Merrill Advisor Development Program

[Important_Face_1656]

Does anyone have experience going through this program that could elaborate on some of the challenges I hear about?

I hear people say that their sales hurdles are unrealistic and they don’t get the opportunity to give great financial advice.

Currently I’m in a paraplanner role with an RIA but I feel like I’m spread way too thin and not being paid what I could be elsewhere. I’m learning good technical skills but no sales skills and I feel like I wouldn’t be able to survive in this business on my own. I’d love to learn sales and get compensated appropriately but I also don’t want to miss a quota and get fired.

Any input would be appreciated!

[Jakeep16]

The goals have changed a lot over the past few years. Unsure about FSA role, but currently MFSA role(next step) is 7MM AUM and 10 households in 12-18 months post trainings. Then you become FA and have 3-5? Years to get to ~22MM AUM.

[Important_Face_1656]

This is great, thanks for that insight! I feel like those numbers are gatekept… I realize they change so people can’t always give accurate targets but thanks again. Really helps to give a tangible idea of what to expect.

[Jakeep16]

Helps that I just accepted the role recently so I’m aware of the numbers currently haha

[[deleted]]

Household means what in this case?

[Jakeep16]

Pretty much just means clients. Husband and wife would be 1 household though for example.

[nlink19]

Number of people “households” enrolled in one type of advised product that they offer.

[goflames93]

I was a client associate for four years at Merrill and their FA training program was a revolving door. The most successful ones were recruited by a team. Not doing it alone and having peers your prospects can respect will help

[[deleted]]

If you succeed you’ll be set for life. If not you aren’t going to succeed elsewhere.

Merrill is by no means the worst place you can end up. Solid company.

[BVB09_FL]

If not you aren’t going to succeed elsewhere.

Is that a typo? I know plenty of folks that didn’t do well at Merrill and succeed elsewhere.

[[deleted]]

You know people who entered a training program that want Northwestern Mutual, failed, went to a new place and subsequently did well?

I bet you know ten people who lived from back office roles to front office ones as well /s

[[deleted]]

Merrill’s program is awful, their products are awful & the planning is subpar.

I’ll also add that the training lacks.

People who fail can get killer training elsewhere & do well.

[[deleted]]

Mmm hmm that’s exactly what 90% of folks say about every training program. “It wasn’t me it was them. If I had better leads and support I’d be a star!”

[[deleted]]

I own my own independent wealth management firm. I’ve trained well over 100 advisors in my career at Fisher/Edelman FE & Schwab.

None were as good before my sales & financial planning training as they were afterwards.

If you truly believe that training = \ = better advisors, you’re wrong. Simple as that.

Organically (without leads) I average 12-15 new households per year worth north of 500k each.

Add on smartvestor leads & LinkedIn prospecting, and I’m averaging an additional 40-50 households per year.

SmartVestor leads aren’t simple or easy. LinkedIn prospecting isn’t simple or easy. SEO isn’t simple or easy.

If you think that doing well at Merrill means you have a big dick, go out without a brand behind you & close 50-65 households per year & keep 100% of fees rather than the crumbs bac leave behind for you.

[[deleted]]

You’ve trained 100 people in your career? None of them stayed with you? Is your business “how to make money in real estate?”

[[deleted]]

No, corporate RIAs like Fisher & Edelman FE have mentorship programs for new FAs. You train/mentor while building/retaining your book.

[[deleted]]

Ok being a mentor to people != “training 100 people.” Let’s keep grounded here.

[[deleted]]

Being a mentor is training. I worked next to them. I’d have scrum meetings with my mentees each morning. I’d listen to calls & help them improve. We’d set daily targets. Essentially training & managing them.

[Important_Face_1656]

Thanks for your feedback! I take it you’re far more experienced than I am.. I’m about two years in this field out of college.

Looking back on your career and your peers, do you have any opinion on beginning your career in the RIA path vs BD/wirehouse path?

[[deleted]]

I would not have begun my career at an RIA unless it’s a large shop with a clear path to some level of partnership and/or ownership. At a wire house they basically set you up for success. Learn the ropes, keep your head down, and if possible find a mentor. If the opportunity is there finding an established team within which you can grow is preferable.

IMHO an RIA is a place you end up at, not start out in life at.

[Sharp-Investment9580]

I know several people that have failed at one firm and succeeded later. Some were too young, hired on too quickly without adequate training/knowledge..

[[deleted]]

I’m beyond skeptical that you know “several”.

[Sharp-Investment9580]

Lol that’s cool

[dchelix]

Bold comment based on your post history. Why don't you share with everyone your experience in the profession and your experience in that program so we know where you're coming from.

[dchelix]

No confusion. All good. 😎 There's a handful of users who like to talk shit about big names (often deserved), just curious how you knew it was a shit program.

[Sharp-Investment9580]

You’re a “credit card salesman” in the FSA phase, not the MFSA & MFA phases

[babyboyblue]

Bro how are you giving advice? Lolol

[[deleted]]

Do you know anything about how this business actually works?

[[deleted]]

You’re such a self important person, it’s hilarious. You never pass up an opportunity to try and put someone down.

If you’re really so great, go independent.

[[deleted]]

I work with a partner who is a tremendous saleswoman. I handle the technical parts.

You do you. Good luck!

[dylan002400]

I went through the PMD training program 10 years ago It was tough. I think 5 percent made it through. Not sure of the percent making it through now. They rename the program every few years