Hi everyone, I'm new to the forums but have been lurking for a while. I am in search of advice and information so I can make an informed decision. Given the option of joining the Merrill Lynch PMD program or the Wells Fargo Advisors Trainee program, which is program/firm is better for a Finance Major that is new to the industry? And given the options of working alone or on a team with Wells Fargo Advisors versus the option of working with a "partner" or "mentor" with an experience Merrill Lynch FA. So which Firm is the better choice to work for as a trainee new to the industry given the above mentioned factors and options? In terms of who offers better training, probability of success through the program? Which Firm has the opportunity for greater income? Which is the better Firm/Firm to work for in general?
Wells Fargo Advisors says that their hurdles are much lower and more realistic than Merrill Lynch's hurdles, but yet both firms say they pay the same: around 48k during training period; Average of 80k after 1 year in production; Average of 150k after 3 years of production. This doesn't make sense to me because if you are hitting the higher hurdles of Merrill Lynch (30M in 3 years), shouldn't you be making substantially more than at Wells Fargo Advisors if it has lower hurdles? (what are WFA's hurdles? I only know of the 24 accounts in 3 months apprentice period)
So which Firm would you recommend, Wells Fargo Advisors Trainee or Merrill Lynch PMD? I would greatly appreciate any insight and feedback. Thank you!
Don't drink the kool aid. When you go to those interviews they are salesmen and I wish they would be honest because thats why the industry has such a high turnover. It is possible to make the money you mentioned but average... NO WAY, maybe the people who succeed. I am not trying to discourage you, just being honest. Merrill PMD has around a 90-93% fail rate. The training is not good either, it's all about finding money(prospecting) to invest. You are an asset gatherer. If you have a large network in the town you are working and know many wealthy friends and family to start and get referrals from there you have a chance. People who I see that make it are former Lawyers and CPAs that are doing a second career and they know many people in the community with money. I also see family members of senior FAs that take over a book and they can do well. Everything considered it is not impossible but with the amount of assets you need to bring in most folks get let go because its extremely tough and when you get let go all the money you brought in goes to a senior FA. Last thing I wanted to say is that Merrill Lynch is a great company and their research is top notch, many FAs do right by the clients, it is probably not the best place to start though just because the expectations they have and training is not there. I do not know anything about Wells Fargo, they may offer leads because its a bank and that would be nice.