PMD Program at the Merrill Lynch - Essay Sample

Paper Type:  Business plan
Pages:  5
Wordcount:  1102 Words
Date:  2021-09-01

The Practice Management Development (PMD) program involves structured training that goes for 43 months for those desiring to conduct career transition and follow their passion of becoming a Merril Lynch financial advisor. Those undertaking the program receive professional sales focused on the client as well as investment and business management training in the industry. The program focuses on training business management in the industry. The PMD program is a clear demonstration of commitment to the progress and growth of the companys financial advisors.

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Vision of the PMD program

The PMD program envisions that PMD participants will develop needed skills to be financial advisors with help from managers and mentors. The participants will be in a position to identify the needs of clients, develop a pipeline of affluent clients, and review goals of investment. The program will develop and strengthen relationships with prospective and existing clients. The program aims to input managerial skills required to operate optimal practice model.

Value Proposition

The PMD program develops a business book to ensure that trainees meet and exceed required performance benchmarks. The managers assess the needs of clients; provide solutions that are highly customized for delivering all resources of Merrill Lynch and the Bank of America. Trainers source for prospective clients through capitalizing on referrals. The program recommends investment products as well as services suitable for the clients and prospects depending on their goals, period, preferences, and cash flow needs.

The program enables learners to balance sales activities, investment, conduct accurate customer service, and conduct new developments for clients. They balance compliance and administrative duties as well as concentrate on personal development according to daily needs and long-term plans. The program values seeking expertise from specialists to find out the lending, banking, investment, and planning solutions for their clients. They maintain and establish relationships with management team members, to inform them situations are demanding supervisory attention. The program informs learners circumstances requiring supervisory attention, approval, and review that match with set guidelines. The program trainers ensure that learners complete appropriate training by obtaining series 7 and 8 as well as 66 FINRA registrations, and mastering assessments. The PMD program maintains continuous education requirements and meets minimum performance standards.

Professional Goals

The aim of Merrill Lynchs PMD program is to train people how to deliver together, act responsibly, trust the team and realize the power of people helping them to realize their full potential.

The new Merrill Lynch financial advisors formulate and conduct-marketing strategies that help them acquire and maintain relationships with clients.

Deliver together

Managers in the PMD program believe that treating each client, customer, and teammates as individuals and taking every moment with respect is of great importance. The managers strive to make a distance that delivers passion and discipline.

Act Responsibly

The Merrill Lynch PMD program believes that discipline when managing risks and integrity are major foundations to the business. The managers are aware that their decisions and actions affect people in their everyday life.

Realize the power of our people

The PMD managers strive to help their employees attain their full potential. There is a belief that experiences and diverse backgrounds strengthen them.

Trust the team

The PMD team believes that working together achieves best outcomes in the company. Great teams have a strong foundation of shared ownership, accountability, and mutual trust.

Marketing Plan

Tactical approaches employed to reach each market. Discuss ways of distinguishing yourself to the target prospects. The market mix tactics applied by marketing managers help turn strategies to form realities. They include

Product or service

The managers identify the products and services they are to offer in the market. They discuss branding, packaging, and continuous development of the product. The features and benefits offered are considered as well as unique points when selling. The sellers outline features that differentiate the services and products from others. The team identifies spin-off products available.

Pricing of the product and services

Marketing team ensures they chose the appropriate price for services and products to help maximize profits and build strong relationships with the customers. Effective pricing avoids adverse financial consequences occurring in case there are low prices.

Position in the market place

The place defines the location and channels of distribution for the products, support services, and related information. Positioning tactics determine the process of presenting goods in the market. The team identifies a proper channel to distribute goods and include in physical stores such as a supermarket. The right positioning of goods in the market determines the ability of clients to buy. The team identifies the place that the ideal customer buys.

Promotion of product or service

Promotion of products and services is important for every business. It attracts the targeted population who will use and reuse company products. Advertising, using online channels and branding are effective strategies to create awareness of products.

People in the business

People employed in the business influences the nature of marketing services and products. The staff becomes friendly to the customers ensuring they are satisfied and providing unique experiences sought by the organization. Outstanding teams offer a competitive advantage to achieve marketing objectives.

Target Markets

The program targets client, customer, and teammates. Merrill Lynch Financial advisor targets accountants, attorneys, insurance agents, military personnel, bankers, professional athletes, risk managers, community leaders, entrepreneurs, sales and marketing professionals, educators, and fundraisers.

Center of Influence

The PMD program concentrates on making the financial lives of clients better. It embraces various core values to ensure that the company maintains their core value. The centers of influence are the advisors trusted to influence the ideal clients and consider hiring certain individuals. Centers of influence have a great impact on the lives of their clients.

Characteristics of Centers of influence in an organization

They enjoy the highest trust with the clients because they are experts of certain matters such as technology allowing them to add great value to the lives of their clients. The client's value insights of identified centers of influence (COI) s. The COIs recommend certain financial advisors for working with the organization. The clients must take the advice given and act accordingly. The COIs in an organization include physicians, search professionals, and art dealers. The COIs are professionals complementing work done by financial advisors. They add up tax experts, estate, divorce and trust attorneys, insurance specialists, and investment bankers. The CJOIs initiate a strategic relationship that adds value to the business. They advance the goals of the business and ensure their clients are motivated. They mitigate perceived risks to the employees and employers, as well as clients. They refer clients to the financial advisor and advise according to the unpredictable nature of financial markets.

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PMD Program at the Merrill Lynch - Essay Sample. (2021, Sep 01). Retrieved from

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