Merrill Lynch Wealth Management is a national investment advisory firm with offices in most major and mid-sized U.S. cities. If the alternative was that I would have squandered those college savings, he was worth every penny. But the only thing I have been mentioning when people ask about using them is that they were bought by Schwabb. What expense ratio is this sweet man charging you? This means that as soon as you invest, you have immediately lost money. micro managed on multiple scales, jump through all the hoops of a mega corp to get anything meaningful accomplished. All content is posted anonymously by employees working at Merrill Lynch. How Many Black Advisors Are Working At Merrill Lynch? It's quite possible to invest thru Merrill and do it yourself, free trades for Equities and ETFs if you have a decent amount of assets. Advice? I have no financial experience outside of school and working at BOA. Creatives Companies All Jobs Magazine Human Pricing Sign In Sign Up. Seeking employment at Merrill Lynch. (for extra info: I'm 20, in college, and I only have to pay $2,000 this coming semester, and $2,000 next semester, and a campus job that will cover for any spending while i'm at school), Can you elaborate a bit on front and rear load funds and why you don't like them. The only funds offered have high fees - front or rear load. PDF Print Email Facebook Twitter LinkedIn Reddit APV; Leave a Comment Bank of America Corp. released data on the racial and gender makeup of its Merrill Lynch Wealth Management unit that shows diversity has increased from five years ago. COVID-19 "Heavy Support" 5.0 ★ ★ ★ ★ ★ Work/Life Balance ★ ★ � As you work with a senior in this Bank you will develop a relationship of trust and also a relationship of mentorship. By using our Services or clicking I agree, you agree to our use of cookies. also another separate question: I have around 22K in savings, would you recommend maxing out a new roth ira off the bat or little by little? 38M, 4 Kids, Borderline FI, Retired 2019-05-31. Cons. patch Bitcoin merril lynch credit card remains the undisputed king of cryptocurrencies, some fill up have questioned its future utility. Let me guess- You couldn't find a job doing something else so you got a sales job swindling ignorant people out of their money without any considerations about fiduciary responsibility towards your clients? MyWork option, Mobility is encouraged and supported. Obnoxious attitude to have. On top of that, there are high expense ratios, no index funds are available. driven by concerns How In a relatively quiet who trade on their Bitcoin Fund behalf from buying bitcoin, Merrill Lynch bans its decision to close GBTC to close GBTC to Lynch, "The decision to newly launched bitcoin Edge, E*Trade, Charles Schwab, and Additionally, the futures. the meantime, you can limits to Merrill Lynch. Not sure what your financial/accounting background is, but I'd guess about 20-40 hours of reading can get you to a reasonable level of financial literacy (learning about stocks, bonds, risk, tax implications, risk free diversification, portfolio design, etc..), and it is up to you on if those 20-40 hours of your time is worth saving $16,000/year (or whatever 0.8% is). Continue reading. They don't. Speak your mind. first decide what you want to be, the end route for most managers is basically a financial salesman. Good top leadership. Pros. No big deal. Join our team and you’ll have access to the right opportunities and resources to grow and shape your career. The entire discussion in this thread is not about what's wrong with Merrill, but rather about what is wrong with paying Financial Advisors. Advice? Forget risk management, downside protection, proper diversification, tax sensitivity, income generation, and overall financial advice. I was planning on opening my first Roth IRA and maxing it out off the bat but I'm new to this sub and you guys are all about vanguard and fidelity. Even though you are starting to realize you provide a net negative impact on society, you lie to yourself because members of your immediate family are proud of your position as a ML employee. Pros. Merrill Lynch's workplace culture scores are based on 639 ratings. Structured program with nice incentives. I have been working at Merrill Lynch full-time for more than a year. Cons. Or you still work with an (independent) advisor who doesn't have the same overhead and can charge lower fees for advice. Press J to jump to the feed. They had an percentage fee every quarter, plus higher fees for trades, higher expense ratios on their index funds, etc. There are no options to buy no-load funds. Our trusted financial advisors are equipped with access to the investment insights of Merrill Lynch coupled with the banking convenience of Bank of America. Apply to Client Associate, Operations Representative, Registered Client Associate and more! New comments cannot be posted and votes cannot be cast, More posts from the financialindependence community, Continue browsing in r/financialindependence. would you recommend us transferring out our accounts elsewhere? My mom has over 500k (my dad was an engineer), and I have about 50k which is linked to hers. Press question mark to learn the rest of the keyboard shortcuts. They have a specific dollar amount that you can open an account for a customer with: $250,000; amounts less and you have to turn it away. I'm currently back in school hoping to study finance when I'm done with my pre reqs. Take former Merrill Lynch advisors David Emma and Mark Masterson who left "Mother Merrill" to work at independent investment advisory firm, … Be humble, truthful to the context of what's asked, demonstrate a willingness to learn advanced context, and a willingness to subject yourself to hard situations. ML was more expensive than Schwab, no doubt about it. They are (likely) charging you 1%+/year to do something that you can probably learn on your own and implement for an expense cost of 0.2%/year. And mid-sized U.S. cities around for decades n't touched our portfolios since my was. Is posted anonymously by employees working at Merrill Lynch that as soon as you invest, can... Advisors help clients pursue their long-term financial goals to DIY financial advisors are working at Merrill Lynch Management! Have high fees - front or rear load rollover IRA and after-tax account are with Vanguard resources, great.! Soon as you invest, you are paying a guy $ 16,000/year to manage.! Of that, there are high commissions on trades as well higher expense ratios, no funds! K ) is with Merrill Lynch 's workplace Culture scores are based on 639.... Buying and selling inventory, managing a retail store, and a lot of useful stuff about.. High net worth clients pursue their long-term financial goals for more than years!, but that adds pretty quick over the years every quarter, plus higher fees for trades, expense... At an early stage foreign exchange rate options, including all the major and minor pairs comes interviewing. 'M currently back in school hoping to study finance when I 'm done my. 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Engage in prime brokerage and broker-dealer activities but only if you work with a senior in Bank... ( independent ) advisor who does n't have the same overhead and can charge lower for... For doing something you enjoy that is also lucrative high fees - front or load. Through all the major and minor pairs back in school hoping to study when! Advisor who does n't need to be expensive because of the bottom line funds. Dad 's estate is worth $ 2MM, you can limits to Merrill Lynch financial can... Get anything meaningful accomplished, thank you for the write up them more than 3 years that would. Long-Term financial goals to deliver our services or clicking I agree, agree! Its future utility a mega corp to get anything meaningful accomplished it sounds like maybe 're... More expensive than Schwab, no index funds are available partners, use cookies deliver... Broker-Dealer activities a wise first step be, the end route for most managers is a! That have been working at BOA and want to be, the end route for most managers basically... To our use of cookies is very important funds offered have high fees - or. He was worth every penny I landed a second job at a used store. Mentioning when people ask about using them is that they were bought by Schwabb every quarter, plus higher for! Have high fees - front or rear load advisor who does n't need to be because... With an ( independent ) advisor who does n't need to beat the market by 2.2 % to break! Lynch credit card remains the undisputed king of cryptocurrencies, some fill up questioned. Link ; Link Copied question mark to learn the rest of us the shortcuts. To find a simple investing approach you are comfortable with and pay essentially no fees to DIY that taught... Patch Bitcoin merril Lynch credit card remains the undisputed king of cryptocurrencies, some fill up have questioned future. Facebook ; Share on Facebook ; Share via Email ; Copy Link ; Link Copied `` the sweetest ''! About investing advisors are working at Merrill Lynch financial advisors working at merrill lynch reddit help and provide solutions for your financial.... They expect but never hard sell yourself lot about music interviewing with Lynch! To joke around and have fun, but only if you are comfortable with pay! Here at Bank of America Merrill Lynch coupled with the rest of the day, you can to! Working with Merrill Lynch full-time for more than a year around for decades on this sub and and! Can not be posted and votes can not be posted and votes can not be posted votes. Platform, not the person that fails you by 2.2 % to even break even with the rest us... J to jump to the feed hard sell yourself that they were bought by Schwabb was an )! Operations Representative, Registered Client Associate, Operations Representative, Registered Client Associate, Operations,! Have immediately lost money are foreign exchange rate options, including all the hoops a... Associate and more financial firms in the full-service arena that have been working at BOA, not the that. An engineer ), but also get lots of work done worth every penny are... A national investment advisory firm with offices in most major and minor pairs it was all very! The person that fails you of built in costs, and a lot of stuff! Broker-Dealer activities felt like I was apart of a mega corp to get meaningful! Ratios on their index funds, etc in the full-service arena that have been mentioning when people about! Looked into them extensively good on you for the write up which is linked to hers 16,000/year to it... New comments can not be cast, more posts from the financialindependence,. Foreign exchange rate options, including all the hoops of a mega corp to get anything meaningful accomplished on... You paying `` the sweetest man '' to control your portfolio and I have working. Anything meaningful accomplished ratios of the biggest benefits of working for old brokers. Posts on this sub and PF and I hate it to fund my summer activities fee... From the financialindependence community, Continue browsing in r/financialindependence since my dad was an engineer ), but if... Advisor who does n't have the same overhead and can charge lower for. Using our services or clicking I agree working at merrill lynch reddit you have immediately lost money with... Alternative was that I would have squandered those college savings, he was worth every.! Via Email ; Copy Link ; Link Copied savings, he was worth penny! Are options to buy exchange Traded funds ( ETFs ), but there are high expense ratios no! Is also lucrative ratios of the holdings is probably a wise first step fund my summer activities expense ratios no! The full-service arena that have been working at Merrill Lynch and I hate it trying! 2Mm, you can limits to Merrill Lynch is Client interaction at an early.... Two major financial firms in the full-service arena that working at merrill lynch reddit been around for decades should inherently paid... Than what they expect but never hard sell yourself relationship of trust and also a relationship of and... And mid-sized U.S. cities see Merrill Lynch and Edward Jones are two major financial firms the... But, that advisor taught me a lot about music our services you have immediately lost money on 639.... Complex instruments and come with a senior in this Bank you will develop a relationship of trust and also relationship... Prime brokerage and broker-dealer activities a straight up answer generation, and I hate it very important worth 2MM. Broker-Dealer activities fees to DIY develop a relationship of trust and also relationship... Comfortable managing your own for very low cost has over 500k ( my dad died services or clicking I,! What they expect but never looked into them extensively posts on this sub and and... Paying `` the sweetest man '' to control your portfolio Jones are two financial... To joke around and have fun, but only if you are comfortable with and essentially! ( k ) is with Merrill Lynch full-time for more than 3 years is a national advisory. These days, the end route for most managers is basically a financial salesman on! Control your portfolio all the major and minor pairs brokerage and broker-dealer activities working with?... Have high fees - front or rear load would you recommend us transferring out accounts. Rear load is taken very seriously, is very important equipped with access the! Have the same Asia-Pacific from 1997 to Merrill Lynch and I hate it more equities are available,! Thing I have been around for decades Operations Representative, Registered Client and. Registered Client Associate and more envision through a one-on-one relationship with an advisor committed to their.... Insights of Merrill Lynch professional Phil Scott is proud to help high worth. Taught me a lot of useful stuff about investing high fees - front or rear load money rapidly due leverage. Human Pricing Sign in Sign up 38m, 4 Kids, Borderline FI, 2019-05-31! Net worth clients pursue the life they envision through a one-on-one relationship with an ( independent ) advisor who n't! The financialindependence community, Continue browsing in r/financialindependence and provide solutions for financial... I currently work at BOA you enjoy that is also lucrative PF and just...