Need help with the interviews at ML

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Feb 9, 2006 3:02 pm

Hello everyone!


I want to get from banking into retail brokerage. I worked last 3 years in banking as a registered rep, and I think it is time to move on to something more challenging. I passed their entry tests and starting my interview process with Merrill Lynch next week, would you please give me some info; any input will be useful and highly appreciated. Thanks!

Feb 9, 2006 4:46 pm

Big mistake.  Obviously uou have no book of business, and if so not one worth much. 


Otherwise they wouldn't be having you take "entry tests" and you have to go through all the hoops.  They would be COURTING you and trying to convince you why ML has the best deal, best platform, etc...


If you can't build a book at a bank, you're not going to surivive by "moving on to something more challenging."  If you really want to be a rep, stay at the bank (or go to another bank), build your book and solidify your relationships with your clients, THEN go indy or to ML/MS/UBS/AGE/RJ/ etc.


But then again...what do I care?

Feb 9, 2006 4:48 pm

uou = you   

Feb 9, 2006 6:32 pm

I work in a retail branch environment.... for people like you, when I said registered rep, I meant I have my series 6,63 to offer some mutual finds to bank customers and set up retirement accounts besides the bank operations crap that I spend most of my time on, my book is not worth much, you're right, because I don't get paid on it, and it is not mine, so I don't kill myself for something that is not going to be mine. But again I feel that I am very good with people and I can succeed in the right environment. Thanks for the reply though.


Now is there anyone who can give me some helpful info on interview process at ML or you are going to preach what is right or not for me..

Feb 9, 2006 6:47 pm

So your not even a bank rep your a licensed banker.  You don't have any experience or knowledge, the 6 is a joke.  It should be illegal for people to advise clients with a 6. (or a 7 in my opinion, CFP minimum). Try this, pick up the yellow pages and turn to whatever business you think you might relate well to the owner and call them.


Ask them if they would like to talk to you about their retirement or investments or something along those lines.  Now do that 10 times.  Now put the phone down, pick up the newspaper and find something else to do with your life because I just saved you three years of it, your welcome.

Feb 9, 2006 7:48 pm

Target 2-3 different niche markets that you will prospect for clients. Devise a repeatable and actionable strategy to market to those groups.


Then convey that to your ML managers and your chance is that much greater..

Feb 9, 2006 9:24 pm

Bankrep,


You're contradicting yourself, first you're saying that no one should listen to people like me, and then you want me to pick up the phone and ask people if they would want to talk to me about their retirement. That is the whole point that I want to move somewhere where I can at least pick up the phone and have something to say, instead of wasting my time setting up appointments for people like you.


Blarmston thanks for the reply, could you give me an example of repeatable and actionable strategy.

Feb 9, 2006 10:23 pm

c'mon bankrep a cfp minimum? Give me a break! None of us need a cfp unless we are all coming across clients with over 2mill all the time.


A cfp=Joke I said that before and I'll say it again. don't waste your time rookies. A cfp is for pikers without a real degree.

Feb 9, 2006 10:33 pm

Regie,


I am saying you don't need to get the job to see how it is going to work out.  Pick up the phone and try it, your not going to get enough people to talk to you.

Feb 9, 2006 10:41 pm
ezmoney:

c'mon bankrep a cfp minimum? Give me a break! None of us need a cfp unless we are all coming across clients with over 2mill all the time.


A cfp=Joke I said that before and I'll say it again. don't waste your time rookies. A cfp is for pikers without a real degree.



None of us need the CFP unless were dealing with folks of 2 million plus, but it's a joke.  So what your saying is the Series 6 prepares folks to give advice.


In every country I have ever heard of except the good ol' USA a financial advisor is well trained and distinguished.  Not here's an insurance lice go pitch an EIA and call yourself an advisor.


EZ, the CFP is the best credential for a financial planner at the moment, they are developing the credential which will take years.  They now have several hundred financial planning bachelor degree programs instituted at colleges around the country eventually it or a credential like it and the degree itself will be the minimum credential like it or not.  Similar to the CPA.


What are you doing to promote the profession in which you work?  Wouldn't it be nice if you were some professional standards?

Feb 9, 2006 11:32 pm

Guys, I need some input on interview process itself only, any recourses that you would recommend that will help me to answer some expected and unexpected questions, what are the questions like, what is it like to be interviewed by few advisors, any good answers that I can give to look good. I don't care at this point about CFP or other designations, I'll worry about that when the time comes, all I am trying to do is pass the interviews, don't steer away from the topic, please!!!


Thank you for your time again!

Feb 10, 2006 12:27 am
regie:

Bankrep,


You're contradicting yourself, first you're saying that no one should listen to people like me, and then you want me to pick up the phone and ask people if they would want to talk to me about their retirement. That is the whole point that I want to move somewhere where I can at least pick up the phone and have something to say, instead of wasting my time setting up appointments for people like you.


Blarmston thanks for the reply, could you give me an example of repeatable and actionable strategy.



I would encourage you to take a remedial English course to prepare for the interview process.

Feb 10, 2006 12:47 am

Thanks Joe, I am already doing that, anything else?

Feb 10, 2006 7:16 am

The people rating your interview will be looking for experiences where
you have attempted aomething and failed...how did you handle it? 
Experiences where you have tackled a big project and made it work...why
did it work and what did you take from it?  What have you done in
your history that is an example of cold and warm sales?  Talk
about your organizational skills...in detail (what process do you
follow when multi-tasking?  What kind of market will you be
pursuing and why are you better at it than everyone else?  Why do
you want to do this career?  How much money do you think is
realistically "alot" to earn in a year?



All of the input here discouraging you from pursuing this should be
taken seriously.  It is very difficult, but not impossible. 
Many people we interview knwo alot of rich people, but very very few of
them are able to turn any significant number of these folks into
clients.  I would make sure you ask about the training you will
get specifically to marketing and sales assistance/training (siminars,
joint meetings with a senior rep, a mentor, etc...).  You should
have between 15 to 20 prospect meetings each week, including
Saturdays.  Think about that and design a way to make that happen
and you should be fine.  Good luck.

Feb 10, 2006 7:23 am
ezmoney:

c'mon bankrep a cfp minimum? Give me a break! None
of us need a cfp unless we are all coming across clients with over
2mill all the time.


A cfp=Joke I said that before and I'll say it again. don't waste your time rookies. A cfp is for pikers without a real degree.





Maybe EZ is right.  Screw the CFP.  Get you MBA and a series
6/7 and 63, work for a bank...then complain persistantly about business
being slow, not making enough money, poor bank management, and
declining pay-outs.  That definately is the path to follow. 
Thanks for clarifying EZ, I will follow your advice and go reduce my
annual income by 90%...then I can throw my CFP in the trash and ride my
MBA and 7 into the sunset...on a bicycle.

Feb 10, 2006 8:36 am

I'm fine thanks rightway. I may complain, but I make a decent living. Did about 40k gross last month. will probably do another 20k gross this month. It's not indy like you rightway but that's a different animal, although one I'd like to try after I've accumulated enough aum.

Feb 10, 2006 9:03 am
ezmoney:

I'm fine thanks rightway. I may complain, but I make a decent living. Did about 40k gross last month. will probably do another 20k gross this month. It's not indy like you rightway but that's a different animal, although one I'd like to try after I've accumulated enough aum.


rightway isn't indy he's at a wire...think he's involved in the management team at his branch in addition to production.


make sure you have a good lawyer before you try to take 'your' aum away from the branch where you used to be an EMPLOYEE to go indy....

Feb 10, 2006 10:25 am

Regie,


Be upfront and address the potnetial concerns ML may have- you are relatively inexperienced, you dont have a large book to transfer over, you never worked for a wirehouse, etc, etc. Convey to them that you are aware these may be considered disadvantages, but show them you are ready to prove those doubts wrong.


Similar to anticipating a prospects objections and concerns by addressing them before the come up. Remove to some degree the doubt by mentioneing it, then move on to closing them on why you deserve a chance.

Feb 10, 2006 12:39 pm
ezmoney:

A cfp=Joke I said that before and I'll say it again. don't waste your time rookies. A cfp is for pikers without a real degree.



Says the guy who knows so little about what it takes to earn the designation tat he thought he could walk in and take the two day, 10 hour exam on a "challenge" basis.  I sense an envy issue 

Feb 10, 2006 3:55 pm

I have my CFP and will soon have his MSFS. 


I like the CFP more.