Bank of America PMD Financial Advisor Reviews | Glassdoor

Bank of America PMD Financial Advisor Reviews

Updated May 8, 2019

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Found 16 reviews

3.4
StarStarStarStarStar
Rating TrendsRating Trends
61%
Recommend to a Friend
100%
Approve of CEO
Bank of America CEO Brian T. Moynihan
Brian T. Moynihan
3 Ratings
  1. "Give and Take"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - PMD Financial Advisor 
    Recommends
    Neutral Outlook
    Approves of CEO

    I have been working at Bank of America full-time for more than a year

    Pros

    Movement within the company is possible. Benefits are amazing!

    Cons

    Unrealistic expectation and company can change parameters at any moment

    Bank of America2019-02-27
  2. "BofA ML"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - PMD Financial Advisor in New York, NY
    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

    I worked at Bank of America full-time for more than 5 years

    Pros

    Great starting salary is provided.

    Cons

    Lack of a formalized training program

    Advice to Management

    Hire more women.

    Bank of America2019-05-08
  3. "PMD program for Merrill"

    StarStarStarStarStar
      Former Employee - PMD Financial Advisor in San Francisco, CA
      Doesn't Recommend
      Neutral Outlook
      No opinion of CEO

      I worked at Bank of America full-time for less than a year

      Pros

      good for starter, great management.

      Cons

      lack of support for testing and training

      Bank of America2019-02-27
    • "Merrill Lynch"

      StarStarStarStarStar
      • Work/Life Balance
      • Culture & Values
      • Career Opportunities
      • Compensation and Benefits
      • Senior Management
      Former Employee - PMD Financial Advisor in Jackson, MS
      Doesn't Recommend
      Approves of CEO

      I worked at Bank of America full-time for more than a year

      Pros

      Company embraces diversity and inclusion. Very professional and respectful environment.

      Cons

      Very hard place to work. High sales goals without a whole lot of support. Also, a lot of training and expectations that can slam your schedule and prospecting plans.

      Bank of America2017-05-08
    • "Great company to work for."

      StarStarStarStarStar
      • Work/Life Balance
      • Culture & Values
      • Career Opportunities
      • Compensation and Benefits
      • Senior Management
      Former Employee - Financial Advisor - PMD in Temecula, CA
      Recommends
      Positive Outlook
      Approves of CEO

      I worked at Bank of America

      Pros

      Always a growing industry with a lot of opportunities in the financial field.

      Cons

      Need better internal training program for PMD.

      Advice to Management

      More flexibility with their licensing program for Series 66.

      Bank of America2015-03-22
    • Helpful (6)

      "Very bad experience"

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

      I have been working at Bank of America full-time for more than 3 years

      Pros

      Not many that I can think of

      Cons

      Cons – Unless you come from a wealthy family or have an existing large net work of wealthy prospects you will fail the program. You will be expected to cold call all day in an age where cold calling is passé . The program is designed for failure, very few PMDs graduate. Production goals increase dramatically after about a year and quarterly thereafter and are nearly impossible to meet. The company hopes that any clients...

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      Advice to Management

      Fix your program

      Bank of America2013-10-16
    • Helpful (1)

      "Challenging with many negatives and many positives"

      StarStarStarStarStar
      • Work/Life Balance
      • Culture & Values
      • Career Opportunities
      • Compensation and Benefits
      • Senior Management
      Former Employee - Financial Advisor - PMD in San Jose, CA
      Recommends
      Positive Outlook
      Approves of CEO

      I worked at Bank of America full-time for more than a year

      Pros

      stimulating work environment unlimited commission if above targets - good luck with this great brand behind you

      Cons

      management keep changing things no support dog eat dog mentality everyone is too concerned with their own bonuses

      Advice to Management

      change the way you bring in new hires build team environments that are supportive and allow people to play to their strengths management by way of fear is not healthy stop it!

      Bank of America2013-09-06
    • Helpful (3)

      "The single hardest but most rewarding job I've ever had."

      StarStarStarStarStar
      • Work/Life Balance
      • Culture & Values
      • Career Opportunities
      • Compensation and Benefits
      • Senior Management
      Current Employee - Financial Advisor - PMD in Phila, PA
      Recommends
      Positive Outlook
      Approves of CEO

      I have been working at Bank of America full-time for more than a year

      Pros

      Unlimited earnings potential. Long hours but flexible schedule.Best technology, financial planning tools, research and analysis on the street. Widespread company recognition. Sense of personal achievement. Exciting. Your job is to find, close, and simply be around money. Nice business cards. Sweet logo.

      Cons

      Very little useful sales training or training in general. Computer. Phone. Figure it out. Sink or swim. Constant competition. No one wants you to succeed. Like in prison join a gang (team) to survive. They say 1 in 10 make it but after two years here it looks like less. Hurdles are outrageous. Learning curve is steep. Everyday you need to be on your game, even in the office. Time flys by. Don't get stuck being a cold...

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      Advice to Management

      PMD Program seems to be set up to benefit senior FAs and not organically grow talent. Try tougher interview process with teams looking to bring on a new FA and budget more toward training like having a senior FA become a PMD coordinator only.

      Bank of America2013-08-21
    • Helpful (3)

      "Impossible"

      StarStarStarStarStar
      • Work/Life Balance
      • Culture & Values
      • Career Opportunities
      • Compensation and Benefits
      • Senior Management
      Former Employee - Financial Advisor - PMD in Washington, DC
      Recommends
      Negative Outlook
      No opinion of CEO

      I worked at Bank of America full-time for more than a year

      Pros

      -It's a great way to get licensed up if you are interested in Investment's and want a decent base salary -Very flexible day to day -Great way to get your foot in the door if you're interested in Investment Management

      Cons

      -The managers casually mentioned a few times that no one had graduated from the PMD program in 5 years -Your job is essentially to bring in assets before you leave so the bottom feeding Senior FA's can take them -Even the successful FA's seemed incredibly miserable -The managers barely feign concern about any of the PMD's success -The Senior FA's usually have 1 or 2 support staff to process work and help small clients...

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      Advice to Management

      -Seems like your Ponzi Scheme is working well for the Senior FA's -It would be nice if PMD's had a chance to grow their business at BOAML -Maybe change the culture of fear

      Bank of America2013-06-15
    • Helpful (1)

      "Bullish"

      StarStarStarStarStar
      • Work/Life Balance
      • Culture & Values
      • Career Opportunities
      • Compensation and Benefits
      • Senior Management
      Former Employee - Financial Advisor - PMD in New York, NY
      Recommends
      Positive Outlook
      No opinion of CEO

      I worked at Bank of America full-time for more than a year

      Pros

      Supreme platform, lots of great investment support, base pay is good so as incentive. You can find connections with other boa employees if you look for outside work activities. You will never feel bored at work as FA. As. FA, you get the opportunity to carry a positive attitude to work and build your character through good and bad times.

      Cons

      Hurdle during first year production is easy but tough in year 2 or 3unless you are lucky to find a senior FA to team or from wealthy family. I got the bull award, exceed hurdle constantly but still not able to feel secure in pursuing my goal.

      Advice to Management

      Perhaps only less than 10 percent of PMD can graduate, please spend more time with each PMD apart from spending the only hour with them before they end their journey.

      Bank of America2013-02-02
    Found 16 reviews