With the assistance of mentors and managers, our PMD Associates will learn to develop a pipeline of affluent clients, identify client needs, develop relationships with existing and prospective clients, review investment goals, prepare investment recommendations that align with client goals, and the business management skills needed to operate an optimal practice model.
The Practice Management Development (PMD) Associate role is a 43 month development program for professionals who wish to build a wealth management business and become a full-fledged Merrill Lynch Financial Advisor (FA).
PMD is a structured and disciplined program that demonstrates our ongoing commitment to the growth and progress of our Merrill Lynch Financial Advisors. PMD offers new advisors the most professional and client focused sales, investment, and business management training in the industry. PMD Associates will build upon their knowledge of these topics throughout the duration of the program, while focusing on developing client relationships.
The Practice Management Development Associate receives:
- Cutting edge Technology and industry leading platform to leverage for success
- Access to a full array of investment and banking solutions for your clients
- World class investment, sales, and business management training throughout their career
- PMD Curriculum that includes CFP course work, wealth management curriculum, licensing and essential skills training from Managers and Mentors
- Mentors and Managers located within your local office to work with you towards your success
- A base salary through the full 43 months in the PMD program along with bonus potential. Upon completion of the PMD program, the candidate will be compensated in accordance with the Financial Advisor Incentive Compensation Plan.
- The strength and name recognition of Merrill Lynch and Bank of America
The Practice Management Development Associate engages in:
- Seeking the expertise of specialists, where appropriate, to identify, banking, lending, planning and investment solutions for a client
- Completing required training, obtaining industry licenses (Series 7 & 66), mastering assessments, maintaining continuing education requirements and meeting minimum performance standards
- Recommending investment products and services that are suitable for prospects and clients based on their objectives, resources, time horizon, risk profile and preferences
- Establishing and maintaining relationship with the management team and informing them of any circumstances that require supervisory attention/review/approval per compliance guidelines and policies
- Developing a book of business in order to meet and exceed the required performance hurdles
- Effectively sourcing prospective clients, capitalizing on referrals, assessing customer needs, through collaboration, delivering the full resources of Bank of America and Merrill Lynch to the client, and delivering highly customized solutions to meet client needs
- Planning and managing resources (time, people, budget) to run an optimal practice
- Balancing investment management, sales activities, customer service, new client development, administrative, compliance and personal growth and development according to both a day-to-day and longer-term plan
The Practice Management Development program is designed for professionals who are ready to make a career transition and follow their passion of becoming a Financial Advisor.
The ideal candidate will bring to the role a broad network of contacts and relationships along with the ability to develop a strong sales pipeline through prospecting, telemarketing and relationship building skills. Other success attributes candidates possess are:
- Ability to influence people
- Entrepreneurial and self motivated to succeed
- Perseverance and resilience
- Confident and engaging presence
- Concise, inspiring communication
- Client focus mentality
- High professional standards and integrity
The ideal candidate will have at minimum a Bachelors degree. The following licenses/designations are preferred:
- Series 7 and 66 licensed – The PMD curriculum assists candidates from outside the wealth management industry to prepare for and complete licensing requirements for both
- Chartered Financial Analyst (CFA)
- Certified Financial Planner (CFP)
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