Banc of America Investment Services

  www.baisidirect.com
  www.baisidirect.com

Banc of America Investment Services Reviews

Updated June 9, 2014
Updated June 9, 2014
13 Reviews
2.8
13 Reviews
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Tim Maloney
8 Ratings

Employee Reviews

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  1.  

    Pure Madness

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee in Los Angeles, CA
    Former Employee - Anonymous Employee in Los Angeles, CA

    I worked at Banc of America Investment Services full-time (more than 10 years)

    Pros

    People are OK. Job is interesting
    Reference materials are fine
    Pay and benefits are acceptable
    Office is clean and quiet

    Cons

    Way way too much work putting incredible pressure on all who work there.
    Between the volume and the number of different processes, it is untenable.
    Don't have enough time to get work done much less check reference to verify the process.

    Advice to ManagementAdvice

    Pay attention to adding new process and verify that existing staff can handle, otherwise hire more staff.

    Doesn't Recommend
    Positive Outlook
    Approves of CEO
  2.  

    Registered Sales Assistant

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Registered Sales Assistant in Portland, OR
    Former Employee - Registered Sales Assistant in Portland, OR

    I worked at Banc of America Investment Services full-time (more than 5 years)

    Pros

    Being treated like an adult

    Cons

    FA's have too much power.

    Advice to ManagementAdvice

    Better pay can get more loyalty.

    Recommends
    Positive Outlook
    Approves of CEO
  3.  

    Secretive, closed door management style keeps employees guessing

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Assistant Vice President in Dallas, TX
    Former Employee - Assistant Vice President in Dallas, TX

    I worked at Banc of America Investment Services full-time (more than an year)

    Pros

    Salary and benefits are above average

    Cons

    Secretive, closed-door management
    Preferential treatment of small cliiquf of team leads

    Advice to ManagementAdvice

    Include employees in the news, share business details with employees, don't play favorites

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
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  5.  

    its ok

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Financial Advisor Pathways in Melville, NY
    Former Employee - Financial Advisor Pathways in Melville, NY

    I worked at Banc of America Investment Services

    Pros

    paid training and you get benefits

    Cons

    your on your own no help

    Advice to ManagementAdvice

    none

    No opinion of CEO
  6.  

    Here you sit, don't think too hard

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Banc of America Investment Services

    Pros

    Flexible, great benefits, pension and 401k

    Cons

    popularity, nepotism and butt kissing seems to be the only way to advance, very lax in updating procedures and providing performance updates

    Advice to ManagementAdvice

    Focus on skills and attributes of employees regardless of social status in office, do not take feed back personally, respond to inquiries and suggestions

    Doesn't Recommend
    Disapproves of CEO
  7. 1 person found this helpful  

    Stay away from the IC

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Investment Specialist in Waltham, MA
    Former Employee - Investment Specialist in Waltham, MA

    I worked at Banc of America Investment Services

    Pros

    The investment Centers are great for flexibility of scheduling and simplicity of the job. You can get a day off whenever it is necessary and the management rarely gives you a hard time when taking a personal day. The job does not need you to worry about it once you log out, so it is simple in that you can do anything you want once you are out of the office.

    Cons

    Lack of opportunities to move up and repetitiveness of the job. There is bad perception that if you work in the IC (investment center) then you are not worth promoting because people relate to individuals who work in an call center to be idiots. If you try to apply for positions outside of the IC you will almost never get a call back or a invitation for an interview from your internal recruiters. The job is ok in the beginning when you are learning about some trading restrictions and basic software usage but once you go over that learning curve then everything and everyday is repeating the same things, more than 95% of your calls will be the same as a call you handled before. If you are desperate for a job and need some benefits then you can consider working here but if you plan on moving up in BAC then you should stay away as far as possible (A personal banker with no security licenses could move faster than you could working in the IC) .

    Advice to ManagementAdvice

    The IC is a great place for you to look for FAs, researchers, and traders. In fact many of your so called "Financial Advisers" are so poorly trained that they do not possess basic ideas of asset allocation, financial models, BAI operation procedures and portfolio hedging strategies, yet you have IC (CALL CENTER REPS) reps who are well versed in these financial services practices and some even have advanced designations, charters and MBAs. So, look into the IC for your future stock researchers, traders, and advisers, I assure you will find some hidden gems.

    Doesn't Recommend
    Disapproves of CEO
  8.  

    It was a job,not a career

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Registered Sales Assistant in Tampa, FL
    Former Employee - Registered Sales Assistant in Tampa, FL

    I worked at Banc of America Investment Services

    Pros

    Benefits and bank culture, nice people to work with, perks such as childcare stipend, decent products to offer, great hours

    Cons

    "not my job" attitudes, technology is horrible, some co workers are lazy or should just simply retire, clueless or noncaring attitude of some of the advisors and management.

    Advice to ManagementAdvice

    some of the management had a bad attitude. The branch manager was great, but dealing with the manager below was an absolute nightmare

    Doesn't Recommend
    Disapproves of CEO
  9.  

    The right place to be for a career in financial services going forward

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Pathways Financial Advisor in San Jose, CA
    Current Employee - Pathways Financial Advisor in San Jose, CA

    I have been working at Banc of America Investment Services

    Pros

    A great institution who's branding alone can put a new Financial Advisor in front of Mass Affluent clients. Not many other firms can bring the amount of prospects to an FA that BofA can. The new ML platform will position the largest banking franchise with the best Financial Advisors out there. With 500k new high net worth client relationships coming in the door year over year. This is in addition to the approximately 8 million existing clients that qualify as Mass Affluent. For any young advisor looking to grow their practice, we all know how hard it is to market yourself to this segment. The bottom line is no other organization can put more clients in front of skilled people than BofA

    Cons

    At the moment there is some cumbersome processes that slow down the production for FA's without sales assistants.

    Advice to ManagementAdvice

    non

    Recommends
    No opinion of CEO
  10.  

    Merge with Merrill right away and rehire the premier bankers.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Financial Advisor in Walnut Creek, CA
    Current Employee - Financial Advisor in Walnut Creek, CA

    I have been working at Banc of America Investment Services

    Pros

    There are none. Highly disfunctional. Go to a wirehouse or a better bank brokerage. Once Merrill fully integrates the company, it may be a better place to work and the name recognition of the Bank may be a positive factor.

    Cons

    Insane policy and procedures. Compliance is out of control. Very hard to do any business. Technology is 15 years behind the industry. Morale is at an all time lowpoint. The premier bankers where fired and now the brokers have to manage checking accounts and lending for their clients without being paid to do so. Referrals from the retail bank are non-existent.

    Advice to ManagementAdvice

    Retire and let the real Merrill guys run the firm. There are some decent managers but the entire system is flawed and needs to be scrapped.

    Doesn't Recommend
    Disapproves of CEO
  11.  

    No integrity at Banc of America Investment Services.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Financial Advisor in Tampa, FL
    Current Employee - Financial Advisor in Tampa, FL

    I have been working at Banc of America Investment Services

    Pros

    The health care benefits, and the people up to but not including management.

    Cons

    This is an organization that has no clue of how a full-service investment firm is supposed to operate. There is a complete lack of integrity on the part of management. They lie as to the opportunities to get you to join them, and then, once locked-into a long-term contract, change the requirements of the job, and changed the compensation plan so as to reduce my income to what I was earning 30 years ago. Please do not repeat my error. Stay away from this organization.

    Advice to ManagementAdvice

    Let me out of my contract. Please!

    Doesn't Recommend
    Disapproves of CEO

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