Merrill Lynch Interview Process
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I think I'll go for the all black funeral look. Black suit, black shirt, black tie, and black face paint. Haha.How about you just be yourself? Go in there, do your best, and if they like you … your hired. If not, it was not the right job anyway. Don’t over think it.
Go with a Navy suit, red tie, white shirt … classic interview dress.
Well, I was quite successful in my last sales job, but that didn't involve too many "rich people." That was also in another state. The thing that gets me is, I told the person I'm going to interview with that I am new to the area, and my basic credentials. I never implied I knew rich people or that I had a large network. I guess either they're desparate to hire people, or my credentials are quite impressive. Maybe I am over thinking this, but I am big on honesty and integrity, and if she asks questions to see whether or not I am associated with rich folks, I'll flat out say no and probably lose the job. Sucks, but it'd be worse to lie your way in, get hired, then look like a schmuck. At least I'd think so.I talked to them recently. The interviewer was very interested in my circle of relationships – basically, how many rich people do I know. He said they liked to hire people who had been succesful in some business.
The prospecting method he describes would be uncomfortable to me. For example, he said that if you have a prospect who is a State University football fan, you should finagle your way into going to the game with him, so that you can spend time with him and meet his other heavy hitter friends.
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I'm sure you have a plan to find people with money, even if it is just cold walking or cold calling wealthy neighborhoods or businesses. At least give them that.
[quote=RickRoss]Haha. I like your examples, they’re pretty good. I’m trying to figure out if I should walk in there and be more of a “Here’s my gameplan. I know I need to do x, y, z, to be successful. Here’s how I’ll do it.” Or if I should go along the lines of, “Well, from what I gather, I know blah blah blah, and I’m looking forward to the training program which will coach me further on the specifics. I’m willing to do whatever it takes.”
I guess probably a mixture between the two. Being brand new to this area, not knowing too many people, and having to come up with some sort of targeted marketing business plan within a few days of going in for an interview, is definitely intimidating. Frankly, I need someone to be like, "Okay, this method works and so does this. I suggest you spend some time doing this. These types of people can usually be found here. See what works for you. Go get 'em and let me know how you make out." At least that will give me a starting point. Interview Attitude: Be a know-it-all with a gameplan or a coachable asset with determination? Dress: I usually wear a black suit, colored shirt. Someone told me to always wear a white shirt to the interview. Thoughts? Any other comments / thoughts. Interview is tomorrow.[/quote] I usually wear light colored shirts and white is the safest bet, very conservative and most traditional color. As for the interview, make sure you have a couple POWERFUL stories about how "one time" you helped your previous company generate sales. And by powerful, I don't mean canned, generic answers that everyone else uses. Make sure the story is entertaining and that it leaves a lasting impression. Show a strong personality as well as your willingness to work like a dog. Some insurance companies have "project 200" where they compile a list of 200 contacts that is in their network. Adding something of that sort to your business proposal can not hurt. Anyways, best of luck to you and let us know how you do.You guys were right about the business plan. Probably the first question I was asked is how I’m going to build a client base. My answers were fairly vague, and the interviewer kept probing. This is probably going to be the main deciding factor as to whether or not I get the position.
I took the FIAT exam. Whoever made the comment about fractions was dead on. I'm waiting on my score, but I'm sure I did fine. There were only a handful that I was unsure of. I think I was told you need 35/55 to pass, or something like that. I guess where I need help is where / how do I get started on the whole client targets. I was told that I need to have this figured out by the next interview. I need to "know who your first client is." I'm not expected to actually contact people, but they want to know who, why, and specifically how. I really want this position and I'm willing to do whatever it takes, I just need some guidance. Where do I start? Are there any good books? Is cold calling from a certain list the right idea, or do I have to look elsewhere? As I said, I don't really have a personal network out here yet to tap, so this is making it a bit harder. Looking forward to your responses.That’s where I got caught up in my interviews with ML. I don’t have a large network of million dollar investors ready to invest with me, and I was honest about that. My answer of, personal contacts might be a good start for some but could limit a new advisor, while the work eithic I have and the skills I gain actually prospecting and meeting my goals will benefit me for the rest of my career. Then I went on to explain in detail how I planned on prospecting, along with providing a 10 page business plan that the interviewer told me was the most detailed and impressive he’d seen. In the end though, it was all about whether or not I had the contacts going in, which I didn’t. After 5 interviews they politely said they like me but they don’t see how I’m going to make it without the contacts, and at that point I’d already accepted another offer anyway, so I just let it go at that.
If you really want to be at ML, today you need to think about some niche you have that will give you an advantage, or some group of contacts will lots of money just waiting for you to become licensed, and then e-mail a little info about that to your interviewer and tell him/her you look forward to talking about that in more detail at your next meeting.I got a suggestion of marketing to hispanic business owners / new businesses in the area. I do have knowledge of the Spanish language, and am pursuing my proficiency in Spanish. I have this listed on my resume, and the interviewer sort of skipped right over that and seemed more interested in my MBA pursuit. Thoughts?
Smokescreen, I appreciate the sincerity, if you can call it that.
Simply put, I'm not on here to have someone write my business plan. I'm simply trying to generate ideas based on those that have gone through this and are successful today. I'm looking for a place to start, some ideas to put to work in my own way, not to rip someone else off and steal their ideas. I highly doubt that this would be found, but even if it were, I think they would be honored that I've taken the time to find out more information about what I'm being asked to do. It shows that I truly care. You know what's funny, is one of the questions I asked today was about what differentiates mediocrity from those who are wildly successful in this business. Do you know what the #1 answer was? Most people who refuse to ask for help, fail. Let me type that again, THOSE WHO REFUSE TO ASK FOR HELP, FAIL. Once again, I'm not looking for a handout; I'm asking for help.Well, I interviewed on Monday and did not hear back by the end of the week. I thought if I’d hear by now one way or the other. Is this some sort of game to see how aggressive I am and how long it takes for me to follow up, again? I did the whole follow up thank you note and whatnot, and figured the ball was in their court.
Either way, I'm thinking being an FA is right for me, but that I'd rather serve a different clientele. Obviously I'm not rich (yet), and I think I could identify better with the working middle class, not to mention build a larger network of folks like me. Any good firms out there that target this audience?[quote=RickRoss]Well, I interviewed on Monday and did not hear back by the end of the week. I thought if I’d hear by now one way or the other. Is this some sort of game to see how aggressive I am and how long it takes for me to follow up, again? I did the whole follow up thank you note and whatnot, and figured the ball was in their court.
Either way, I'm thinking being an FA is right for me, but that I'd rather serve a different clientele. Obviously I'm not rich (yet), and I think I could identify better with the working middle class, not to mention build a larger network of folks like me. Any good firms out there that target this audience? [/quote]You can target whoever you want, wherever you are. Ask yourself if you had 250 'folks like you' how many assets would you have?
More than you’d probably think. I actually know someone who works primarily with younger up-and-coming professionals that works for NMFN and does quite well.
Depends on your "m" I guess. The numbers sound about right if we are using the second definition. From a Google search... M M [1] informal abbreviation for million in expressions where the base unit is understood, as in "500M hard drive" (500 megabytes or mebibytes). In chemistry, M is the symbol for "molar" (see below). M [2] the Roman numeral 1000, sometimes used in symbols to indicate a thousand, as in Mcf, a traditional symbol for 1000 cubic feet. Given the widespread use of M to mean one million, this older use of M to mean 1000 is very confusing and should be scrapped.At a wirehouse, you need to find people with money NOW. The “up and coming professional” is not a qualified prospect at a wire. I think most wire branches want at LEAST $50m in a household, but preferrably at least $100m (somone feel free to correct me if I’m wrong).
RR:
It doesn't sound like you have experience in the industry. Getting hired on as a new fa, in an area you are new to doesn't sound like a recipe for success. Jones has a business plan for you for you to follow. It's not a bad place to get some experience in the industry, just don't drink ALL the kool-aid. Other ideas might be to get on as a "junior" broker somewhere with a "senior" broker. You do all the work but they can act as a mentor and help you learn the business. You could also try a back office position somewhere to get some knowledge of the industry. Just some quick thoughts.Good luck!
[quote=RickRoss]You guys were right about the business plan. Probably the first question I was asked is how I’m going to build a client base. My answers were fairly vague, and the interviewer kept probing. This is probably going to be the main deciding factor as to whether or not I get the position.
I took the FIAT exam. Whoever made the comment about fractions was dead on. I'm waiting on my score, but I'm sure I did fine. There were only a handful that I was unsure of. I think I was told you need 35/55 to pass, or something like that. I guess where I need help is where / how do I get started on the whole client targets. I was told that I need to have this figured out by the next interview. I need to "know who your first client is." I'm not expected to actually contact people, but they want to know who, why, and specifically how. I really want this position and I'm willing to do whatever it takes, I just need some guidance. Where do I start? Are there any good books? Is cold calling from a certain list the right idea, or do I have to look elsewhere? As I said, I don't really have a personal network out here yet to tap, so this is making it a bit harder. Looking forward to your responses.[/quote]Why do you want this job so badly? If you were told you'd be paid shit and work tons of hours why? solely cause of the money?
Not sure why some of my recent posts have been getting cut off and only partially posted. Hopefully this entire post goes through.
Got the 2nd interview coming up. Don't exactly have a specific business plan / details on how I will approach my target market yet. Wing it? Scramble and just put it together? A sign that I'm not ready? I've been reading a lot about interns that get brought on. Most of them are paid. I'm willing to bet they don't bring in a huge client base, if one at all. Should I be willing to bet they might take me on w/o potential clients? Top 3 things to walk into the next interview with are...?[quote=RickRoss]
Top 3 things to walk into the next interview with are...?[/quote]pants, shirt, shoes
[quote=RickRoss]
Wing it? Scramble and just put it together? A sign that I'm not ready?[/quote] Just go in there and show them that you can wing it without a plan. It's not like there's any planning involved in being a FA, and they'll appreciate the fact that you can wing it with your future clients life savings too.Seriously though, if you haven't been motivated enough to sit down and right out a detailed plan by this point, do yourself a favor and get off your a** today and go get a seasonal job at UPS or FedEx. You have "Lazy Piece of S***" written all over you and I'm guessing the people at ML can read.