Merrill just bumped up their salary for their advisor training program to $65k for three years of training. They sponsor your Series 7, 66 and CFP. It sounds too good to be true. Does anybody have insider knowledge about what numbers they make you hit & their timeline to hit those numbers? How soon are they pushing you to make sales? Really appreciate any insight! thanks.
You start sales goals day 1 after you get your FA #. If you don't meet targets, you are out in 9 months. I can't tell you specific targets but they are not easy for a brand new person. The young, fresh out college newbies tend to make mistakes when starting out & they are out before they have time to correct them.
Thank you for your insight. What is a better way to start out in the industry? I'm 3 years out of college and have some banking/ law experience.
Financial advisor career is usually the last job one wants to have, not the first. I suggest working in finance elsewhere first, to gain experience outside of this industry, then it's easier coming back into it.
Avoid.
Maybe start @65k and 3 years be 85-90k I’d be okay with that.
Anyone can reach out to chat with me about this: https://www.businessinsider.com/bank-of-america-merrill-lynch-financial-adviser-trainee-trends-shift-2019-10
Thank you! I am not subscribed to bi but I have been noticing the positive marketing in the news regarding their new program and intentions of obtaining/holding onto advisors. I guess my question is what is the right angle to get into the financial advising industry? The more people I talk to about Merrill, the more they push me away from this training program.
Seeing a normal salary on blind feels weird to me
So sad 🥺
It’s a crazy program. Not realistic goals, will put you on probation quickly.
Check out XY Planning Network before your join anyone in the financial planning space.
The sales goals are based on three elements: (1) Households, (2) Net new money, (3) production credits. It can be a great program for the right person, and it really depends on what are career expectations are. If you are new to the industry, and interested in a career as a financial advisor, i would highly recommend it even though they push out a lot of FADPs at the 9mo. I recommend for two reasons (1) base salary paid even as you study for your licenses (2) you will have a ton of career options available to you even if you are pushed out, as other firms will see you licensed and Merrill is a top brand for FA recruiters.
Do you think it’s a good salary?
From my perspective, it sounds like a good salary while starting out.