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4 people found this helpful  

The PMD Program is a great job - for about 2 years

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

I have been working at Bank of America

Pros

Excellent training program
Vast product platform and deep, global information resources
You can learn a lot if you want to
Looks good on your resume
Great name recognition with prospects
Good life/work balance and flexible hours

Cons

The PMD program is engineered for failure. If the failure rate is consistently 95%+, perhaps the problem is with the program and not the trainees. This is not an accident. The program is specifically designed to generate new accounts for senior FAs who will inherit your clients when you (inevitably) fail. This is not a design flaw, it's the point of the program. Senior management couldn't care less if you fail, because they are counting on you failing so that they can transfer your assets to the senior FAs. As a PMD, you are completely expendable - the financial services equivalent of the red shirt guys on Star Trek.

The firm wants you to annuitize the business that you bring in but this will generate, on average, ten to fifteen basis points a month in revenue, based on total assets. Do the math and don't kid yourself.

By month 12, you are more or less forced to begin selling variable annuities or closed-end funds (the highest commission products) in order to survive. Nothing else will generate sufficient revenue to even get close to making your hurdles.

The PMDs all start out very optimistic and by the 9 month hurdle, start looking scared. By the 12 month hurdle, panic is beginning to set in. By the 18 month hurdle, everyone is blatantly looking for another job.

Obviously, if you have family money or an existing book of at least 15MM, you'll probably be ok. But if you don't, look out.

Sadly, there is absolutely no opportunity for any kind of advancement or lateral move within the organization. If you can't make your hurdles (and almost no one can), you are out.

Finally, unless you are very lucky with your particular branch and branch manager, be prepared for working in the most unfriendly environment possible. Senior (non-PMD) FAs will barely acknowledge your existence and in many cases, will actually refuse to speak to you. Hmmm... perhaps they know something you don't know?

Advice to ManagementAdvice

Redesign the training program from the ground up. Hire PMDs for teams where they will have a chance to actually succeed. Recognize that the game and business model have changed and adapt accordingly.

No opinion of CEO

6593 Other Employee Reviews for Bank of America (View Most Recent)

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  1.  

    The company offers a great service but management is completely dysfunctional

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

    I worked at Bank of America

    Pros

    Great exposure to numerous Fortune 500 companies

    Cons

    Horrible management who do not care about their employees
    Absolutely no work/life balance (70 hour weeks are common)
    Pay would be average if you worked 45-50 hours a week. But when you factor in the 70 hour weeks which include weekends - pay is relatively poor.
    Extremely high turnover. In a period of 6 weeks I saw 5 people leave. Keep in mind this is in a division of only 10-12 employees.

    Advice to ManagementAdvice

    Hire competent management who actually care about their employees and want to see them succeed.

    Doesn't Recommend
  2.  

    Decent place to work

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

    I have been working at Bank of America

    Pros

    -Good work/life balance
    -Decent benefits
    -Work from home

    Cons

    -Salary
    -Mundane work - wasn't challenging
    -limited interraction with management

    Advice to ManagementAdvice

    Increase pay!

    No opinion of CEO
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