Merrill lynch interview

ML is growing its sales force aggressively, while many other firms are
stagnant or decreasing.  They are, however, a little pickey about
who they hire.  This process is normal, especially for a
transferring rep as their will be quite an investment in you, one that
will take a few years to pan out to a profit.



ML wants people willing to embrace a total planning practice, and
willing to use the many tools ML has recently invested in.  They
want people with no dings on their record, and people with the
resources and will to GROW!



They are not ken on people wanting to take a check and sail out in the final years of their career.

I had a similar situation, except I had no prior experience in this business.  I ended up interviewing with a total of four people, taking a 1.5-hour test, and was placed in front of a panel before I was made an offer. 

Looking back on everything, I definitely understand (as rightway pointed out) the firm's desire to approach things from all angles and to make sure it's worth their time and resources to offer you a job.  However, during the whole process, which took about a month and a half, I was thinking to myself, "Will this ever end?!?"

Best of luck!

[quote=rightway]ML is growing its sales force aggressively, while many other firms are stagnant or decreasing.  [/quote]

Rightway, not that it matters, but I thought the MER sales force growth has been pretty stagnant.  It seems like they've had about the same # of reps over the past several years (around 14,000), down from the tech market highs of 16,000 or so?  The Advest purchase will help some to add to growth, but almost half of the 500 or so Advest reps apparently have already decided to go elsewhere.

DukeDude-



Your right.



They fired a butt load a few years back…so the growth I am talking
about is from 2003.  I think we are up around 5% in numbers of
advisors this year.  But from our peak…you are correct.  As
a firm, we are really trying to grow the sales force.  If you look
at the existing sales force you can understand why we are trying to
grow quickly, and the opportunities this fine firm offers the right
young people is unbelievable.

They are not pickey on the east coast. I know a bunch of young professionals who they hired. Like everyone else it seems there is a lot of turnover.

I think ML is a solid firm with a lot to offer, but when you say sales people... I know this career is all about sales and brining in the money, but what do you mean sales people? They are pushing a strong marketing pitch to the public so they have a lot of young agressive new people selling ML?

Shushtar-



As a headhunter, I’ve arranged a lot of interviews with ML.  The
number of interviews you’re experiencing is above average, but not
uncommon. 



Be patient and keep in mind that they expect you to interview them,
too.  Ask questions and make sure that this is the right firm for
you.



Duke, Rightway-



ML has grown in net headcount the past two years, and I hear they plan to continue growing in 2006.

Your training on the markets will consist of watching Bloomberg.  I hope you know your stuff.  Good luck.  

[quote=Scorpio]Your training on the markets will consist of watching
Bloomberg.  I hope you know your stuff.  Good luck.  
[/quote]



This may vary district by district and office by office.  In our
office, we have quite vigerous training regime.  We have weekly
1.5 Hour meetings where formal trainng takes place, training that is
geared to planning, investments, markets, economy, etc.  
They are NOT run by wholesalers, but rather ourselves or other
specialists.  Our POA coaches go through completely separate
classes learning how to train. 



People interviewing should ask details about their training if that is a concern to them.



With all of that, it is the resposibility of the new advisor to reach
out ask if he or she see’s areas they desire or need extra help…they
are not allowed to stare at the computer all day.

Why would you want to work for that broker mill?

As Rightway indicated, the training truly come sdown to the complex level. Our POA coach has a 2 hour meeting every Tuesday, and our complex director runs a 2 hour meeting on friday mornings. Every 2 months, we have a 5 hour training on saturday mornings. That, plus the extensive online training that is available if desired, can get you quicjkly up to speed on specific isuues, strategies, preoducts, etc, that you want info on…

I joined Merrill some time ago and subsequently left to accept a dream job I had wanted for years, that became available unexpectedly.

The job required a major relocation (1800 miles) and the sale of  my home.  After 8 months of my home not selling and paying living expenses in two states, I make the difficult decision to go home. 

Although I was offered the opportunity to return to my position with my former Merrill Lynch branch...it was specifically because of the LACK of the kind of training Rightway & blamston describe in their branches, that I declined the offer and accepted a position with another MAJOR wirehouse.

My current manager is dedicated ONLY to managing...he has no personal book.  He has a strong record of success with retention of new FAs.  The training with my company has been thorough and included 17 weeks in-branch and 3 intense weeks at a national training center. (Since I had my 7 & 66 already, my in branch was only 7 weeks and 3 weeks at the National Training Center.)

I received my production number today and my training ends on     12-16.  I will be "live" on 12-19-05.

Again and again the lesson is simple...it is not THE COMPANY but the local BRANCH that will determine your success. That and the determination to succeed.

Good Luck and I hope everyone has a propserous 2006.

Merry Christmas!

Sounds like a good deal and your happy. Congrats

[quote=ezmoney]Why would you want to work for that broker mill?[/quote]



I worked my first 10 years in a bank, so I had none of this sort of
training or “Broker Mill” experience.  The reality is, though EZ,
is that when done properly, this training is extremely valuable. 
Our new people need to have their Series 7, 66, Insurance Licenses, the
investment module of their CFP completed and 2 face to face Assessment
Tests (1 hour panel test covering product, planning, pricing,etc…)
completed in their 1st 17 weeks.  By the end of Year 1 they need
15m in AUM, and a miriad of other goals hit, all along with the
training Blarm and I mentioned.  Typing it it does sound like a
bit of a mill, but in the end as as an FA, if you make it, you are very
well rounded, making over 100K by the end of year 2, and most have
their CFP and/or CIMA by year 3.



Now as for the training- we stress it is not all about sales…as it
was at my bank when I started.  We really focus on the deep
planning issues, which is shy our complex has over 75% success rate In
the last few years.  We have a few guys that came from other
industries completely (Pharma slaes, beer sales, software eng.) that
are all doing over $500K in production and next year will be their 4th.




Full disclosure:  This is just in my complex.  As FinPlnPro
indicated, this is NOT the case everywhere.  We have 2
non-producing managers, 1 producing managers, 2 coaches, and a
mentors.  Not all places focus on new FA’s like we are.



EZ- as for why?  For me…I surpassed my very best year at the
bank by 60%, my retirement funds have tripled, I do more and better
work for clients, I work less, I make more, and my life is 100%
better. 

I guess it does depend on the branch, because the “training” at my
branch consists of 1 hour a week of sales training.  The
pre-number trainees get an additional hour each week of product
training.  There is absolutely no mention at any time about what
is currently happening in the market, where it is likely to go, what
the fed is going to do etc…you are entirely on your own to figure
that out.  So the Bloomberg babes are largely responsible for my
market training. 



At ML you dont get training at the corporate headquarters unless you
are a “diverse” employee…aka black, hispanic.  Their diversity
campaign completely discriminates against white people.  Manager
bonuses are tied to the number of minority employees they have on
board, so if a white guy and a black guy are equally behind on their
numbers and someone needs to get canned, the white guy is getting
Lynched everytime.  



Blacks even get leads and additional support in the form of conferences
and other events.  Whites are hung out to dry on their own. 
Wait, what skin color is Stan O’Neal again??  hmm…



(To all you ML FA’s who want to dispute this, there was just an article
last week on the worldnet homepage that outlined all this. check it
out.)

     

Scorpio,

ML is not the only wirehouse who heavily promotes "diversity."  It is a common practice today...whether is favoring minorities or female brokers.  It is also rampant in other sements of the financial services industry...insurance, regionals, etc.  Verify this with the next recruiter you speak to.

Some of it is just recognition of prior sins.  Much of it however, smacks of PC'ness.

Your comment rearding discrimination against whites, while true, will get no traction with anyone today.  The world is still convinced white males have all the advantages...whether that is true or not.

All you can do is make sure your numbers surpass the benchmark...then it doesn't matter how much others are being favored...justly or otherwise.

Stay Strong...

"So the Bloomberg babes are largely responsible for my market training"

Ahhh yes.... I love it when I am slurping on a Starbucks at 6:30am and I hear Julie Hyman reporting from the NYSE... One click and I am staring at beauty... Gets me going in the morning... Then late night, I love that Haslinda Aman from Asia. Both are very "talented" reporters who do a fine job of reporting the news.. At least I think thats what theyre doing. Honestly, I dont hear a word they say. I just stare...

Right did you go INDY? Sounds like a termendous training program.

Scorpio that is the way of the land. Not fair at all. Right now there is a big push for hispanic professionals/employees by our government. They did help GW so maybe that is part of the reason... No its actually population... Highest % minority, but low employment.

I wonder if Jessy Jackson had something to do with ML? He pushed a lot of companies to focus on minorities and pay his conections fortunes... Of course he gets a kick..

Anyone see Leiberman getting all the republican votes... 

[quote=executivejock]

Right did you go INDY? Sounds like a termendous training program.

Scorpio that is the way of the land. Not fair at all. Right now there is a big push for hispanic professionals/employees by our government. They did help GW so maybe that is part of the reason... No its actually population... Highest % minority, but low employment.

I wonder if Jessy Jackson had something to do with ML? He pushed a lot of companies to focus on minorities and pay his conections fortunes... Of course he gets a kick..

Anyone see Leiberman getting all the republican votes... 

rightway:

I worked my first 10 years in a bank, so I had none of this sort of training or "Broker Mill" experience.  The reality is, though EZ, is that when done properly, this training is extremely valuable.  Our new people need to have their Series 7, 66, Insurance Licenses, the investment module of their CFP completed and 2 face to face Assessment Tests (1 hour panel test covering product, planning, pricing,etc...) completed in their 1st 17 weeks. 

---------------------------------------------------

Wow, all that in 17 weeks?

Yup.  They also need to get their marketing and business planning
done, because week 18 is when they are live and producing…so it
important to get things organized prior to week 18.  

And in week 18 is when you REALLY start to pull your hair out, because if you dont make your numbers in the first 6-9 months, you’ll end up at Schwab or a bank… or worse, a credit union…

I can see that I am making alot of friends here. 

blarmston: And in week 18 is when you REALLY start to pull your hair out, because if you dont make your numbers in the first 6-9 months, you'll end up at Schwab or a bank... or worse, a credit union...

--------------------------------------------- 

What kind of numbers are you talking about (AUM and/or revenue generated)?

You gotta get 15 million in AUM in 2 years, with the

hurdles broken up into quarters. Also, 10 of that 15

million is required to be fee-based.



Pretty tough for a rookie on his own…but as I’ve

said before I think ML is a great firm, and I might

even find myself back there someday…but with a nice

book of business in tow.    

Pretty tough for a rookie on his own....but as I've
said before I think ML is a great firm, and I might
even find myself back there someday...but with a nice
book of business in tow.

AGREED. In my opinion, it is nearly impossbile to make these goals if you have not had industry experience before coming over. You simply NEED to have a sense of how this industry works, and the work ethic, etc, needed to just make your goals, let alone excel. It's unfortunate, but I have seen a dozen people come in. All are inteliigent, have diverse background in other fields, know many people, but 10 of them are not making the numbers and will most likely not be here in 6 months. Compared to other complexes, I heard ours is more likely to allow a longer period of time to hit your #'s, but only so much time can go by beofre people are shown the door.

It is this reality that gets me in the office by 7am and keeps me there until 7-8pm at night.

If I was going to work 13 hour days  “building” a business I would do it at rayjay or LPL with my own shingle why give up 50% to use a name? 

Exactly what has been said in the previous posts…



People go to ML for the training. Whether or not you

get good training or not in my opinion depends on the

size of your market (and office). Offices in larger

markets have POA coaches, sales managers, mentor

opportunities, PARTNERSHIP opportunities…offices in

smaller markets simply do not have the volume of

resources and I think it becomes all the harder because

of it for rookies. Overall, if you need training, ML

can give it to you.



Also, the one thing I do miss from ML is the comraderie

of working in an office with a group of, for the most

part, accomplished, well spoken and intelligent people

all going through the same experience I was.



Even though I work in a bank, I AM the investment

division, in that my boss’ office is 2 hours away, so

in that respect I honestly feel more like an INDY than

a wirehouse rep.   



ML is a HIGHLY structured, difficult program. But I

think you’d be hardpressed to find many ML POA’s that

make it through that don’t go on to become highly

successful advisors.





BUT, I’m no ML cheerleader…I’m still gonna be ACATing

ML accounts just like the rest!!! Have a good week!!

"If I was going to work 13 hour days  "building" a business I would do it at rayjay or LPL with my own shingle why give up 50% to use a name? "

So simply work 6 hours a day, dealing with elderly, non sophisticated investors who want CD's but instead get variable and fixed annuities. Then brag about how the 'business walks over to you', that there's no overhead, that you have regualr 50K gross months, and you have your Series 6 ( which may have taken you 4 times to pass.). Thats good stuff....

In all seriousness... the ML training program is very structured, highly demanding, and youre expected to produce big... For my situation and mentality- I wouldn't have it any other way. If you set the bar high, the only option is to make it happen...

Hope everyone has a strong finish to the year...

[quote=blarmston]

In all seriousness… the ML training program is
very structured, highly demanding, and youre expected to produce big…
For my situation and mentality- I wouldn’t have it any other way. If
you set the bar high, the only option is to make it happen…

Trade you some PC's for some juicy prospects..... Always gotta keep the hopper full you know????

[quote=bankrep1]If I was going to work 13 hour days  "building" a business I would do it at rayjay or LPL with my own shingle why give up 50% to use a name? [/quote]

'nuf said.  that sorta sums it all up!

nothin' against you blarm...keep tossin those bagel chips on your lunch break.  when you're ready to trade the blue suit/white shirt/red tie for jeans and a golf shirt and 70-90 gross/60 net payout, let us indy's know... ;-)

but i gotta commend ya for having a little piss 'n vinegar....keep pluggin!

Its a stale debate.  In this months “Cold Call” page in Reg Rep
they asked a guy, who was Indy, about dress.  I liked his comment
of “we manage clients’ life savings, so we dress as such, white shirt,
dark suit, and tie.” (Paraphrased).  Golf shirts?  Not unless
I am on the golf course.



We where a suit every day.  Our pay-out is pushing 50% (over 50%
with the current bonus program).  I have an expense account. 
I pay no operating expenses.  I have over 100 money managers and
every tool imagineable to plan and manage money.  When I say where
I am calling from, people know.  I can set up a systematic
investment program for a granchild and finance a private jet in the
same day. I have both proprietory and independent research  I do
not pay  for.



My office is not on its own.  I am accountable to my partners as
well as my clients.  I cannot where casual cloths every day. 
Go Indy?  Maybe when I want to slow down, but not at this point.

don't get me wrong...when I'm meeting with clients, especially going to see new folks, I put on the 'uniform'.  But, when I'm working the phones, catching up on paperwork, etc, it's casual but neat.  I don't really have a lot of folks come in to meet me in my current arrangement.

"Slow down"?  Well that's all a matter of semantics and perspective, I suppose.  I used to think the same way.  Now, however, I realize I don't need to 'run as fast' to have the same bottom line benefit in my pocket-not to mention the psychic rewards of knowing it is MY BUSINESS.  It also allows me to dedicate more attention to each client.

Exactly what are you counting as part of that 50%?  Retirement plan contributions?  Deferred pay that you can't even spend?  Expense account reimbursements?  My 60% net is spendable, in my pocket.  Oh and that's BEFORE accounting for the tax advantages of owning a business as opposed to being a w-2 employee.

I have access to over 100 money managers, and tools better than my old wire house.  I have some proprietary research for free, and I choose which non-prop research I wish to buy(at a rather modest cost).

Hey look, if you're happy, more power to ya.  I am too, and I've seen both sides. ;-)

"but i gotta commend ya for having a little piss 'n vinegar....keep pluggin"

JoeDaMan, I appreciate the compliment. And you know where I'm from, so would you expect anything differently?

[quote=Scorpio]I guess it does depend on the branch, because the "training" at my branch consists of 1 hour a week of sales training.  The pre-number trainees get an additional hour each week of product training. 

[/quote]

You mean in addition to the training you got to pass all the required exams and your trips to Princeston, right?

[quote=Scorpio]There is absolutely no mention at any time about what is currently happening in the market, where it is likely to go, what the fed is going to do etc...you are entirely on your own to figure that out. 

[/quote]

No, you're not on your own. Like every other wirehouse ML has an entire strategy and analyst staff devoted to that. You're not going to get that in basic sales training because that (again, the market stuff) isn't meant for trainees, it's meant for every member of the sales staff.

[quote=Scorpio]

 So the Bloomberg babes are largely responsible for my market training. 
[/quote]

I bet the people who've trained you and the strategy/analyst staff there would dispute that with you.

[quote=Scorpio]
At ML you dont get training at the corporate headquarters unless you are a "diverse" employee...aka black, hispanic. 

[/quote]

Perhaps thinks have changed since I was at ML in the dark ages, but the training program I went through featured regular visits to Princeston foreveryone who hit some relatively low hurdles. Your tone and you comments on "diversity" say more about you, sorry, than about ML.

[quote=joedabrkr]

Exactly what are you counting as part of that 50%?  Retirement plan contributions? 

Rightway, I don't know about people attacking ML's payout, other than historically it had been relatively low vs other wirehouses.  That's apparently changed over the years.  OnWallStreet Magazine's annual comp issue this year showed ML with the highest payout among wires at 4 different incremental revenue levels they calculated.

You'd know better than we re ML payouts, but that same issue showed maximum payout (including long-term incentives in addition to cash payout) topping out at 50% (payouts topped out at 45%).  You didn't hit 50% total comp on transactional biz unless you were doing $5 million gross and all ticket sizes were at least $500.00.  Annuitized biz, funds, & insurance got you to 50% at the $1.25 mm level, again including long-term incentives.  Obviously those amounts were smaller as you went down the grid.  E.g., a $400k producer was at 37-42% (total comp depending on ticket size) and 33-38% (cash payout) for transactional biz, and 46% (total) & 41% (cash payout) for annuitized, funds & insurance.  Apparently there's a zero payout for tickets under $100.00 and accounts under $50,000 in size regardless of production level.  Does that sound about right?

No deferred comp is not evil, and in fact I have benefited from stock-based compensation in the past.  You get some tax benefits, too.  Of course, that only holds water if the stock goes up!

If your buddy left a bank and set himself up in a 'storefront' and dressed casual most every day, sounds like he set himself up to end up working with the low-end client.  A tough row to hoe when moving from bank to indy.  Those clients I would imagine have some strong emotional ties to the bank, and one would need to take extra steps to make sure to present an image of substance and gravity to bring them over.

I have no axe to grind per se, and I could see why your friend made the move if he could join an existing well-functioning team.

That life is not for me and I am happy where I'm at, but clearly ML is working for you.

Then again, when push comes to shove you're still an employee.  That would be the sticking point for me.

Have a great equity day! ;-)

That’s truly the bottom line…you are still an employee.  I cannot put a price on my freedom…REAL freedom, not freedom that can be threatened with a change in management or coprorate philosophy.  Thus, my signature line…

Freedom is awesome.... Also having the ability to write off every business expense including your car, home office and dinner with clients/friends & family.

Of course I have never worked for ML, SB, MS, DW or EJ so I dont know the pros of that, but for sure you are under someone and making less commission % then indy.

[quote=executivejock]

Freedom is awesome.... Also having the ability to write off every business expense including your car, home office and dinner with clients/friends & family.

Of course I have never worked for ML, SB, MS, DW or EJ so I dont know the pros of that, but for sure you are under someone and making less commission % then indy.

[/quote]

No of course you don't know the pros or cons of it because you have never even been a financial advisor.  Once again you are on here dispensing advice when you haven't even taken yoru series 7 yet much less passed it.

Rookies be advised that the person giving you advice here-executivejock- has no industry experience whatsover....

according to Janis Joplin & Kris Kristofferson; freedoms' just another word for nothing left to lose...

I apologize, couldn't help my self with that one.

[quote=executivejock]

Freedom is awesome.... Also having the ability to write off every business expense including your car, home office and dinner with clients/friends & family.

Of course I have never worked for ML, SB, MS, DW or EJ so I dont know the pros of that, but for sure you are under someone and making less commission % then indy.

[/quote]

I am sorry executivejock but you really need to get a life !

can’t we get him banned where is the administator?