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With A Fresh Take On Adviser Training Merrill Lynch Expects To Increase Diversity While Graduating 1000 New Advisers Per Year These Advisers Will Be Located In
- May 24, 2021
Merrill Lynch unveiled fresh details Monday around its modernized adviser development program, or ADP as the wirehouse is calling it, after a year of teasing that it is overhauling training practices for new financial advisers.
The new program, which is led by Lydia DiClemente, managing director at Bank of America Merrill Lynch, not only cuts out the practice of cold-calling, but is designed to be a full-fledged talent management strategy that will integrate career paths and training for multiple roles within the company, said Andy Sieg, president of Merrill Lynch Wealth Management.
There are three main goals of ADP, Sieg said during a press conference Monday. First, to develop a next generation of advisers capable of serving clients throughout their entire financial lives. Second, to enable the development of new advisers at scale by taking advantage of talent thats already in house across Bank of America.
And third, to modernize our business by creating a more efficient and effective path to success, supported by smarter business development approaches, and taking greater advantage of technology to meet clients and prospects where they are, Sieg said.
Some specifics of the program include a newly created Merrill adviser trainee role, he said, which, like Merrills current program, will include a salary plus incentives. These advisers will be located in-office and report to their local market executives.
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General Disclaimer For Bank Of America Merrill Lynch
Bank of America and BofA Securities are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Trading in securities and financial instruments, and strategic advisory, and other investment banking activities, are performed globally by investment banking affiliates of Bank of America Corporation , including, in the United States, BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA.
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Merrill Lynch Salary Faqs
The average salary for a Financial Advisor is $70,207 per year in United States, which is 35% lower than the average Merrill Lynch salary of $109,301 per year for this job.
The salary trajectory of a Financial Advisor ranges between locations and employers. The salary starts at $55,615 per year and goes up to $228,193 per year for the highest level of seniority.
What Do Financial Advisors Do
Financial advisors work primarily for financial institutions such as banks, mutual fund companies, and insurance companies. Generally, they work with individuals or institutional clients to assess their financial needs and help them achieve financial goals, such as choosing investments , and they also explain tax laws relevant to certain investments and help with insurance decisions.
Financial advisors help clients plan for bothRead more
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Open Positions And Wages At Merrill Lynch
Employees with diverse backgrounds, such as sales, accounting, military service, athletics, and real estate, stand encouraged to apply for entry into the PMD program or for other jobs at Merrill Lynch. More information on available job positions follows:
PMD Financial Analyst
- Individuals completing the rigorous PMD program graduate as financial analysts capable of helping clients pursue financial goals.
- Qualified candidates demonstrate high performance, previous work in professional settings, enterprising spirit, perseverance, and customer service standards, registration for series 7 and series 66 exams, and preferably Chartered Financial Analyst and Certified Financial Planner certifications.
- Yearly salary packages of $55,000 represent typical earnings for the job.
- Essential duties include developing skills to stay on track with regular monthly evaluations, assessing customer needs and collaborating with team members to deliver personalized service to Merrill Lynch and Bank of America clients, promoting investment, banking, and lending products, cultivating personal development, and performing to company service standards.
Client Relationship Manager
Merrill Lynch Advisors With $1 Billion Go Indie With Cetera
Cetera Financial Group, a network of independent broker-dealers, recruited a group of Merrill Lynch advisors that oversaw nearly $1 billion in client assets, according to Cetera.
The advisors, who now operate an independent practice called Harvest Wealth, joined a Cetera subsidiary. The new team includes advisors Dean Packard, Scott Lowder, and John Vytas Maginnis. They leave behind several former team members at Merrill Lynch, including managing director Thomas J. Rietano, who is ranked among Barrons Top 1,200 Financial Advisors for 2022. He was listed as having assets of $2.2 billion as of Sept. 30, 2021. Rietano, who is based in Washington, D.C., has been with Merrill Lynch since starting his career in 1992.
Vytas Maginnis, Dean Packard and Scott Lowder
Harvest Wealth is a big get for Cetera, nearly matching its hiring spree in May when it picked up several advisors with more than $1.1 billion in assets. It was also a competitive hiring process to win over the Harvest team.
For a billion-dollar team, everyone wants them, says John Pierce, Ceteras head of business development.
The Harvest advisors considered more than half a dozen options, according to Phil Waxelbaum, a recruiter and consultant who worked with them. They opted for Cetera because the company could support their move to independence.
Packard also pointed to Ceteras marketing and practice management resources as reasons for his teams move.
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Merrill Lynch Financial Advisor Jobs
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Merrill Had The Most Advisor Named To Financial Planning Magazine Top 40 Advisors Under 40 List In 20215
1 May not be a trait for all team financial advisor career paths.
2 The Forbes âTop Next-Generation Wealth Advisorsâ list, September 21, 2021. Data provided by SHOOK® Research, LLC. Data as of 3/31/21. SHOOK considered advisors born in 1982 or later with a minimum 4 years as an advisor. Advisors have: built their own practices and lead their teams joined teams and are viewed as future leadership or a combination of both. Ranking algorithm is based on qualitative measures: telephone and in-person interviews to measure best practices, client retention, industry experience, credentials, review of compliance records, firm nominations and quantitative criteria, such as: assets under management and revenue generated for their firms. Investment performance is not a criterion because client objectives and risk tolerances vary, and advisors rarely have audited performance reports. SHOOKâs research and rankings provide opinions intended to help investors choose the right financial advisor and are not indicative of future performance or representative of any one clientâs experience. Past performance is not an indication of future results. Neither Forbes nor SHOOK Research receive compensation in exchange for placement on the ranking. For more information, please see HYPERLINK “http://www.SHOOKresearch.com”www.SHOOKresearch.com. SHOOK is a registered trademark of SHOOK Research, LLC. For more information: .
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Bank of America and BofA Securities are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, National Association, Member FDIC. Trading in securities and financial instruments, and strategic advisory, and other investment banking activities, are performed globally by investment banking affiliates of Bank of America Corporation , including, in the United States, BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA.
Bank of America, National Association, Hong Kong Branch, is a branch of a national banking association organized and existing with limited liability under the laws of the United States of America.
Citizens Financial Group Inc
When you join Verizon Verizon is one of the world’s leading providers of technology and communications services, transforming the way we connect across the globe. We’re a diverse network of people driven by our shared ambition to shape a better future. Here, we have the ability to learn and grow at the speed of technology, and the space to create within every role. Together, we are moving the world forward â and you can too. Dream it. Build it. Do it here. What you’ll be doing… The Finance Organization At Verizon, we are building a world-class Financial Planning & Analysis …
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Merrill Lynch fully supports the charitable efforts of parent company Bank of America. Such community-based initiatives invest in workforce development, helping young adults find the education and employment opportunities needed to succeed in life. Developing neighborhoods through investments in affordable housing and homeowner assistance programs also help enrich disadvantaged local communities. The company also donates philanthropic support toward hunger relief and shelter for homeless individuals.
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How Merrill Lynchs Early
Merrill Lynchs relatively new program to recruit financial advisors early in their careers and pay them a guaranteed salary for three years made 168 hires in 2019, reports Financial Advisor IQ.
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Like its wirehouse rivals, Merrill Lynch Wealth Management has pulled back from the expensive practice of recruiting veteran financial advisors. But in mid-2018, the firm launched the Accelerated Growth Program to hire early-stage advisors and provide them with guidanceas well as the security of a guaranteed salary for a few yearsas they build their books of business.
Last year, the program hired 98 advisors, a Merrill Lynch spokesperson tells Barrons, although it didnt operate during all of 2018.
Currently the Accelerated Growth Program is targeting advisors with two to 12 years of experience. The guaranteed annual salary ranges from $60,000 to $250,000, based on recruits production at their previous firms. During their initial three years, the recruits must meet minimum performance standards for net new client assets and loans.
Recruits also receive 34% of production credits they generate at Merrill Lynch while theyre in the program, the spokesperson says. They can also receive bonuses if they hit certain targets.
–Ross Snel
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Financial Advisor Merrill Lynch Jobs
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Disclaimer For Latin America:
Bank of America and BofA Securities are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Trading in securities and financial instruments, and strategic advisory and other investment banking activities, are performed globally by investment banking affiliates of Bank of America Corporation , including, in the United States, BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA.
Investment products offered by Investment Banking Affiliates:Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed
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Merrill Lynch Employment Benefits
The generous work benefits available to eligible associates include industry-leading on-the-job training, comprehensive healthcare packages with medical, vision, and dental insurance, health savings accounts, life insurance, and flex spending accounts. Additional employee benefits, such as:
- 401 retirement plans
- Adoption assistance and generous paid vacations
- Remain available to full-time workers
Employment benefits packages may vary slightly with tenure and specific job title.
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