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Helpful (5)

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

  • Work/Life Balance
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Current Employee - Financial Advisor/PMD
Current Employee - Financial Advisor/PMD
No opinion of CEO

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 Management

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.

Other Employee Reviews for Bank of America

  1. The company offers a great service but management is completely dysfunctional

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Doesn't Recommend

    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 Management

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


  2. Challenging in the area I was located in in Minnesota BOA had no bank presence.

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Sales Manager, Mortgage Loan Originator
    Former Employee - Sales Manager, Mortgage Loan Originator
    No opinion of CEO

    Pros

    Wide range of products and services

    Cons

    Again difficult in Minnesota with no bank presence.


There are newer employer reviews for Bank of America
There are newer employer reviews for Bank of America

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