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Jul 27, 2006 4:17 pm

I know that this is becoming a tiresome topic for many but this is a great place to get "real" questions answered and for that I am thankful.


Q:  For any Merrill POA's or formers.....What is a typical day like in the training program?  If you could break it down a bit....i.e. first 90 days, first year and such?


Thanks!

Jul 27, 2006 5:32 pm

Generally, the first 4 months are spent studying and taking the various exams.  You then spend approx. 2-3 weeks at the corporate locale for "training."


Then you are expected to anything and everything to bring in new accounts/assets and to produce commissions. Ways and means may differ among trainies, but the end goal is still the same.

Jul 27, 2006 9:06 pm

Generally, the first 4 months are spent studying and taking the various exams.  You then spend approx. 2-3 weeks at the corporate locale for "trainingZ"


Not true.... POA no longer go for training after passing their tests. If you are in 1st or 2nd Quintile in PC's and Assets after one year you are invited to Princeton for advanced training.

Jul 27, 2006 10:34 pm

Thanks for the information. 


Are you tied to a headset or are you able to get out and prospect some i.e. lunch, golf etc....?

Jul 28, 2006 12:00 am

Blarm- I stand corrected as I have never been part part of the POA program.  Had the chance, but took another avenue.


My post was more of what any rookie at a wirehouse could expect.  Although ML differs a bit, I think you'd agree that the schedule/expectations/timeline are all somewhat similar (still) at the wirehouses.

Jul 28, 2006 7:36 am

During your first 4 months you have to complete the following: 
Pass the Series 7, Pass the Series 66, Pass the INvestment Module of
the CFP, Complete 2 assessments (these are verbal exams where you are
tested on product, portfolio construction and understanding, and role
play- each one lasts about an hour).  It is a pretty busy and
pretty boring 4 months.



Once you pass everything, you get your production number.  At that
point you are expected to do whatever you need to to gain new
clients.  This ranges from cold calling, networking, golfing,
trying to team up with sr reps or team, etc...  You will have
quarterly goals to hit in regards to total assets, annuitized assets,
and wealth management tools usage. 



So a typical day?  There is none.  If you are doing well with
your goals by working 3 hours a day than that is probably fine. 
It is very results oriented, and if your results are not their than
your activities will be questioned.

Jul 28, 2006 7:45 am

Then rather than than


There rather than their

Jul 28, 2006 7:54 am
NASD Newbie:

Then rather than than


There rather than their



Shut your pie hole rather than speak.

Jul 28, 2006 8:41 am
rightway:

During your first 4 months you have to complete the following:  Pass the Series 7, Pass the Series 66, Pass the INvestment Module of the CFP, Complete 2 assessments (these are verbal exams where you are tested on product, portfolio construction and understanding, and role play- each one lasts about an hour).  It is a pretty busy and pretty boring 4 months.



In addition to everything mentioned above, you also have to help out with anything around the office that they ask you to.  This includes covering the receptionist’s breaks, covering phones and typing up letters for FAs when their CAs are out, helping coordinate seminars, and anything else that needs to be done.<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />


 


In my office every POA does these things regardless of age or past experience.  For example one of the POAers is in his 50s and is a former COO of an insurance company.  He gets the exact same treatment at the twenty-something with no real work experience.  While it may seem like a hazing ritual at first, it is part of the process and helps you get acclimated to the workings of the office.  It’s not difficult to find something good in every task they give you.  For example, covering for the receptionist helps you get more familiar with the other FAs in the office.


 


--WM


Jul 28, 2006 9:15 am
moss84:

Are you tied to a headset or are you able to get out and prospect some i.e. lunch, golf etc....?


I am interested in this answer as well.  To what degree are new FA's expected to sit in the office on the phone all day?  It seems like pounding pavement could be more effective.

Jul 28, 2006 11:30 am
WealthManager:
rightway:

During your first 4 months you have to complete the following:  Pass the Series 7, Pass the Series 66, Pass the INvestment Module of the CFP, Complete 2 assessments (these are verbal exams where you are tested on product, portfolio construction and understanding, and role play- each one lasts about an hour).  It is a pretty busy and pretty boring 4 months.



In addition to everything mentioned above, you also have to help out with anything around the office that they ask you to.  This includes covering the receptionist’s breaks, covering phones and typing up letters for FAs when their CAs are out, helping coordinate seminars, and anything else that needs to be done.


 


In my office every POA does these things regardless of age or past experience.  For example one of the POAers is in his 50s and is a former COO of an insurance company.  He gets the exact same treatment at the twenty-something with no real work experience.  While it may seem like a hazing ritual at first, it is part of the process and helps you get acclimated to the workings of the office.  It’s not difficult to find something good in every task they give you.  For example, covering for the receptionist helps you get more familiar with the other FAs in the office.


 


--WM




Very true WM.  A healthy attitude that more entry- level FA's should adopt!

Jul 28, 2006 2:42 pm
moss84:

Are you tied to a headset or are you able to get out and prospect some i.e. lunch, golf etc....?



Please keep in mind that you can not give financial advice until you pass the tests and are licensed.  That does not mean that you don’t do your best to get out there and let everyone in your network know where you are and what you are doing.  This can include things such as lunch and golf.  Just use some common sense in when and how often you do these things.  Yesterday was my first ½ day for golf in the month that I’ve been here.  While I hope to be able to do it once every week or so, it all depends upon what is happening at the office.  You don’t want to leave early for a golf game if there is a meeting you should be attending.  Also, there is plenty of studying to do for the certifications so don’t consider the time out of the office as time off.  It might be better to consider it time that you have to make up after hours. <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

Jul 28, 2006 3:33 pm

Wealth Manager-


Thanks for the post.  What did you shoot?