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May 10, 2008 4:19 am

Can someone explain the training program for new FA’s at ML in detail?


Thanks! 
May 13, 2008 4:35 am
cubfan1404:

No financial planning requirement at ML, at least not once you’re out of the training program.  I don’t know if they still require them when you’re in the training program.  Truthfully speaking, there is absolutely no pressure, none whatsoever, to do any specific type of business at ML.  No proprietary fund requirements, no product pushing, NOTHING.  I cannot be any more clear about that.  If you can get through the rigorous and demanding training program, you will have full autonomy to run whatever type of business you would like to run.  But the compensation structure will gear you towards annuitized business rather than transactional business (but, again, you have complete freedom to trade away if you really want to).  It is a great place to work.  No place is perfect.

  Agreed, you need to structure your business in a way that makes money.  Other than that, they don't seem to care how you do it.  They have a million different products and I have found people in my office who are stock pickers, insurance experts, managed products people, corporate benefits specialists, mortgage and banking experts, etc.  There is every flavor of business that you could want because there is are so many products to choose from.  You just need to find the products and approach that makes money.  They provide guidance for you during the training program, but it gives you the flexibility to specialize and run your business how you want.   Here are some details on the training:   You start by taking the series 7, 66, and insurance licenses.  You must also pass one CFP course in order to get your production number as well as a final oral type of exam with the director of your complex in order to start in production.  This takes quite a few weeks/months to finish, even if you have some licenses.    During the next stage, you must pass another developmental test and take a second CFP class.  This is a phase of production where your goals are ramped up every quarter.  This phase lasts about two years.    All along the way they have structured learning objectives and a new hire syllabus to follow. They have a weekly certification that you must do to certify that you are following the weekly syllabus objectives.