Merrill Edge
3.5 out of 5 stars.
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Merrill Edge Employee Reviews

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3.5Work-Life Balance

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Great place to begin your career, always changing

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They have a good licensing program, however most people tend to leave to the competitors once they are licensed. Ever since they mixed both brokerage and banking it went downhill as an associate. Phone calls with clients do not sound authentic as you must push banking sales. Begin your career here and gain all the skills then move somewhere else in the future for a better pay.

Pros

Good family benefits, Plenty of paid time off

Cons

Career Advancement
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Okay place to work, not the best

Could be better at training advisors and management was unprofessional. Taking on a bank like culture and continuously changing its training which makes it hard to be an advisor
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You are a glorified banker

The job is in a bank branch. You are asked to convert banking clients into brokerage clients. Most of these people are annoyed that anyone approaches them about anything. Terrible pay in comparison to competitors. Goals very high compared to what’s attainable with swift punishment to follow if not met. Management very disconnected from the ground level reality. Extremely poor and dated internal systems making the job hyper-complicated and arduous.

Pros

Free water in the break room

Cons

Set up to fail with limited resources and training
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Not good

Call center focused on sales without incentives. No bonus either. Only good benefits. Pretty miserable work environment where office was full and virtual was a mess. No one really seems to give a darn about the clients only wanna push product.
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Academy Program

Great opportunity for getting your foot in the door and become fully licensed. They’re essentially paying me to study and earn licensing prior to working. Decent starting pay, but I hear you can make really good money once fully licensed. Don’t take tests for granted though if you don’t have financial background, the tests aren’t easy.
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Sales over Service kinda thing

Sales benchmarks you're expected to hit were you usually too high. If you're good at sales this is fine, but if you're better at service than sales the company won't have a place for you.Benefits were solid and the people were nice.
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Good opportunity to meet with clients face to face but minimal advancement opportunity

Worked there for a few years in a bank branch location and gained experience working with clients face to face and also building relationships with associated in different lines of business. Minimal room for advancement from this position as the next opportunity up is to work at Merrill Lynch where I have not seen a single FSA be successful, as they are often taken advantage of by senior FAs.
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Stepping stone

Great place to start your career in retail finance as an advisor. Phone based licensed advisor positions give you exposure to a lot of clients and situations in a short period of time so you learn a lot. On the right team you can make great money working 40 hrs a week that other industries don’t make working 60+. However it leads to burn out, lots of the same calls over and over can wear you down but that’s the name of the game. Great management in my experience, lots of other opportunities within BofA but little pay transparency …
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Good work culture

I worked here over the summer as an intern. Great culture, friendly people, but entry level pay was below average. Also not a typical 9-5 schedule, can work weird hours and weekends if you get that shift.
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Allows you to control your level of success

Plenty of CRM to utilize and great lead generation! The tools and research, top notch. Management leads the way for decimating it to advisors, in turn we engage clients equipped.
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Call center job. No human interaction/ coaching. No chance for advancement

Typical day of work is phone call after phone call. You must be on the phones 80% of the day or you will get called out. Have to bring in "new money" or you will get called out. Doesn't matter how the customers rate you in the surveys. You could get 10/10 from every client but if you aren't getting people to bring money in, nothing matters. Getting an answer to the simplest of questions is impossible. Having a degree in finance doesn't mean anything either.
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Worth the read...but, as always - YMMV

The Good: Helping clients achieve financial goals is intrinsically rewarding. If you "know your stuff" and are there for your clients as much as you are for the paycheck, there is the possibility of making life-long relationships with clients.The Bad: Micro-management from mid-level supervisors fosters an environment of simply "working for the numbers," as opposed to truly creating and enriching relationships with clients. The Ugly: Compensation is based on multiple metrics that are designed to be purposefully opaque and support the previously mentioned "working for the numbers" mentality. (Ex. You spend multiple hours throughout the week working with a HNW client who adds $3M to your AUM - a solid win by most considerations. BUT due to time spent fostering relationship with the current client to gain those funds, time spent prospecting new accounts is reduced with no consideration for advisor's new households target. The ultimate result: even though the firm gained $3M in AUM that week, if the new household target is not achieved, compensation to the advisor can be negatively affected by as much as 75% --- Obviously there is undeniable value in bringing in new client households; however, penalizing an advisor, who is nonetheless bringing in new assets, allows the firm to avoid having to pay a "fair days comp for a fair days work."

Pros

Good Benefits, BoA affiliation/ownership provides nice banking benefits not standard at most firms

Cons

Micro-management, Purposefully complex comp structure - designed to withhold payment to advisors
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great company

great company to work for and People love passionate business owners. Your audience will scan your story for proof that you’re passionate about your business. Tell people about the work your company gets excited about doing. Or, tell your audience what you like to see in your industry, whether it’s an innovation, a business philosophy in practice, or an initiative
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Money is not bad but could be better.

No support for new employees. The training after licensing is terrible. If you get have questions manager tells you to "call your piers". Not a great place to work.
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Great company!

Great company. Work life balance is good. 4 weeks vacay to start as a financial solutions advisor. Simone planning software and limited product set imo. Management style is transactional even though I’m sure that isn’t the intent. How many calls? Appointments? (Web, phone, in person). Etc. Typical for sales role. Its really dependent on the managed. It can also be hit or miss depending on the Bank of America center where you are working because there is a “dotted” line to a banking manager who may not understand your role and expectations on the investment side. The systems are clunky but always improving. It’s challenging to get accounts open sometimes. Lots of notes. Compliance (good thing) lots of disclosures. Managed portfolios, self directed, and robo is the product set. There is also a bank component where you open up checking, savings, credit card, auto. (Not too keen on this aspect but you get to talk to and help people financially. ). You refer mortgage, wealth mgmt, private bank, business banking. My quarterly bonuses ranged from 7500-22000 per quarter. Some colleagues I know have done 20k-50k per quarter consistently but this is the exception. Honestly, it’s good for beginner, intermediate and even more experienced advisor - best work life balance and company I’ve ever worked at. Been here 7 years. Great benefits. Good pay. Stock options, sick leave, paternity etc. Charity events etc. There is a lot here but you get out what you put in. As with many jobs you need to brand yourself, network, and stay visible if you want to Segway - 

Pros

Compensation, work life, benefits

Cons

Micromanagement sometimes, too much compliance, retail banking issues, sometimes the compliance is too much and limits growth
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Interesting

No real understanding of how to succeed. Management also was learning the role so couldn’t really help. Pay was pretty good. Recorded phone calls were tough to get used to.
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This company does not care about employees

I mean the culture is on a whole other level here. Meaning its absolutely awful. Everyone throws eachother under the bus. It's like a professional high school. Glad I left.

Pros

None

Cons

No hybrid, no loyalty, pay sucks, can't trust anyone, culture is terrible.
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Lots of opportunity, fast pace

Opportunities because sitting in FC will giving a lot of chance to see more client, hence more opportunity to work face to face insead of making cold call
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Don’t do it.

Don’t do it. It’s a typical horrible call center. They act like it’s this prestigious job but at the end of the day…. It’s a call center- but you have dress up. The more calls you can take the better. You really don’t have to know much, just get the caller off the line and move on. That’s it. If you really care for customer service and relations please move on.
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Plenty of opportunities for growth

Don’t expect to keep a manager for long, wether you are moving within the company or your current manager is changing roles, don’t get too comfortable. There is plenty of opportunity for growth, or department changes if something isn’t working out but training doesn’t always prepare you for actual duties in your role. To be fair, I started during pandemic to I have been WFH and all training has been virtual.
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There are certain teams you should avoid.

I am sure other team within Merrill Edge are fine. Brokerage team is under staff and underpaid. Brokerage team does more work than any other team but is paid the least. Your daily job is taking inbound calls and taking care of service. Then transitioning service to sales. A lot of emphasis on pitching Bank of America accounts. A lot of times the job doesn’t even feel like a financial advisor job. Despite this, managers are often very helpful. They will do whatever they can to get you promoted. Benefits are also very good. Great health care and 401k Before joining the brokerage team ask the manager for the target bonus pay. Then ask the manager what percentage of brokerage team hit the goal. There also a lot of great position within Merrill and Bank of America. My review is only reflective of the brokerage team.

Pros

Great company overall, A lot of opportunity within the enterprise, Paid vacation and sick time, 401k and health insurance, Great people.

Cons

Micromanaged. Pay is too little. Very little flexibility for work hours. No hybrid option.
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Overall rating

Based on 172 reviews

Ratings by category

3.5 out of 5 stars for Work/Life Balance
3.5 out of 5 stars for Salary/Benefits
3.3 out of 5 stars for Job Security/Advancement
3.1 out of 5 stars for Management
3.1 out of 5 stars for Culture
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