Financial Advisor Trainee Job Description
The Practice Management Development (PMD) role is a training program to develop and prepare future Financial Advisors for a successful new career. The primary focus of the PMD role is to build and enhance client relationships under close supervision of coaches and managers. These client relationships are the base for your book of business. Financial Advisor Trainees learn to assess client needs, meet with existing and prospective clients, review investment goals and prepare recommendations for products such as stocks, bonds, options, mutual funds, and annuities.
The Financial Advisor Trainee engages in:
- Developing a book of business to meet and exceed the required performance hurdles
- Effectively sourcing prospective clients, capitalizing on referrals, assessing customer needs, referring customers to the appropriate service provider, and executing highly customized solutions to meet the client needs
- Recommending investment products and services that are suitable for prospects and clients based on their objectives, resources, time horizon, risk profile and preferences
- Balancing investment growth, referral activities, customer follow up, prospect building, administrative compliance and personal growth and development according to both a day-to-day and longer-term plan
- Planning and managing resources (time, people, budget) to run a productive practice
- Seeking the expertise of specialists, where appropriate, to identify planning and investment strategies for a client
- Establishing and maintaining relationship with the management team and informing management of any circumstances that require supervisory attention/review/approval as per compliance guidelines and policies
- Completing mandated training, assessments, performance goals and continuing education requirements
The Financial Advisor Trainee receives:
- The strength and name recognition of Merrill Lynch and Bank of America.
- A base salary through the full three plus years in the PMD program. This roll will become a fully commissioned position after completion of the PMD program.
- World class training throughout their career with Merrill Lynch
- State of the art software programs to assist in your success
- Access to a full array of investment and banking products for your clients
- Coaches or mentors located within your office to work with you towards your success
The PMD program is designed for individuals ready to make a career transition and follow their passion of becoming a Financial Advisor. Successful candidates have at least three years of full-time sales experience in ever more challenging environments. The sales experience should include the successful use of outbound sales techniques to exceed sales goals. Financial acumen gained through work experience is ideal.
Essential Duties and Responsibilities:
- Performance Hurdles: A Financial Advisor Trainee must acquire clients through personalized marketing techniques to meet minimum performance hurdles.
- Registration and Licensing Requirement: A Financial Advisor Trainee is required to obtain necessary licensing and registrations (Series 7 and Series 66 and Insurance).
- Education Requirement: A Financial Advisor Trainee is required to complete the Certified Financial Planner (CFP) Investment Planning Course and the Financial Planning course.
- Development Assessment: A Financial Advisor Trainee must complete ongoing Developmental Assessments throughout the training. In preparation for the assessment, the Financial Advisor Trainee studies a variety of topics and may participate in developmental activities in the areas including but not limited to: Merrill Lynch strategy, products & services, wealth management process, desktop technology, marketing consultative sales skills and investment financial planning knowledge
- Performance Requirements: A Financial Advisor Trainee is expected to meet the performance and development requirements of the PMD Program and transition to a full Financial Advisor at the conclusion of the PMD Program.
- Must possess 3 or more years of sales experience with a proven record of exceeding goals
- Outbound sales experiences required
- Possess excellent communication skills, both written and verbal
- Proven relationship building and business partnering skills
- Passion for growing your current financial knowledge to share with others
- Candidate must be self-motivated and proactive
- Bachelor’s degree or higher strongly preferred
- Active Series 6 or Series 7 license preferred
- Six months in a Series 6 or 7 sales role preferred
- Proven successful financial product sales experience preferred
- Strong financial acumen required
- Track record of success
- Clean U-4 and U-5 history, if licensed
- Candidates may apply without Series 7, 66 and insurance licenses, but must achieve all required licenses within 13 weeks of accepting this position.
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