Go into PMD program with your eyes wide open
Pros
Firm has great public reputation. Salaried compensation while studying for licenses. Great medical benefits and 401(k) match. Full service investment firm, which enables employees to learn a broad array of investments. Good technology and platforms to manage day-to-day financial advisor business.
Cons
The PMD sole practitioner hurdles are near ridiculous and unobtainable for the majority of new advisors. The TFA (team financial advisor) track is a better alternative in terms of longevity and making through the entire program. However, if interviewing for that position, know that the cohesiveness of the team is the most important part of your individual success. I have seen some really poor teaming partnerships, certainly more than cohesive ones. Some other cons: once licensed, the PMD program training is 95% about sales. There is very little training in products and service. This reflects the focus of the program. If you intend to be successful, you will not be able to spend much time actually working with the clients you bring on board. Most of your time will need to be prospecting, selling and more selling. This is an uphill battle when ML has a new client threshold of >$250K. Also, there is more and more pressure from Bank of America to provide referrals to lending and banking solutions. They are now tying it to compensation and there quotas to be met. A lot of senior advisors complain about this but it's clear that this will be the continuing trend. They increase the referral goals every year.
