Merrill Lynch Interview Process
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[quote=OS][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.[/quote] OS, you know nothing about me or my past working experience to make such a rude and bold comment. Didn't your mother ever tell you that if you don't have anything nice to say, don't say it at all? It's people like you that make this forum unbearable at times. This is the Rookies & Trainees section of the forum. If people with slight ignorance to the industry annoy you and you don't want to help out by giving constructive and non-condescending advice, take your dirty little fingers and click on another section! Jerk.
Final Interview is approaching. If an offer is made, how much negotiating room do I have with the salary?
I know they're planning to bring 7 more rookies on in addition to the existing 3.http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20081217/REG/812178496
If you really want to be at ML I would take what I could get, and keep my resume handy just incase. If ML is a backup plan, or if you have other offers on the table, try to get what you feel you need or what you've been offered at other firms.Wow. Thanks for the link. Any other similar articles out there?
I haven't asked any questions regarding job security or the changes BoA might bring to ML in the interviews; I wasn't sure that would be appropriate. But they can't honestly think I am not concerned at all about what's going on. I guess I hope an offer with MM comes along soon. No base/training pay, but since it's a mutual company, things like this are much less likely to occurr.If you haven’t brought up the merger or job security yet, I would wait until you have an offer on the the table before you bring it up. Then just say something like, “ML is by far my first choice and it is where I really want to build my business, I just want to make sure if I accept this offer and turn the others down I’ll be given a fair chance to meet the requirements without being laid off beforehand.” I think that’s fair, and it’d be interesting to hear how they respond. Of course the people at the branch level probably have nothing to do with what trainees get laid off, but maybe they could at least give you some insight on the whole thing.
Good luck!
[quote=RickRoss]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] NEVER assume the interns do not have a natural network if the firm brings them on. there's a lot going on behind the scenes all the time, you don't know who's nephew that intern is, who's cousin he is, or how he/she got there in the first place. Mommy and daddy have a big account and little Johnny gets a red carpet for an internship, he says he can reel in uncle and cousin and branch manger gives him a shot, happens all the time and it's really lame if you ask me. Second thing, someone suggested take a junior spot or an operations job. Fair advice to get a foot in the industry but I think firms would hire a vaccum salesman sooner than an operations person to be a new FA. Seems like "sales experience" or having the right contacts are the only things that matter when trying to get into an FA program, sending wires and checks really won't get you closer to being a marketable candidate as an advisor. This is also something I think is lame, rarely ever do I see a firm give people a chance to transition into an FA role from a support role. Problem with working in the industry in a role other than that of an advisor is that all the contacts you make will already have an advisor since they work in the industry, if you try another industry first it might give you a chance to build a book of prospects through your employment and then after a few years you could be an FA and call on those people. The people from your former industry will eventually become your prospects if you make the right moves and have a good reputation it can springboard you beyond the typical rookie or rich kid, if you start in the industry as a support person you can never really call on your former coworkers since they are already lined with their firm. Don't take this the wrong way, but I'd be shocked if ML hires you based on your posts. I think the mutual companies will pretty much throw anything against the wall to see if it sticks, if you're dead-set on this then maybe that will work out.[quote=smokescreen agent][quote=RickRoss]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] NEVER assume the interns do not have a natural network if the firm brings them on. there's a lot going on behind the scenes all the time, you don't know who's nephew that intern is, who's cousin he is, or how he/she got there in the first place. Mommy and daddy have a big account and little Johnny gets a red carpet for an internship, he says he can reel in uncle and cousin and branch manger gives him a shot, happens all the time and it's really lame if you ask me. Second thing, someone suggested take a junior spot or an operations job. Fair advice to get a foot in the industry but I think firms would hire a vaccum salesman sooner than an operations person to be a new FA. Seems like "sales experience" or having the right contacts are the only things that matter when trying to get into an FA program, sending wires and checks really won't get you closer to being a marketable candidate as an advisor. This is also something I think is lame, rarely ever do I see a firm give people a chance to transition into an FA role from a support role. Problem with working in the industry in a role other than that of an advisor is that all the contacts you make will already have an advisor since they work in the industry, if you try another industry first it might give you a chance to build a book of prospects through your employment and then after a few years you could be an FA and call on those people. The people from your former industry will eventually become your prospects if you make the right moves and have a good reputation it can springboard you beyond the typical rookie or rich kid, if you start in the industry as a support person you can never really call on your former coworkers since they are already lined with their firm. Don't take this the wrong way, but I'd be shocked if ML hires you based on your posts. I think the mutual companies will pretty much throw anything against the wall to see if it sticks, if you're dead-set on this then maybe that will work out. [/quote] Well, smokescreen, I would be extremely surprised if an offer wasn't made after my final interview this week. Things went very well, and it's pretty clear that if I was brought back numerous times that they're interested. As someone pointed out with a previous post / link, there was an article regarding ML laying off 400 trainees last week. I did (very carefully) bring this up in the interview today, and was led to believe I'm not in danger. Thanks, though, for keeping the faith about me getting hired based on my posts. Shows you really did your due diligence.[quote=smokescreen agent]
I think firms would hire a vaccum salesman sooner than an operations person to be a new FA. Seems like "sales experience" or having the right contacts are the only things that matter when trying to get into an FA program. [/quote]For all the FA hopefuls out there, pay very close attention to the above quote. If you can’t sell or you don’t have contacts ready to hand you over millions, this very likely is not the career for you. I’ve made it through ML’s POA training and I’m making it so far, but having to deal with these facts has been my biggest struggle by far.<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />
--WM
[quote=RickRoss]
As someone pointed out with a previous post / link, there was an article regarding ML laying off 400 trainees last week. I did (very carefully) bring this up in the interview today, and was led to believe I'm not in danger.[/quote]I’m not an eternal pessimist but you should be very careful. You must always consider the other party’s motivations when evaluating the validity of what they lead you to believe. A recruiter will tell you almost anything to have you accept the position. They don’t get paid unless you get hired. Part of a branch manager’s compensation is tied to headcount and hiring. I expect that when you do get your offer, they will want you to sign everything and start before the end of year.
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The 400 POA firings came down from corporate and the branches had nothing they could do. Regardless of what they lead you to believe, you are in danger. You MUST make your numbers and now it seems that you may also need to exceed your numbers.
--WM
[quote=WealthManager][quote=RickRoss]
As someone pointed out with a previous post / link, there was an article regarding ML laying off 400 trainees last week. I did (very carefully) bring this up in the interview today, and was led to believe I'm not in danger.[/quote]I’m not an eternal pessimist but you should be very careful. You must always consider the other party’s motivations when evaluating the validity of what they lead you to believe. A recruiter will tell you almost anything to have you accept the position. They don’t get paid unless you get hired. Part of a branch manager’s compensation is tied to headcount and hiring. I expect that when you do get your offer, they will want you to sign everything and start before the end of year.
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The 400 POA firings came down from corporate and the branches had nothing they could do. Regardless of what they lead you to believe, you are in danger. You MUST make your numbers and now it seems that you may also need to exceed your numbers.
--WM
[/quote] WM, I appreciate the sincere and honests posts you've provided us. I am definitely concerned, regardless of what they're saying. Again, other than the "we're not in danger at this office" line that I got, they also gave me the "I wouldn't be wasting your time or mine if I wasn't able to hire/keep you." What you said about part of their comp. tied to head count / hiring makes sense. However, I highly doubt they'll ask me to start before end of year. In fact, I am doing a bit of traveling the end of this / beginning of next year, so I wouldn't be able to start now anyway. The good news is that I wouldn't have to come up with clients until the studying/exams are completed, which gives me another 4-5 months to work with. The other great part is, assuming I don't get cut before then, I get paid a salary to study/take these exams. This is very different than some of the mutual companies out there that pretty much tell you it's more important to get in front of people than to learn the material. I had someone at MM tell me that all I needed to do was complete my Life&Health in a weekend's time, then get in front of people and learn the rest / get licensed for the rest later. That bad news at MM is that there's no base where I'm considering working. Here's the basic breakdown, in my opinion, of the immediate pros/cons of working at either place: PROS ML: Base salary, full training, they pay for exams up front. MM: Work environment (friendly/relaxed), broader clientele/target market, no layoffs CONS ML: Limited clientele ($250K+ to put in market), current layoffs (potential future layoffs) MM: Limited initial training, no base salary Quite frankly, I have numerous thoughts stemming from the above information. Not quite sure what to do. If I could take the pros from each company and put them together, that'd be ideal. But we all know that'd be just too good to be true.[quote=RickRoss]
Quite frankly, I have numerous thoughts stemming from the above information. Not quite sure what to do. If I could take the pros from each company and put them together, that'd be ideal. But we all know that'd be just too good to be true.[/quote]As far as platform, research and other resources, I don’t think that there is a better place than ML to work at in this business. As far as training, I don’t think that many/any places really teach you the financial/advising end. They industry has turned this into a sales job. The way to survive is to acquire assets and learn along the way.
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The problem with ML is that the hurdles are very, very difficult to attain. I also want to caution you that if you are concerned about base salary, then you need to re-evaluate if you are a good fit for this business. You should be prepared to go about five years with low pay. If you don’t have the reserves/ability to survive through the lean years then simply making it though the program is not going to be enough.
I’ve heard good things about the Alliance Bernstein training program. Does anyone lurking on this forum work for them?
--WM
WM, If you don’t mind me asking, what is your current earnings range? Where was it when you first started? Where do you see it after your 5 year mark?
As far as the training goes, obviously I'm going to learn along the way my whole career; I expect and welcome that. I just don't want to be barely armed and finally land a solid client only for them to think I'm incompetent due to product knowledge/licenses held, you know? What do you consider the total earnings / year to be for the first 5 years on average?[quote=RickRoss][quote=smokescreen agent][quote=RickRoss]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] .[quote=RickRoss]WM, If you don’t mind me asking, what is your current earnings range? Where was it when you first started? Where do you see it after your 5 year mark?
As far as the training goes, obviously I'm going to learn along the way my whole career; I expect and welcome that. I just don't want to be barely armed and finally land a solid client only for them to think I'm incompetent due to product knowledge/licenses held, you know? What do you consider the total earnings / year to be for the first 5 years on average?[/quote] .I’m in the PMD (POA) program (three months in) at ML. The hurdles are a joke. Anyone should (will need to in order to survive) doule the AUM expected after 36 months.