Hello all. I’ve been in the business for about 3 years. Started my career off in a complete buckshop, learned how to colld call, pitch, raise money etc for about a year and was making close to 0 Then went to Chase Bank. Absolutely hated it (Relationship Banker). Joined a pretty sizeable mid tier brokerage house (think Oppenheimer, but not Oppenheimer). Made 1 year last week and only have about 1 million AUM. It is strictly cold calling, 300-400 calls a day, pitching stock etc you guys get the point.
I was offered a position in the PMD program. 65k starting salary. I’ve read horror stories about this program in the past but they’re all from like 2011, 2012, 2013. Has anyone been in it/graduated it/got terminated from it recently? Any opinions would be great.
TL;DR: I’ve been at a mid sized brokerage firm making 300-400 calls a day and have made maybe 25k. No health benefits and no matching 401k. If age has anything to do with is, I’m in my mid 20’s with no responsibilites (wife, kids, mortgage). Should I take the PMD program or grind it out at this brokerage firm?
Hi WallStreetD1337, by PMD I assume you mean the Merrill Lynch BofA FADP deal? If so, then yes, take it. I am in it now. I realize you posted this in April and it’s now October. I’ve searched through this forum/site and found that it’s not very active. Mostly old guys/gals that’s been in the industry for tens of years plus, who most seem either bitter or pessimistic and only a small few appear to be optimistic and encouraging.
I’ve been in the “PMD” for over a month. Learning a ton. The training is semi-organized. It’s basically like drinking from a firehose. So much information. You have to chew on the meat and spit out the fat. Time management and priority organization is key here. And you have to go find the information or put yourself in a position to attract what you need from this company and it’s advisors. If you’re the type that comes in early, work hard, leaves late, asks tons of questions, and is likeable all throughout, the firm and many of the advisors will be quick to try and “stack your deck” sort to speak. But if you’re average, or the type that tries to get more than you take, they will use you for what they can get from you and dump you on the street.
In other words, you get out of it what you put in. Literally.