Financial Advisors

Thinking about moving to Merrill Lynch. Looking for the good, the bad, and the ugly from Merrill advisors on here.

likehelpful
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works at

Merrill was once a great firm. BofA will ask you to push their banking products on your clients.

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I spent 9 years at Morgan and now in 12 year at Merrill. I am doing 4x the business at Merrill. The name does matter. The bank is an asset if you use it correctly. The technology, workstation, is worth an employee in saving time managing my business. Only requirements is to grow....is that not what we all should be doing? Best firm to run a business!

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The grass is greener where you water it. It’s not a bad idea to look around, but quite a few people go back to the original firm

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Too many conflicts of interest. Case in point, recent decision with Merrill screwing over clients by forcing them out of a higher yielding money market and into Bank of America’s crappy savings account.

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So not a million dollar producer. Hell, won't even be a half million dollar producer this year. Curious as to why they'd be interested from what others are saying on here.

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likeuplifting
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Don’t. They push BOA products

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Run away.

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likeuplifting
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Low payout

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likehelpful
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Wow what a cheerleader! I was wondering if anyone would come to the defense of Merrill I have to call bull sh*it on your comment about it being “great for clients” though. https://www.google.com/amp/s/www.wsj.com/amp/articles/merrill-lynch-joins-brigade-downplaying-money-market-mutual-funds-1534880179

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You fail and leave your book.

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likesmart
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Not a ML person but I've known so many people who were who were just spun out... maybe if you are a top producer but otherwise beware

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I think we all need to know if you are a million dollar producer. That’s what counts at MLynch. They are not interested in little guys. Minimum accounts are 250M, you will not be paid on anything lower, in fact if you keep them because it’s s nice old lady that babysat you back in day it can actually hurt your numbers, cross selling to BOA, that’s mandatory. I worked there. If you are moving there for name recognition, give it up. Plenty of other nice firms that are not forcing cross selling. I can reach to an assistant and find out what the latest is.

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Better be a mil plus producer at least. Small producers are another number

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Having the bank has been great for clients. The cross selling isn’t that big of a deal and there aren’t really any ramifications. What really matters is having a big book, and make sure you grow it every year by 5 250k+ households. The bank adds a ton of value and let’s you get paid on the things you would normally send to someone else. Mortgages, credit lines, etc. if you work with a lot of business owners you really become the one stop for everything.

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As a former ML advisor, run. And run fast

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What that doesn’t show is a deposit account paying 1.97%, daily liquid. Non sweep though. So as long as the advisor is judicious on his clients large cash positions it a great rate.

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Operative word is "judicious”. I’ve never met such a broker at Merrill

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Unless you are a big producer don’t. The payouts are getting lower and lower. There are mandatory BOA products you have to push.

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Financial Advisor 4... can you elaborate as to why please?

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They're offering a pretty generous transition package for wanting me to fail and leave my book, paying quite a premium in my opinion.

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