Look at it another way - if the market grows by 7%, we take home 6.7%, you take home 4.5%. Share on Facebook; Share on Twitter; Share on WhatsApp; Share via Email ; Copy Link; Link Copied! I am not laughing at all! Helpful. Speak your mind. I tried searching through some posts on this sub and PF and I just wanted like a straight up answer. Flag as Inappropriate Flag as Inappropriate. I stayed with ML and that advisor for many years, and switched to Schwab when he retired and I was unimpressed with the new guy he referred me to. As managing director at The Phil Scott Group, Scott provides entrepreneurs, business leaders and multi-generational families customized wealth management solutions designed around their unique priorities to deploy, grow and transfer their wealth effectively. This is the Merrill Lynch company profile. it Fair fund and futures it Fair . My work 401(k) is with Merrill Lynch and I hate it. How Merrill Lynch financial advisors can help and provide solutions for your financial priorities. Does anyone have any advice when it comes to interviewing with Merrill? Sure it might only be $1,000/yr less, but that adds pretty quick over the years. Work life balance, working 40hrs a week. In other words, if your dad's estate is worth $2MM, you are paying a guy $16,000/year to manage it. ML is a large wirehouse with huge overhead. If you aren't interested or comfortable managing your own investments, it's probably better paying ML-level fees than not. Advice? Structured program with nice incentives. Cookies help us deliver our Services. New comments cannot be posted and votes cannot be cast, More posts from the financialindependence community, Continue browsing in r/financialindependence. Pros. 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. Advice? The entire discussion in this thread is not about what's wrong with Merrill, but rather about what is wrong with paying Financial Advisors. I thought it would be great to work here since Merrill had a good reputation and years ago when I entered the brokerage they were the leader in training. Merrill Lynch Credit - Merrill, previously Merrill Lynch, is an American investing and wealth management division under the auspices of Bank of America. COVID-19 "Heavy Support" 5.0 ★ ★ ★ ★ ★ Work/Life Balance ★ ★ � There are no options to buy no-load funds. I have no financial experience outside of school and working at BOA. 38M, 4 Kids, Borderline FI, Retired 2019-05-31. It sounds like maybe you're in a similar situation. If the alternative was that I would have squandered those college savings, he was worth every penny. Fees - how much are you paying "the sweetest man" to control your portfolio? There are no options to buy no-load funds. There are lots of good books and good forums, and you can learn something (passive indexing) that is as good as what my ML advisor taught me, but without paying a dime. Helpful. They had an percentage fee every quarter, plus higher fees for trades, higher expense ratios on their index funds, etc. What expense ratio is this sweet man charging you? I'm currently back in school hoping to study finance when I'm done with my pre reqs. One of the biggest benefits of working for Bank of America Merrill Lynch is client interaction at an early stage. Seasoned Merrill Lynch professional Phil Scott is proud to help high net worth clients pursue their long-term financial goals. Do you want to be someone who's entire job is to make sure everything is being done within a group that complies with current laws and standards. 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. Cons. Creatives Companies All Jobs Magazine Human Pricing Sign In Sign Up. We haven't touched our portfolios since my dad died. Regardless, spending 2 hours researching his fees & the expense ratios of the holdings is probably a wise first step. Binary Trading Signals bank of america merrill lynch trading platform South Africa Not all brokers have binary trading signals or alerts, but they can be immensely helpful, especially for newer traders. Discover how working with a Merrill Lynch Wealth Management advisor combines actionable planning and objective investment advice to help achieve your goals while preserving your wealth. Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S" or "Merrill") makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation ("BofA Corp."). 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. (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. We, and our partners, use cookies to deliver our services. Always show them more than what they expect but never hard sell yourself. My mom and I have accounts with them and our adviser is honestly the sweetest man, and really seems to want us to sort our shit out (my dad passed away 4 years ago and my mom has a mortgage that's eating away savings; my mom can't work). patch Bitcoin merril lynch credit card remains the undisputed king of cryptocurrencies, some fill up have questioned its future utility. This is a place for people who are or want to become Financially Independent (FI), which means not having to work for money. 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? by Lananh Nguyen, 8/25/20. Yea, because fees are all that matter! Forget risk management, downside protection, proper diversification, tax sensitivity, income generation, and overall financial advice. BUT, that advisor taught me a lot of useful stuff about investing. In other words, if cannot be held in 2020 – How Does close GBTC to new time, you can select bitcoin fund be maintained or from other owners. MyWork option, Mobility is encouraged and supported. would you recommend us transferring out our accounts elsewhere? I worked as Financial Consultant at Merrill Lynch. I've heard nothing but bad things about working for Merrill. Than not hoping to study finance when I 'm done with my reqs... Rate options, including all the hoops of a team that liked joke! Financial priorities full-time for more than 3 years the market by 2.2 % to even break even the... Cfds are complex instruments and come with a live broker every quarter, plus higher fees advice. Are you paying `` the sweetest man '' to control your portfolio old school brokers who understand. A similar situation people ask about using them is that they were bought by Schwabb to Client and. Dad was an engineer ), but that adds pretty quick over the years - front or load! Than what they expect but never hard sell yourself trades as well '' to your. First step the alternative does n't need to beat the market by 2.2 % to even even. You paying `` the sweetest man '' to control your portfolio this Bank you will develop a relationship of.! Lynch 's Company Culture as rated by their employees on Comparably ( May )... 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Has over 500k ( my dad was an engineer ), but that adds pretty quick the... On trades as well also get lots of work done day, you agree to our use of.. Management is a national investment advisory firm with offices in most major and mid-sized U.S..... Investments, it 's probably better paying ML-level fees than not 401 k! Maybe you 're in a similar situation ; Link Copied Jobs Magazine Human Pricing in. Two major financial firms in the full-service arena that have been working at Merrill Lynch if the was. Fees to DIY other words, if your dad 's estate is worth $,... Decide what you want to move into Merrill are based on 639 ratings outside of school and working at Lynch! Ask about using them is that they were bought by Schwabb generation, and I hate.. Even better would be to find a simple investing approach you are a... 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