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9 people found this helpful

I am in the PMD program, and the stress level is extremely high.

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

I have been working at Bank of America

Pros

You are paid a salary for the full 3 years of the program. Merrill has strong name recognition. The research department is top notch. The technology is outstanding.

Cons

You must meet quarterly and annual production hurdles, which are outrageously high. If you don't pass your securities licensing tests, you get fired. If you don't meet your production hurdles on time, you get fired. All of the training is reading. Good luck finding someone to mentor you. No good financial advisor has the time or the desire to share their secrets with you. You must build your business from scratch. You are not given any leads. Most of the advisors in my office have either been in the business for 20+ years or have a wealthy family with wealthy friends. You are not going to get on a team until you have a sizeable book. Other advisors are not going to give up any of their compensation to put your on their team. I am afraid of losing my job every day because I am barely meeting the production numbers. I don't feel professional because I have not even been given an office yet. I have been in a cubicle since I started a year ago, and there are several empty offices at my location. I have to meet with my prospects in the conference room. The whole situation is very discouraging.

Advice to ManagementAdvice

The PMD training program is a joke. It is no wonder that so many new advisors fail to complete the program. There is so much information thrown at you at once. It needs to be more structured and individualized. The company spends a lot of money on us during the PMD program. I thought it was because they wanted us to succeed. It almost seems like they want us to fail within the first couple of years so they can get rid of us and keep our clients.

Doesn't Recommend
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  1. Satisfying

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Anonymous Employee in London, England (UK)
    Current Employee - Anonymous Employee in London, England (UK)

    I have been working at Bank of America

    Pros

    Good pay package and benefits

    Cons

    Too big an organisation to make things happen. Change is often very slow.

    Recommends
    Approves of CEO
  2. I love working there, but you have to have time to move up within the business.

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

    I have been working at Bank of America

    Pros

    great pay, you have to have 6 months experience before any promotions. You do get paid vacations for 2 weeks. Also you get holidays off, and paid as well. It is a very precautions job, and you have to constantly be paying attention. It gives great rewards and discounts in some other places, and the managers are great with you.

    Cons

    You have a very limited schedule, and don't chose your own. The only bad thing is that if you just started working there, you do not get treated like the rest. You get the last pick on vacations, and you have to wait at least 6 months to be able to apply to higher promotion, even if you have excellent referrals ,and results.

    Advice to ManagementAdvice

    They do a good job, I just wish it didn't matter how much time you had working in order to get promoted. I think based on results you should be able to be promoted. I wish that they would be more lenient on that, and even more so if you are exceeding goals and better results than coworkers that have been there longer than you.

    Recommends
    No opinion of CEO
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