Merrill Lynch

Merrill Lynch is one of the world’s leading financial management and services companies with more than 50,000 employees in 36 countries and territories, and approximately $1.6 trillion in client assets. The company is looking for financial advisors for its industry-leading training program – “Paths of Achievement.” The two-year program takes candidates through study and registration for the necessary exams to market financial products, the Series 7 and 63 exams. The goal is to arm advisors with the product, process and platform to successfully help clients achieve their financial goals, whether it’s college planning, retirement, inheritance or homeownership. G.I. Jobs talked with Kris Rosado, associate director and sales manager responsible for recruiting candidates in the Baltimore area and a former Army tanker, to get the “intel” on being a personal financial advisor at Merrill Lynch.

GIJ: What types of positions does your company recruit military for?

ML: We actively recruit candidates with prior military service for the position of financial advisor in our Paths of Achievement (POA) entry-level training program.

GIJ: What do prior military hires bring to your company that you like?

ML: We have found that candidates with prior military service bring with them an air of self-confidence tempered with modesty. Self-motivation and self-discipline are paramount in our industry and our most successful advisors seem to share the ability stay focused on making sure their client’s interests come first. There are many times when the markets are not going the way we would prefer, and it is discipline, confidence and the ability to lead clients through these rough times that allow good advisors to be great.

GIJ: What issues do you find that military transitioners need to be aware of when entering the civilian workforce?

ML: For officers and senior NCOs looking at sales positions, they need to be aware that rejection is a large part of the job. Many clients or prospects will say “no.” That might not be a word the military leader is familiar with hearing on a regular basis. In a sales position, rejection is part of daily life.

GIJ: What advantages do military personnel have over their peers of the same age and education level?

ML: For any given age group, we generally see that military candidates seem to be able to focus on the end goal or objective with greater clarity. They seem to react quicker to their own shortcomings and adjust their strategy and tactics accordingly. They also seem to handle frank and sometimes critical counseling better than their peers.

GIJ: What disadvantages do you find?

ML: Most candidates leaving the military do not have any proven sales experience. So in the interviews, I look for their ability to engage in a conversation that shows me they know how to connect with someone on a personal level. I strongly encourage military candidates to read a few books on selling and then use some of those selling techniques in the actual interview. Preparation and self-improvement go a long way in an interview. Anyone can look up info about Merrill Lynch or any other large company on the Internet. I want to see that the candidate understands the role and is prepared to demonstrate some of the skills required.

GIJ: What are the most common mistakes you see on military veterans’ resumes?

ML: In a résumé, I look for examples of how someone was better or different. I want to see how their actions helped to bring about superior performance results, or created something innovative and successful. I do not look for job descriptions, but rather how someone did something above and beyond what their job required.

GIJ: What are the most common mistakes military / veterans make in interviews?

ML: Formality is OK, but in the first five minutes of the interview, I am trying to see how the candidate is trying to connect with me and get me interested in his or her story. When they are telling me about what they did and how they did it, I am trying to understand the “Why?” Why did they take that risk? Why did they do things differently? Why did they want to achieve that certain success? If they can express those “whys?” then I get a better understanding of who they are and what is important to them. To me, that is as important, if not more important than the “how.”

GIJ: Is relocating essential to promote within your company?

ML: Relocating is not critical to success as a financial advisor.

GIJ: Describe the responsibilities of a financial advisor (daily duties, working hours etc.):

ML: The financial advisor position is highly entrepreneurial and involves extensive client development, prospecting, and consultative selling. financial advisors listen to their clients’ life goals and objectives and leverage the power of Merrill Lynch to develop financial plans that help them get there. They participate in training and development throughout their careers to continually improve their ability to provide the best advice and service for their clients. Initial training experiences will give you the skills needed to prepare you for the Series 7 General Securities Exam. In addition, our Paths of Achievement program provides comprehensive training over five years to develop exceptional client advisory skills in the investment process, balance sheet management, estate planning, and other competencies to serve a broad range of clients. We offer a generous base salary as you earn your licenses and build your business. In addition, you will be able to participate in our industry-leading compensation and benefit programs and have the potential for equity participation in the growth of our firm. Relocation assistance is not provided. If offered employment, you will be required to provide documents demonstrating your authority to work in the U.S.

GIJ: What are the minimum requirements for a financial advisor?

ML: A bachelor’s degree in a business related discipline is strongly preferred; an MBA (master’s in business administration), JD (law degree), CPA (certified public accountant), CFP (certified financial planner), CIMA (Chartered Institute of Management Accountants), or other related professional certification is a plus. Merrill Lynch Financial Advisors are driven to be the best; they have a passion for excellence and work to exceed their clients’ expectations. In addition to this drive and passion, you will need executive presence, extraordinary interpersonal skills, a strong team orientation, and resiliency. Success as a financial advisor means you are a positive thinking self-starter with a track record of high achievement in everything you do.

GIJ: Can a new hire stay in this position for an entire career or do you require new hires to “move up or move out” like the military does?

ML: New hires who successfully graduate our training program have the opportunity to continue their career as a financial advisor or explore their opportunities in management. As a Merrill Lynch financial advisor, you are encouraged to grow your business and increase your production over time. We have advisors at Merrill Lynch who have worked in the same office in the same role for more than 40 years and we have a great track record of retention.

GIJ: What is the compensation for someone in the Paths of Achievement program?

ML: We offer complete benefits including health, life, dental, disability and an extremely competitive compensation structure. While in the POA program, candidates receive a salary and are entitled to additional incentive bonuses based on performance. After graduating the training program, compensation is 100% performance based and there is no upside limit established.

GIJ: Describe the typical career progression for a financial advisor?

ML: The typical career progression for a financial advisor after graduating our training program is to continue to grow their existing client base through prospecting and referrals. The upside on compensation is determined by how much they grow their business. Most of the leadership at Merrill Lynch is home grown, and some financial advisors (like me) decide to venture into the role of a Merrill Lynch leader. At that point, relocation might be required, but that is only if the financial advisor wants to enter full time management. Often, financial advisors remain in their role, and continue to grow their business and their compensation at the office in which they started.

GIJ: Did any of you or your family members serve in the military, and if so which branch and when?

ML: My father was a corporal in the U.S. Army in the mid-50s, and I served as a tank platoon leader with 1st Armored Division stationed in Germany and served in Operation Desert Storm. My wife, Jennifer, was also a first lieutenant in military intelligence and served with the 66th Military Intelligence Brigade in Germany during Desert Storm.

GIJ: Any other comments or advice?

ML: We have many financial advisors and leaders at Merrill Lynch already, and I am proud to see that we are reaching out instead of waiting to be called. We actively recruit people of all backgrounds and pride ourselves on establishing an inclusive workforce. I reflect upon my time in the Army with pride, honor and gratitude for helping to get me and my family where we are today. For those exploring the financial services industry as your next and final career, I hope you will consider Merrill Lynch.