Merrill Lynch Private Banking (IA)
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I am wanting to get some feedback on a postion on a ML private banking team. (8 people) It would be as an investment analyst. The team currently consists of 3 FA's and 5 CA's. I am fresh out of college, and feel that this could be a great role for me to learn and get to go through the process that an FA goes through.
In my interview, I was asked what salary I was expecting. I was wanting to see if anybody knew the range for this role. I know that the position is fully funded by the FA himself, so it may would be dependent on him to a certain degree.
Any other insight into this opportunity would be appreciated...
ML has a Private Wealth division that focuses on 10M and up. I have a buddy who was an IA for a PW team in LA. He placed trades and monitored portfolios all day, from 7am to 10pm at night. He liked the experience but his team demanded about 75 hours/week from him. Needless to say, he left the team and went back to becoming an FA- and is killing it right now…
[quote=blarmston]ML has a Private Wealth division that focuses on 10M and up. I have a buddy who was an IA for a PW team in LA. He placed trades and monitored portfolios all day, from 7am to 10pm at night. He liked the experience but his team demanded about 75 hours/week from him. Needless to say, he left the team and went back to becoming an FA- and is killing it right now.....[/quote]
It sounds like a great opportunity.
From my understanding, the Private Banking division at ML is similar to the private client, but you only get paid on accounts at 10M+ and you are maxed out at 100 clients. You also get much more support in the terms of CA’s and other ML support. I would use this as a platform to become an FA in a few years. Being right out of college, I feel I could learn alot from someone who is obiously very successful.
So what’s a ML guy to do when he reaches 100 clients? I thought private bankers were more credit centric, not investments.
I have never heard of the 100 clients maximum. I know of teams who manage 6-7B and have much more than 100 households… That all depends on the team infrastructure and how they are serviced…