Bank of America Financial Solutions Advisor Reviews | Glassdoor

Bank of America Financial Solutions Advisor Reviews

Updated January 13, 2019
161 reviews

Filter

Filter

Financial Solutions Advisor

2.7
StarStarStarStarStar
Rating TrendsRating Trends
Recommend to a friend
Approve of CEO
Bank of America President & CEO Brian T. Moynihan
Brian T. Moynihan
22 Ratings

Employee Reviews

Sort: PopularRatingDate

Pros
Cons
More Pros and Cons

  1. "Financial solutions advisor"

    StarStarStarStarStar
    Current Employee - Financial Solutions Advisor in Jacksonville, FL
    Current Employee - Financial Solutions Advisor in Jacksonville, FL

    Pros

    Great, really enjoy everything about the job

    Cons

    None, great company and counties

    Advice to Management

    None


  2. "Always Moving Goal Post, Good for Young FAs"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Solutions Advisor in Santa Clarita, CA
    Current Employee - Financial Solutions Advisor in Santa Clarita, CA
    Recommends
    Neutral Outlook
    No opinion of CEO

    I have been working at Bank of America full-time (More than 3 years)

    Pros

    Lots of experience working with clients. Great starting pay for someone looking to get into the financial advising career and decent bonus structure that pays quarterly.

    Potentially high quarterly bonuses if you work hard (and if the company would stop changing the comp structure to pay less for more work).

    Good benefits program.

    Great for networking, you meet a lot of people.

    Cons

    Always changing the goals, never in favor of the FSA, only favors the company and takes money out of the best sellers in the financial centers' pockets.

    Three main "buckets" pertain to bonuses, but management tacks on 30 different activities (which they track) that you spend more time doing than actual selling/advising.

    There is no book of business in this role, so new quarter means you start at $0 bonus, ie no trails or carry-over business from prior clients.

    Advice to Management

    Stop changing the comp plan to take money out of your best sellers' hands. Expecting more production for the same amount of pay will lose the quality advisors very quickly and you'll have to start over again with someone new. The couple thousand you save a quarter by taking comp away from a strong advisor is pennies compared to when that advisor leaves and you have to pay and train a new person. Give the FSA role a viable "book" type comp plan and keep them invested in your company instead of looking at you like a stepping stone they'll eventually outgrow.

  3. "Stay Far Away"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Solutions Advisor
    Current Employee - Financial Solutions Advisor
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at Bank of America full-time (More than a year)

    Pros

    Potential to make decent money
    Good place to grow a book of business
    Meet interesting people

    Cons

    The whole concept:

    You are micromanaged every single day by bosses who only look at numbers

    You aren’t a financial advisors and most of them don’t know much about the market.

    Your job is to sell their proprietary portfolios.

    You think you only handle investments but the 99% of your day is handling BS work and bank clients who complain and yell at you for their mistakes or problems.

    The systems are miserable and you track things and then have to fight to get paid on them.

    You also get paid nothing for what you do there.

    You also work 6 days a week at a place that feels like a retail clothing store.

    Working with the back office is the most frustrating thing in the world; they are some of the most incompetent people who are unable to give you definitive answers or solve your problems. Every time you call you will get another answer.

    Also, the banks are never fully staffed which makes you do all the BS work and deal with customers who yell at you all day and waste your time.

    Do not waste your life being here, it won’t lead you anywhere or give you the skills necessary to succeed in life.

    Advice to Management

    Stop micromanaging every single day. Stop focusing on sales numbers or you are going to end up like Wells Fargo

    Actually spend your money and hire people for the banks

    Stop being cheap and fix the outdated banks


  4. "Do not work there if you can avoid it."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Solutions Advisor in Norwood, MA
    Former Employee - Financial Solutions Advisor in Norwood, MA
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I worked at Bank of America full-time (More than a year)

    Pros

    The hours are good, and of course you get bank holidays off.

    Cons

    It is essentially a hostile work environment for the Financial Solutions Advisers who sit in the banks. You will fight with the bankers to get in front of clients. Regional managers are given their positions based on how well they are liked by their managers. Usually less than 5 years of experience in the industry. They will avoid problems when you ask for help.

    Advice to Management

    You have to manage EVERYONE, not just your success stories who do well because they sit in high traffic, high net worth locations.


  5. Helpful (1)

    "Financial Solutions Advisor"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Solutions Advisor in Hunt Valley, MD
    Former Employee - Financial Solutions Advisor in Hunt Valley, MD
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at Bank of America (More than a year)

    Pros

    Excellent company, highly motivated and hard working managers and co workers

    Cons

    Negative reviews, unfairly, on Glass Door.

    Advice to Management

    Keep it up


  6. Helpful (15)

    "Did my year and RAN."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Solutions Advisor in Chicago, IL
    Former Employee - Financial Solutions Advisor in Chicago, IL
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at Bank of America full-time (More than a year)

    Pros

    Benefits
    Pay for your licenses
    Good way to get your foot into the industry

    Cons

    Micromanaged - Every single minute of your day is scheduled and planned out. Every action you do on the computer is recorded and monitored. Not on a call for 15 minutes because you are doing call work? Expect to get an email from your manager asking what is wrong. On call and you go 20 minutes over when you are supposed to take lunch? You better cut that out! Try to imagine doing that 9 hours a day. Every, single, day!

    Glorified banker - You are a "financial advisor" but the only advising you can do is either open a none-advised self-direct account, or into a "robo advised" product where the financial advisor aspect is taken out. Thats right, you can NOT recommend a product where you are involved. Try convincing clients to move their accounts over when you tell them that.

    Regulations to the max - To verify a client you have to verify FIVE PIECES OF INFORMATION. Try doing that at the start of a conversation and going anywhere with it. Any time investments are brought up you have to read a paragraph disclosure. Im not joking, its a paragraph! Any time you do a "review" with the client you have to touch on multiple financial terms and make sure the client fully understands. You can already picture the reaction when you try explaining multiple financial terms to a discount brokerage client, who you will be lucky if they even have heard of a mutual fund.

    Archaic Systems- They are too cheap to update their software. You will be using systems from 1999 to document every single one of your calls. They are too cheap to invest into salesforce. Maybe they just like the software because it seems to "forget" to credit you for half of your paid out metrics, forcing you to document, monitor, and keep track of every single potential payout. Seems easy enough, but when you are doing 25-35 calls with clients every day it can get hard to keep track of. Especially with the 100 other items you are being micro managed on.

    I could go on and on about this job and how terrible it was. You will find the only people who are staying at Merrill Edge are single parents, people over 50 who can not get a job anywhere else in the finance industry, people without college degrees, or candidates straight out of college. They prey upon the weak knowing this is your only option. I was a very positive and happy person before this job, but during it I was beyond depressed. Thankfully I had my degree, did my year, and GOT OUT!

    Advice to Management

    Stop micro managing your employees to the point of them leaving.
    Get rid of the role.
    Treat your employees like humans.


  7. Helpful (1)

    "Financial Solutions Advisor"

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

    I have been working at Bank of America full-time (More than 5 years)

    Pros

    Good salary and good benefits

    Cons

    Overly micromanaged. Company is too big to see you as an individual

  8. "Great Opportunity for advancement"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Solutions Advisor in Albany, NY
    Current Employee - Financial Solutions Advisor in Albany, NY
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Bank of America full-time (More than 3 years)

    Pros

    As long g as your vocal with your mgr about what you want as far a career advancement you can formulate an action plan

    Cons

    I have worked for many banks big and small. They all have the same goal. It's what you make of your time there.


  9. "Financial Solutions Advisor"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Solutions Advisor in Chandler, AZ
    Current Employee - Financial Solutions Advisor in Chandler, AZ
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Bank of America full-time (More than a year)

    Pros

    great work life balance and atmosphere

    Cons

    alot of training before you get to actual job and bonuses

    Advice to Management

    keep up the great work


  10. Helpful (1)

    "Merrill Edge FSA"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Solutions Advisor in Las Vegas, NV
    Current Employee - Financial Solutions Advisor in Las Vegas, NV
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I have been working at Bank of America full-time (More than 5 years)

    Pros

    Good pay and great benefits

    Cons

    Many challenges to performing day to day functions that should be easy ; lots of micromanagement

    Advice to Management

    Listen and focus more on what employees have to say instead of micro managing to spreadsheets