Merrill Lynch Employee Reviews about "financial advisor"

Updated Jan 23, 2021

To filter reviews, or .

Found 81 of over 4,536 reviews

3.9
74%
Recommend to a Friend
92%
Approve of CEO
Merrill Lynch President & CEO of Bank of America Brian T. Moynihan
Brian T. Moynihan
1,526 Ratings
Pros
  • "When you first start work life balance is none existent(in 159 reviews)

  • "Good work place, solid work environment(in 148 reviews)

  • Cons
  • "Strenuous, long hours, very difficult(in 111 reviews)

  • "Just wasn't personally interested in working as a financial advisor(in 81 reviews)

  • More Pros and Cons
    Pros & Cons are excerpts from user reviews. They are not authored by Glassdoor.

    Reviews about "financial advisor"

    Return to all Reviews
    1. 5.0
      Current Employee, more than 1 year

      Merrill Edge Financial Solutions Advisor - Rewarding Hard Work

      Jan 23, 2021 - Financial Solutions Advisor 
      Recommend
      CEO Approval
      Business Outlook

      Pros

      You will have a lot of clients, you will have a lot of work, you have a base plus quarterly bonus structure that incentivizes that hard work. Clear daily structure, broadest range of responsibilities within financial services, compensating multi tasking a wide array of activities. Fastest growing division of Bank of America. Prominent Visibility in the local Community

      Cons

      Coming to this role with no banking experience (esp. non bank financial advisor) can be a cold shock. After training complete, day 1 is typically like nothing you've ever experienced. Wave after wave of customers, relentlessly appearing while you adjust to the pace, struggling to adapt. It can take months to find your feet properly, but you will either sink or swim in that first week. The pressure doesn't really let up. The longer you stay, the more you can handle. The more you can handle, the more you are given. The more you are given, the more you are rewarded, The more you are rewarded, the more you can handle, willingly. Rinse and repeat until one day, you look yourself in the mirror and wonder what you've become.

      Continue reading
      2 people found this review helpful
    2. 4.0
      Current Employee, more than 1 year

      Good company for starting as a Financial Advisor

      Jan 9, 2021 - Financial Advisor in Las Vegas, NV
      Recommend
      CEO Approval
      Business Outlook

      Pros

      The company will pay a base salary and provide everything needed to earn the SIE, Series 7 and 66 and insurance licenses. The culture is great. Sr. Financial Advisors help newer Advisors.

      Cons

      To build up your book of business, most of your time is spent on prospecting. The hurdles are difficult to keep up with, unless you have a network for referrals. This is not an 8 hour a day job job. The first few years requires many hours contacting prospects to open new accounts. I am in the Financial Advisor Development Program and we have not been allowed to speak to prospective clients for the past 6 months.

      Continue reading
      Be the first to find this review helpful
    3. What people are saying about Merrill Lynch

      Join the conversation on
      Join the conversation on
    4. 4.0
      Former Employee, less than 1 year

      No guidance, no training, cut-throat culture

      Dec 23, 2020 - Financial Advisor Development Program (FADP) in New York, NY
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Great benefits (health and personal), nice offices

      Cons

      You come into the Financial Advisor Development Program being told you will be paired with the best of the best existing advisors only to learn they want to work with young FA's just to pump their own book of business/commission No one helps anyone in the office, eat what you kill mentality, and if you bring on a new client, it means another FA cannot bring them on, so they refuse to help one another No formal training besides a very basic training on how to use the internal systems No sales training, no guidance on how to run a Financial Advisor book of business Force you to prospect your friends and family to start, and if you don't hit quota, they fire you and keep your friends and family as clients Bad office culture, no one talks to anyone, and if they do, it is straight politics. If someone dislikes you, you are screwed

      Continue reading
      Be the first to find this review helpful
    5. 5.0
      Current Employee, less than 1 year

      Heavy Support

      Nov 14, 2020 - Financial Advisor Trainee in Costa Mesa, CA
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Merrill has helped my family and me through COVID and the Irvine fires. Online calls and conferences aren't the most optimal all the time, but it's the future and I appreciate everything Brian Moynihan has done to steer this company in the right direction with his philosophy of stakeholder capitalism.

      Cons

      It's too soon for me to tell where Merrill's wealth management team can grow, but I think the financial advisor trainees will be better if they can simulate trades and opening accounts on their own.

      Continue reading
      Be the first to find this review helpful
    6. 5.0
      Current Employee, more than 5 years

      It's really a sales support role that requires no sales

      Oct 14, 2020 - Registered Client Associate in San Jose, CA
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Challenging and rewarding work serving clients and supporting the Financial Advisors. Flexibility with working on various teams. Very fast pace. Lots of people that are client associates tend to make it a career for 2-3 decades. Depending on the team's revenue/, financial advisors typically share the profits with client associates making the role a very highly compensated position. There are lots of opportunity to grow into a specialized client associate role which will allow the team to grow as well. Work life balance is amazing, never have to work outside of my scheduled hours unless you really want overtime.

      Cons

      Very hard to train client associates. The way you learn is by "doing" the work and figuring it out. Learning the companies systems as a new associate and studying for the Series 7 and 66 was extremely hard. Dealing with demanding financial advisors can make work life very difficult.

      1 person found this review helpful
    7. 2.0
      Former Employee, more than 5 years

      Glass Ceilings

      Oct 1, 2020 - Private Wealth Management Analyst in New York, NY
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Great learning environment. Ability to climb the ranks financially. Incredibly dedicated staff.

      Cons

      Management bends to the will of Financial Advisors. Pay is always subjective, no fair metrics. Boys club.

      Continue reading
      1 person found this review helpful
    8. 5.0
      Former Intern

      Great Experience

      Aug 28, 2020 - Intern in Boston, MA
      Recommend
      CEO Approval
      Business Outlook

      Pros

      I learned a lot and everyone was super friendly!

      Cons

      Not much! Just wasn't personally interested in working as a financial advisor

      Be the first to find this review helpful
    9. 1.0
      Current Employee, more than 1 year

      Terrible place to work, no growth opportunities

      Sep 14, 2020 - FSA II in Tucson, AZ
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Salary is decent for an advisor role

      Cons

      Extreme micromanagement. Bankers have effectively no incentive to send clients to you. All of your interactions with clients are scripted and if you do not follow the process you will be written up. Company is constantly changing directions. All phone calls are recorded for compliance. Bonuses are not what they say they will be. Management does not listen or help, they are only there to enforce the micromanagement. Management doesn't have direct experience as a financial advisor. Management has terrible ethics for clients, lots of unethical former Wells Fargo employees making decisions at the top. Do not expect to move up to a higher position or gain any additional training. TERRIBLE sales process that is not effective at all.

      Continue reading
      2 people found this review helpful
    10. 1.0
      Former Employee, more than 1 year

      Worst place to work

      Jul 20, 2020 - Financial Advisor 
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Free food from vendors 2-3 times a week

      Cons

      The REFUSE to pay OT but expect you to work 12-14 hr days including weekends. There is no support from ANYONE like they make it seem at first. The entire training in garbage and does not prepare you for all the job consists of. You are on your own, the only thing that matters to management is that your bringing in money at NO COST!! They never mention YOU OUT OF YOUR OWN POCKET will be responsible for funding “your job” any expense involved you will pay out of pocket with very little if any reimbursement. They definitely push to bring in ppl right out of college since it’s easier to manipulate them. Please do yourself a favor and do not work here unless your a previous financial advisor don’t waste your time here!

      Continue reading
      2 people found this review helpful
    11. 5.0
      Former Intern, less than 1 year

      Great Experience

      Mar 9, 2020 - Global Wealth Management Intern 
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Get to work with some of the best advisors in the business. Fast paced environment where you get support to complete projects.

      Cons

      If you are not interested in becoming a financial advisor this may not be the best fit.

      Be the first to find this review helpful
    Viewing 1 - 10 of 81 Reviews

    Popular Careers with Merrill Lynch Job Seekers

    JobsSalariesInterviews

    Work at Merrill Lynch? Share Your Experiences

    or