ML PMD Interview business plan

or Register to post new content in the forum



  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Nov 10, 2011 12:33 am

Hey guys,

First time post here, been following the conversations as a guest for a little while though. Today I took the FIAT test at Merrill Lynch and was scheduled to interview on Monday. The secretary told me the interviewer likes when people bring in a business plan, specifically about how you plan to prospect your current network, and how you plan to meet new clients.

Does anyone have any advice on what it should contain? I have put together proposals etc. before, but in those cases I had a bit more direction. I am trying to decide if I should bring in a printed out hard copy, or simply bring in my ideas to be spoken. I have only 3 days, and unfortunately am working Friday Saturday Sunday until 5 pm, so I don't have a lot of time to prepare things.

As well, what is a good niche to target? I was thinking RRSP/RESPs, as my network consists of many soon to retire/retired professionals, and a lot of families. Is there enough money in that type of business to be bringing in 250K households, or will I be shooting myself in the foot? Any advice guys?

Edit: The post reply button is not working, but I wanted to add that I applied andam interviewing at the downtown San Diego office.

Nov 10, 2011 6:23 pm

I'm not sure what part of the country you're in or how big your town is, but not everyone can land strictly 250k+ accounts off the bat. I just received my production number a little over 2 weeks ago so I'm just a bit ahead of you, but realistically I'm considering any account over $25k. Optimally, yes you do want those affluent accounts, but you better know your stuff better than the guy in the office next to you if you plan to just target affluents. My strategy is to build a book first, and then sift through it later on and just do business with the affluent clients I enjoy working with.

Back on topic, I wrote my business plan about 5-6 months ago when I interviewed. When I gave it to my now boss he really appreciated what I put into it.

My topics were:

Executive Summary,Goals, Service, Target Market, Target Clients, Market Strategy, Conclusion

I will say that if you end up being hired, your business plan is worth more than you probably realize. I'm now modifying mine, and it's funny to look back and see the difference in how it has changed in just a short time.

Also, for what it's worth, my boss doesn't even look at applications anymore unless they include a business plan. Another big thing I would consider is your Marketing plan. A good friend of mine met an FA who had 1.4 billion(not a typo) under management. He stressed that people can have a great business plan, but without including a marketing plan, you're just selling yourself short.

Nov 10, 2011 11:11 pm

I applied/am interviewing at the downtown San Diego office.

Nov 10, 2011 11:11 pm

I applied/am interviewing at the downtown San Diego office.