Merrill lynch financial advisor development program reddit

Don't know why you were downvoted. Most of this is very true except...... you get the CFP while in the program, and you can also sidestep the 10,000,000 by selling insurance and doing mortgages for people to extend that 3 years out more. What's most important is having strong sales skills those first 3 years.

It's tough as shit though OP, the wash out rate is 98%. Imo, take the CFA which has a 4 in 5 wash out rate. Much better odds especially with hard work and higher salary potential without the dirty work of sales.

Hi all,

I am wondering what your opinions are on starting a career at Merrill Lynch Wealth Management.

I am 23 and have less than a year of experience in Wealth Management with a small independent IA thus far. I really enjoy Wealth Management and feel that I can do it for the rest of my career. End goal is to obtain my CFP and have my own firm one day.

Anyways, I was just offered a position as a Client Associate at Merrill and was wondering what your opinions are on the company?

Any feedback is greatly appreciated!

Thank you!

Join reddit

Create an account to follow your favorite communities and start taking part in conversations.

Create an account

r/CFP

Merrill lynch financial advisor development program reddit

I’ve read some on this, but it was from a couple years ago. Anyone with recent experience? Is it worth it? I really want to get into securities, and the bank I’m with right now is really fighting me.

I’ve applied for FADP and passed their assessments, and have an interview next week, but just curious about any recent information and experiences.

Thanks a lot!

Merrill lynch financial advisor development program reddit

level 1

It’s very tough. I’ve been in the program for over two years. Unless you have already established relationships (aka people committed to having you manage their money) or you’re on a team, it can be very difficult to survive. Every few months it seems like there is a new ‘batch’ of FADP’s who are optimistic but ultimately end up taking the elevator down with a brown box.

level 2

Is it true if you get fired they try to get you for training expenses?

level 2

This is good feedback. Do they base goals on how many people? Or how much money? I live in Aspen, CO...so there isn’t necessarily a huge market people wise...but the money is endless.

level 1

Comment removed by moderator · 2 yr. ago

level 2

I’ve heard that too about constantly changing their payout and new client expectations. Really thinking about passing on the opportunity, despite that being what i really want to get into.

level 2

I always do well with sales, but am not super pushy with anything. Very educational approach, but i have always met sales goals and stuff.

I just hear that the sales goals are basically unobtainable with FADP lol

level 1

Recent FADP grad here. Can confirm it fucking sucked and most people wash out. Come in with the right attitude, expectations, and hopefully some connections.

level 2

If you were to put a number on it, what percentage would you say actually make it? Lol

level 2

Hey, interviewed with a local ML Office. Went well and expected an offer then covid hit and everything was tabled. I recently started the process over in another region which is a couple hours away. The first area was TN and the second is NC. What kind of a base can I expect? I have an undergrad in economics, MBA in finance, and was an associate at a bulge bracket I-Bank but was laid off a while ago. Any advice is appreciated-thanks.

level 1

It's incredibly tough, you need to have a major and extensive network in place in the beginning to succeed. I know that may not be what you want to hear, but yeah.

level 2

No worries! This is why i asked. I probably won’t do it. I appreciate the honest feedback. There are other options :)

level 1

You can only work with clients that have $100k+ in investable assets. And your first year goal is around $3mil. If you can achieve that the goals only go up from there.

Hey All,

Im graduating college with semester with a BS in Financial Management. I have been sending in applications to Merrill, Morgan Stanley, etc like a mad woman. So I nearly shed a tear this morning after hearing back that I got the phone interview for ML!!

Yet, seeking advice/tips/wisdom on how to prepare. I am doing a TON of research, I am very personable, so as long as I dont get nervous I think ill be ok. But I'd love to hear from you guys considering I dont have anyone close to me in this industry.

Thank you!!

What is Merrill Lynch Financial Advisor Program?

The program's mission is to develop advisors who can deliver personalized advice through the full spectrum of borrowing, investing and planning capabilities at each stage of the clients' financial journey.

What is the Merrill Lynch advisory fee?

Merrill Guided Investing with Advisor has an annual Program Fee of 0.85%. You may be eligible for Program Fee discounts, rebates or credits under various promotional programs that are offered to clients who use banking products and other services.

Are Merrill Lynch good advisors?

Merrill is a good company if you're looking for an established financial advisor to help create and implement a plan to meet your financial goals. Whether you're looking for guidance on investing or selling a business, Merrill can help with various levels of service and options for both in-person and online advising.

How much do top Merrill Lynch advisors make?

How much does a Merrill Lynch Financial Advisor make? The average Merrill Lynch Financial Advisor in the US makes $96,630. Merrill Lynch Financial Advisors make the most in San Francisco, CA at $146,021, averaging total compensation 51% greater than the US average.