Merrill Lynch - Wealth Management Division

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HF1776 - Certified Professional
Rank: Baboon | banana points 172

Hello WSO community,

Does anyone know the specific groups within the Wealth Management Division at Merrill Lynch? I'm not finding too much information online. For example, some specific groups within PWM at Goldman Sachs include Regional Management, Equity solutions, Strats, Private Lending, Strategic and Quant asset allocation, FICC, Trust Services, Investment Strategy etc...

Thanks for your help!

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Comments (14)

Aug 25, 2015

As far as the training, they have both TFA and PMD programs for their future financial advisors.

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Aug 25, 2015

Interesting, so the TFA and PMD groups are the only underlying groups within the Wealth Management Division? Where would the fixed income, equity, commodity research, strats, alternative investment analysis groups fall within the company?

Aug 25, 2015

outside of wealth management. only go into wealth management if you want to be a client facing advisor or start as a SA and work your way up. don't think that you can be an analyst in wealth management, those jobs are extraordinarily rare.

I see you're a Certified User in AM. why are you contemplating a move?

Aug 25, 2015

Thank @thebrofessor, I was in AM at a BB a couple months back. I was in a MO position, and wanted to make my way into an FO opportunity. I had prior Fixed Income, IB, and HF experience and thought that I had enough experience to work in an FO position at an AM. Anyway, after a year, things didn't move forward. I left the firm and started my own consulting firm and launched an internet startup. While business is steady and easily manageable, I'm looking to transiting back into the finance industry. So far, no opportunities have come my way. I managed to connect with an alum who now works at ML WM. However, I would rather do the analysis side of WM rather than the client advisory face of things. I tried researching the specific groups within their WM division, but all I'm finding are the client advisors programs (which I hear are low paying, 100% sales, and have a high turnover rate).

Aug 25, 2015

high turnover-yes but only at the beginning
low paying-your source is wrong. low paying at the beginning but great pay eventually

again, if you want to be an analyst, wealth management is not for you. go back to AM, go to ER, HF, somewhere else. you'll consistently run into dead ends, this business only wants people who can and want to make rain.

sorry for the tough love, just didn't want you to waste your time

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Aug 25, 2015

^best advice I've received in a while. Thank you!

May 6, 2016

Even the base pay, while not IB levels, is pretty good compared to most entry-level jobs- $50k is the standard base salary for the ML PMD program. Plus they pay all your licensing, full benefits from the beginning, and you can get virtually any relevant training or education you want at least partially paid for by the company.

Just don't expect to make it without a team, but if you're young, you're leaving with ML on your resume and fully licensed up, which you can take to a lot of places.

May 24, 2016

Gonna piggyback this comment and say that I 100% agree -- at ML you need to be either 1) on a team or 2) highly connected to HNW individuals that you know you can bring in. ML will look great on the resume, but getting cut from the program isn't always a great look.

Jun 1, 2016

It's not always a great look, but every ML PMD dropout I know is well employed elsewhere; running a book at a boutique IB, taking over a book at an insurance firm, portfolio management in a trust department, wholesaling mutual funds... I don't know a PMD failure who didn't land on his feet. So if you're down to picking between ML PMD, working a low-end financial accounting gig, or entering the eat-what-you-kill broker or insurance world... go ML. If you don't beat yourself up over the potential for failure, it's really just an 18 month internship that comes with $75k and your FINRA licenses.

Aug 25, 2015

Thanks for taking this over. I had assumed the same thing but didn't want to look like an idiot if I was blatantly wrong. It's nice to have someone on here who can offer great insight on pwm and replies to a lot of comments.

Aug 25, 2015 fixed income. I really am not too sure about the rest but I would think that some may be in the same area.

Jun 1, 2016

JetsFan2729, have you checked out these or run a search:

  • Received 2nd Round Interview GE FMP- Should I renege current offer? F500 corporate finance so this would be a good chance to do that but then again this 2nd round ... I never heard back from them in so long I took an offer with Bank of America doing Risk ... division for full time and they want to interview me for a second round interview. I originally interviewed ...
  • Bank of America Merrill Lynch-Global Wealth & Investment Management Management is this a part of financial advisor or also known as brokerage job? Anyone got an idea of what ... Global Investment Solutions (GIS) GIS is responsible for managing GWIM's financial products, ... products. A Full Time Analyst placed within GIS may work on one of the following teams:? International ...
  • Bank of America Merrill Lynch First round Interview bank of america Latin america investment banking ... Hey You crazy Monkeys, So I just received an email from BOA for a first round interview. I have no ... idea what to do or how to to prepared for it. It's for the Latin america global i.b analyst global ...
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  • Should I Intern at UBS Wealth Management or BofA Merrill Lynch Global Wealth Management if paid or not Bank of America Merrill Lynch Global Wealth Management Intern- Unpaid but can be used ... for college credit Bank of America Merrill Lynch Private Wealth Management Intern- not sure if paid or ... a BB upon graduation. I have 3 possible interns
  • 25 1st round interviews-- barely any 2nd rounds- Help! with HR. I have only had a handful of 2nd rounds and nothing after that. I have no clue what I am doing ... No joke, I have had nearly 25 1st round interviews. I always make it past the initial phone screen ... Most of my interviews have very little technical questions and more behavioral and walk me through your ...
  • PLEASE HELP: GS GIR SA 2nd round interview I had 1st round phone interview on December 2014, and today I've just got the invitation letter ... regarding 'final round interviews' from HK HR staffs. So, Is there any tip for final round ... managers tomorrow via video conference and will have another interview with three managers at local office ...
  • More suggestions...

If we're lucky, maybe I can guilt some users to help you out: @forsythben @Frieds @ValuationViktor

Fingers crossed that one of those helps you.

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Best Response
Jun 1, 2016
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