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Merrill Lynch Interview Process

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Dec 30, 2008 2:35 am

[quote=lowpriced]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. [/quote]

What are the asset and production expectations for new brokers at ML?

Dec 30, 2008 4:29 am

I’m in the pmd program at merrill and they really are not impossible if u work hard. Remember it’s cumulative production so if u have a good annuitized first year it counts three times over. I’m in the middle tier. Although I do think the top tier is impossible for someone with no book or contacts. I would say about 20 million in assets after three years and u will graduate. That is if most of your business is annuitized. I still do think that merrills training is better then anybody else but then again this is an industry with a 90% failure rate so that’s not saying much.

Jan 6, 2009 5:31 am

Is it standard to be required to have all your brokerage accounts rolled over after you’re licensed to your firm (i.e. ML)?  I just find it a bit weird having a Client Associate be able to look at all my information.  Thoughts?

Jan 6, 2009 6:18 am

Well, iceco1d, I guess there are a couple of main reasons why I felt uneasy at first:

  1.) Having someone who is technically my "assistant" if-you-will have full visibility to my accounts is uncomfortable.   2.) Feeling as though I more or less "have to" roll my accounts over makes me feel as though I'm not exactly in control (as silly as that may sound)   3.) I'm probably WAY over-reacting to the whole thing.  It's just not something I'd ever heard of or am used to.   I was told my accounts count toward my PC goals, which is good.  At the same time, hopefully I'm not charged any sort of "rollover fees" associated with the move.    I guess once I'm licensed I will know a lot more than I do now, so I do apologize if some of these points seem trivial or silly.
Jan 6, 2009 3:21 pm

Rick, you are over-reacting.  You can usually keep accounts outside the firm if they are not able to be held at your firm.  For example, I still hold outside 529 accounts for my kids through Vanguard (UPromise).  For the amount that’s in them, it was not worth the paperwork of moving them to new one’s.  I could also hold my old employer 401K outside as well (I chose not to and rolled that over).  And I believe I could have kept my old Vanguard funds (IRA’s and MFD accounts) at Vanguard, since we cannot buy more at Jones (we can hold and sell them).  But I chose to transfer them.  I did have to transfer my Vanguard Brokerage account.

  One final thing - I am not sure how it works at other firms, but at Jones, the assistants do not have viewing access to the FA's accounts (nor any other account marked "employee").  I believe they can make transactions if they are given the account number by the FA, but other than that, they don't realy have access.  But like I said, that may just be at Jones.   As ICE said, it's really just an industry thing, not a firm-specific thing.
Jan 7, 2009 5:41 pm

[quote=RickRoss]Well, iceco1d, I guess there are a couple of main reasons why I felt uneasy at first:

  1.) Having someone who is technically my "assistant" if-you-will have full visibility to my accounts is uncomfortable.   2.) Feeling as though I more or less "have to" roll my accounts over makes me feel as though I'm not exactly in control (as silly as that may sound)   3.) I'm probably WAY over-reacting to the whole thing.  It's just not something I'd ever heard of or am used to.   I was told my accounts count toward my PC goals, which is good.  At the same time, hopefully I'm not charged any sort of "rollover fees" associated with the move.    I guess once I'm licensed I will know a lot more than I do now, so I do apologize if some of these points seem trivial or silly.[/quote]  
Jan 7, 2009 9:45 pm

[quote=smokescreen agent][quote=RickRoss]Well, iceco1d, I guess there are a couple of main reasons why I felt uneasy at first:

  1.) Having someone who is technically my "assistant" if-you-will have full visibility to my accounts is uncomfortable.   2.) Feeling as though I more or less "have to" roll my accounts over makes me feel as though I'm not exactly in control (as silly as that may sound)   3.) I'm probably WAY over-reacting to the whole thing.  It's just not something I'd ever heard of or am used to.   I was told my accounts count toward my PC goals, which is good.  At the same time, hopefully I'm not charged any sort of "rollover fees" associated with the move.    I guess once I'm licensed I will know a lot more than I do now, so I do apologize if some of these points seem trivial or silly.[/quote]   Wow, I am shocked they hired you... man, your "assistant" is going to be frustrated by your complete virginity to the concepts. If you are smart you will not treat your assistant as a subordinate, sounds like you already think of them as lesser beings, chances are they will know a lot more than you think.[/quote]   Correction, they will probably know a lot more than the new advisor!
Jan 12, 2009 3:24 am

Rick, any word yet from ML on if they’re going to make you an offer?

Jan 13, 2009 6:24 am

[quote=OS]Rick, any word yet from ML on if they’re going to make you an offer?

[/quote]

Yes, sir.  Got a J-O-B.  =)

Jan 15, 2009 4:25 am

Nice. Congrats and good luck!

Jan 6, 2012 1:58 am

I have had no previous experience in this business before. When I applied for a financial advisor position with Merrill lynch, I went through a few phone interviews, I took the Fiat exam which took me 35 minutes and I found out that I successfully passed, and then I had an interview with the training director for the financial advisor program. Afterwards, they completed an extensive background check on me and then I met with a woman who was the director of that particular office. I really believed that that interview went extremely well. The following day, I received a phone call from my recruiting agent named Cindy, who proceeded to tell me that the 2 people I interviewed with were talking and that they were so close to picking me for the position and they both believed I had the ability to do this job, but that they both thought that I didn't have enough passion for the job. So Cindy told me that she was going to speak to them about me and she also told me to call and speak to the director to change their minds. So I called the director and left a message on her voice mail as well as sent her an email explaining to her that I did have the passion for this job.

Now an entire day has gone by and I haven’t heard from anybody at Merrill lynch. This interview process has taken a month and a half and it has taken a lot of time because I believed it was going so well. Now I am down to the point where I have to meet in front of the panel but haven’t heard back from anyone. I was wondering If this has happened to anybody else and what I can do to fix it?