Bank of America Financial Solutions Advisor Reviews | Glassdoor

Bank of America Financial Solutions Advisor Reviews

Updated September 8, 2018
157 reviews

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Financial Solutions Advisor

2.7
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Bank of America President & CEO Brian T. Moynihan
Brian T. Moynihan
21 Ratings

Employee Reviews

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Pros
Cons
  • "Work/Life balance can be overwhelming" (in 506 reviews)

  • "Lack of communication in upper management" (in 441 reviews)

More Pros and Cons

  1. 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


  2. Helpful (8)

    "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.

  3. 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


  4. "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.


  5. "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


  6. 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


  7. Helpful (3)

    "Plug and play high volume sales mired by compliance"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Solutions Advisor in Los Angeles, CA
    Former Employee - Financial Solutions Advisor in Los Angeles, CA
    Recommends
    Negative Outlook
    No opinion of CEO

    I worked at Bank of America full-time (More than 3 years)

    Pros

    Good salary, benefits, and challenging evolving work environment.There is a good potential for lateral or upward mobility if you are a consistent performer and there is potential for bonuses on a quarterly basis.

    Cons

    Not for folks with families. There is no work life balance. Very mundane hours. 9-6. You will be one Merrill rep within a Bank of America branch and are seen as an outsider so you have to work really hard to win peoples trust which you have to do as you depend on the bank associates for client referrals which is the main way you will meet your goals. The problem is the bank associates are not properly incentivized to refer to Merrill Edge FSA’s. There are cliques and gossip queens everywhere. Do not upset the wrong people as they will make false things up to management or HR to ruin your reputation and try to get you terminated. Very stern work environment. Expectations to perform are very high. I could not leave the bank for a break without the bank staff getting upset which caused me to stop taking breaks. Overtime is not compensated.

    Advice to Management

    Adapt to evolving work environment of your FSA’s more quickly. Listen to their feedback instead of passing it off as complaints. Treat your FSA’s like executives instead of like problem making pupils. Be mindful of what you say and the tone in which you say it as you want FSA’s to have the same mindfulness with clients and bank staff. Spend the money once and for all to license your bank staff so you can incentivize the bank employees to make investment referrals.

  8. Helpful (2)

    "Great Company"

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

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

    Pros

    Benefits, compensation, work life balance

    Cons

    Predominantly virtual training. Training material not updated do to recent technology updgrades

    Advice to Management

    Keep up the good work and keep client interest first.


  9. "Financial advisor without investment decision making"

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

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

    Pros

    Platform, logistics, research, products. Employee benefits are fantastic and many resources available. Discounts on everything financial and access to Bank of America products

    Cons

    Heavy focus on banking. You’re treated like a banking associate with licenses sometimes. Without an ability to build portfolios and outside sales, you’re beholden to your one area.

    Advice to Management

    Let FSAs do outside sales and focus on investment


  10. Helpful (3)

    "I've worked at worse places"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Solutions Advisor in Hunt Valley, MD
    Current Employee - Financial Solutions Advisor in Hunt Valley, MD
    Recommends
    Neutral Outlook

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

    Pros

    Work hard will be able to make solid amount of money
    Upward Mobility is easily shown throughout company
    Hard work is rewarded and recognized

    Cons

    Constantly changing and messing with our comp structure and then we have to spend time challenging for work we already did
    Poor Managers in Most Locations
    Executive Level Management completely blind to impacts on line managers

    Advice to Management

    Stop constantly trying to screw us