Financial Advisor PMD interview
I have been in banking operations in the past but currently looking for a job after a 6 year stint with my own business, and I wasn't planning to be an FA but a recruiter from Merrill Lynch contacted me and I have an interview with a VP. Any advice in what to expect on a FA PMD interview?
is it for an existing book of business or for you to build your own?
if the former, ask all of the vital stats (tenure, who's on the team, role on the team - sales/analyst, AUM, etc)
if the latter, there's 3 main periods in rookie FA training: pre-production, salary, and survival. pre-production is where you are supposed to take all sorts of firm web based trainings, get your series 7&66 licenses, network with people, etc., you have full salary and no commission goals. salary means full salary and/or commission, this will differ from firm to firm. I'm in MS/ML/UBS but it differs everywhere I think. survival is where your salary decreases periodically (something like 5% a month or 10% a quarter, something like that), so your commissions need to be high enough so that your standard of living doesn't suffer.
I know Merrill just had a major push to make all of their new FA's CFPs, ask about that.
I entered this business because I was passionate about capital markets, I had exposure to it before so I got to "try it out," and my heart was set on being in PWM. if you're so so about PWM, don't do it. once you enter, there are 2 exit opps: getting kicked out and retirement, it takes so long to build a book that it's not a job from which you springboard to something else (though this is possible, it's extremely rare for top brokers). that's one of the biggest mistakes people make (oh I'll just be a FA for a while then do something else), not realize it's a CAREER, not a job like being an IB analyst.
feel free to ask follow up questions.
edit: didn't answer your question at all, as for what to expect, expect a lot of "fit" questions, as far as your personality, your connections to the community, they're going to try to find out if you can sell and if you know/can meet wealthy people in a hurry. your sole purpose for the first 5 years is to get as many people with money to say "yes" to you and your process. expect hardly any capital markets questions, and expect them to talk alot about how top producers are (high incomes, low hours, easy going), but ignore all of that. your first years in the business (well, mine still are like this) will include a lot of 12 hour days, high stress, low income compared to your seniors, and no golf. make no mistake: it's not easy, which is why it pays so well. follow up interviews will ask about your business plan, who you'd contact on "day 1," etc. the who you'd contact question is a trap, they'll ask you to list everyone (well not sure if ML does this I just know it's done) you know with money or the possibility of having money, and then if you don't make it in the program they'll solicit these people. plus, your first few years in the business you'll be an idiot regarding personal finance, so don't alienate your inner circle by making them your first cold calls. you can think of creative ways to dodge the question, or just say "here's who I plan on going after first."
Thank you for the honesty and yes I have no misgivings about how hard it is, I have no experience in this but I have been in sales and I make connections quickly, I don't have a book or wealthy family but I have some niches (with connections) in mind. The only thing that worries me is that I have small kids and a husband and a house to run (I also have help) but when you say 12 hour days…it is kind of scary, what type of stuff you need to worry about after working hours, besides the fact that you might be stress to your wits trying to meet your goals?? Also, I am planning to go after money in Latin America, I speak Spanish fluently and have many connections there, not with a lot of many but people that can lead me into $$$. About the exit strategy, another VP I interviewed with told me about people that left the program and went to work for Citi or Santander in their private banking divisions and they do well in this type of office environment…I thought of it an exit strategy, not true? by the way, I am in Miami, FL
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