Practice Management Development (PMD) Program What is the Practice Management Development Program? The PMD program is the first phase of gaining a wealth management career at Merrill Lynch. Individuals who are accepted into the program participate in a tailored 43-month curriculum designed to help them develop the critical skills and knowledge necessary for acquiring clients, enhancing relationships, providing solutions and building a successful wealth management practice. Who can participate? Many of Merrill Lynch’s most successful Financial Advisors have come from fields outside of financial services. In fact, only 15.3% of our Financial Advisors were financial advisors when they joined the Firm. Men and women who have benefited from Merrill Lynch’s PMD program have come from careers outside the financial services industry, including: ■■ Sales professionals ■■ Attorneys ■■ Bankers ■■ Entrepreneurs ■■ Accountants ■■ Insurance agents ■■ Fundraisers ■■ Community leaders ■■ Educators ■■ Military ■■ Advanced educational offerings for Top Performers ■■ Continued professional development opportunities ■■ ■■ The prestige of working with Merrill Lynch Financial Advisors The powerful brand recognition that comes with Merrill Lynch and Bank of America Who does the training and coaching? One of the most dynamic parts of the program is that the people who guide participants through the various steps are successful Financial Advisors from local offices and complexes. They share a commitment to the Firm’s growth and to new Financial Advisors, helping them launch their careers through numerous business plan reviews, face-toface meetings, team meetings and client meetings. The program consists of proprietary Merrill Lynch content and courses, as well as customized content and solutions developed with industry leaders such as Top Producer and FranklinCovey. Merrill Lynch’s scale enables the Firm to provide this exceptionally valuable combination. What resources are included in the training? Why Merrill Lynch? Everything necessary for top performance is supplied to participants, including a competitive base salary as they work to build their businesses. Resources include: Merrill Lynch has a long and proud history of hiring, training, developing and successfully graduating some of the most talented Financial Advisors in the world. In fact, Merrill Lynch has been formally training and coaching new FAs since 1946 and is recognized as an industry leader in financial services. ■■ Coaching on skill development, best practices, consultative sales techniques ■■ Facilitators who manage progress within the curriculum ■■ Online Participant Guide and printed Participant Journal ■■ Skill assessments that offer personalized feedback from senior leadership ■■ Two CFP® courses ■■ Access to salesforce.com contact management system Today, Merrill Lynch has over 16,000 Wealth Advisors worldwide and has been recognized by Barron’s as the number one wealth manager in the U.S. for eleven consecutive years, 2001–2011 (Barron’s, September 19, 2011)1. Many of these Financial Advisors were, at one time, new to the business, and began through the Merrill Lynch training program, similar to the opportunity presented to you. Merrill Lynch Wealth Management makes available products and services offered by Merrill Lynch, Pierce, Fenner & Smith Incorporated, a registered broker-dealer and member SIPC, and other subsidiaries of Bank of America Corporation. Investment products: Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value How does the PMD program work? There are five distinct stages of professional development, beginning with the Training Stage, which takes approximately four months (actual length can vary depending on participant’s level of registration and prior financial experience). That’s followed by a three-month Development Stage, and twelve-months each for Stage 1, Stage 2 and Stage 3. Each stage includes specific goals and assessments: Training Stage First four months rientation O Series 7 and Series 66 registrations n Investment process and Client Portfolio Solutions n Activity-based goals for client acquisition n Business development training n Wealth Management Workstation essentials n Salesforce CRM essentials n Skill Assessment 1 n n Development Stage Next three months errill Lynch production M number assigned n Client acquisition skills training n Marketing strategy and resources n Consultative sales skills training n Activity-based sales training n Wealth Management Process and Tools training n Insurance license n Skill Assessment 2 n Stage 1 Months 1 – 12 P ipeline management Client Portfolio Solutions positioning n Wealth Management Snapshot Tools n Client Service Model training n Client Review Center n CFP® financial planning course n CFP® investments course n Optimal Practice Model introduction n Skill Assessment 3 n n What are the core values2 you will be expected to embrace? Deliver for our customers, clients and shareholders— We share a passion for winning and serving the financial needs of individuals, corporate clients, and institutional investors. We believe that disciplined execution will lead to sustainable and long-term performance. Trust in our team—We work together around the globe to deliver the entire franchise to all our constituents. We strive to be consistent and straightforward in our interactions. Stage 2 * Months 13 – 24 A dvanced Wealth Management Workstation training n Advanced Salesforce CRM training n Wealth Management Tools and Wealth Structuring n Advanced Consultative sales skills training n Training on the functional roles of the Optimal Practice Model n Skill Assessment 4 n Stage 3 Months 25 – 36 A dvanced Client Servicing training n Advanced Wealth Management Tools training n Advanced Wealth Structuring training n Advanced Training on the functional roles of the Optimal Practice Model n Attitudinal aspects around life balance, fulfillment and nutrition n Business plan review n Program graduation n Embrace the power of our people—We value our differences—in thought, style, cultures, ethnicity, and experience—understanding that diversity and inclusion is good for business and makes our company stronger. Act responsibly—We are aware that our decisions and actions affect people’s lives every day. We hold ourselves accountable for the disciplined management of risk and for doing the right thing. Promote opportunity—We are committed to helping each other achieve our potential in order to build a better future for ourselves and the customers, clients, communities and shareholders we serve. How can you get started? For more information or to begin the assessment process, go to: http://www.ml.com/careers *Full salary through month 12 of Stage 2. Reduced quarterly thereafter. Starting salary correlates to performance hurdle path. Additional awards are based on meeting the performance hurdle and actual production numbers. 1 Ranked by assets under management in accounts of $5 million or more as of June 30. 2 These are the Bank of America Corporation core values. L-12-11 Merrill Lynch Wealth Management and the Bull Symbol are trademarks of Bank of America Corporation. CFP is a registered service mark of the Certified Financial Planning Board of Standards, Inc. © 2011 Bank of America Corporation. All rights reserved. 256303 10% post-consumer content. ARN1E2V2 Code 371107PM-1211