for anyone to handle yet alone manage well.

    Cons

    People are generally nice, but with jurisdictions down to only 9 morale is pretty low, people leaving left and right and the ones who stay keep getting assigned more and more FAs to support. I get the business is not for the faint of heart, but ML needs to really hire more support people to keep the work load manageable - finding real talent (loyalty, commitment, hard worker, professional, interpersonal, in a nut shell a dream team player) is very hard to find!! These very same people will walk if things don't change very soon. I ask around and most of my CA colleagues all walk in and walk out feeling very much the same. Something is really wrong here

    Advice to Management

    Talk to your CAs and listen to their voices. Many (if not most) feel the way I feel yet not much is done about it. I am very much in the market and have lost any loyalty I had.


  10. Helpful (3)

    "Bank Financial Advisor"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Advisor in Fort Worth, TX
    Current Employee - Financial Advisor in Fort Worth, TX
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

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

    Pros

    Great way to start in the business if you're young and don't have much of a network.

    Cons

    A lot of cooks in the kitchen when it comes to BFA. Ultimately you work for Merrill and they sign your paycheck, but along the way your BoA and Edge managers will hound you constantly about your production on their side. If you can meet the minimum goals to keep the wolves off your back then great, but they still want you to focus on bank stuff and Merrill Lynch second.

    Advice to Management

    Better define who you answer to at the end of the day.


  11. Helpful (1)

    "Bad management"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in New York, NY
    Former Employee - Anonymous Employee in New York, NY
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at Merrill Lynch full-time (More than a year)

    Pros

    Nice offices at the most.

    Cons

    A lot. Bad management of resources. No processes. No support functions. Too many limitations. Too many prohibitions. No cooperative atmosphere.

    Advice to Management

    There is a great potential for change.


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