Bank of America Pmd financial advisor Reviews | Glassdoor

Bank of America pmd financial advisor Reviews

15 reviews

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pmd financial advisor

4.0
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Bank of America President & CEO Brian T. Moynihan
Brian T. Moynihan
2 Ratings

Employee Reviews

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Pros
Cons
  • "Work/Life balance can be overwhelming" (in 503 reviews)

  • "Communication with upper management can be difficult" (in 439 reviews)

More Pros and Cons

  1. Helpful (1)

    "Great place, people and research/information. Look closely to make sure you fit the culture and you will love it."

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Advisor PMD in South Bend, IN
    Former Employee - Financial Advisor PMD in South Bend, IN
    Recommends
    No opinion of CEO

    Pros

    The Culture - Excellence, Thorough, Affluent Centered, Do it all
    The People - Very smart, respectful, helpful...they are still my friends
    Benefits - Good and comprehensive, large installations have lots of on site perks
    Compensation - Great starting pay with vacation time earned early, lots of bonus opportunities

    Cons

    Technology - So big that they just cannot keep up much less get ahead
    Sales Goals - Very aggressive. You will always know where you stand and what it takes to meet the goals, but they are tough. You must know some wealthy people, have a book to transfer or be a great rain maker. If you miss two quarters in a row, bye bye! No exceptions!
    The Bank is creeping in and changing things...slowly. I was there for the first two years of transition. Some is good, but the Merrill people are and will always be Merrill people, BAC must recognize this or they will kill the bull and all the profits that come with it.

    Advice to Management

    Learn, respect and preserve the Merrill culture or suffer the consequences.


  2. "Merrill Lynch"

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

    I worked at Bank of America full-time (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.

  3. "Great company to work for."

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

    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.


  4. Helpful (6)

    "Very bad experience"

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

    I have been working at Bank of America full-time (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 you bring in with assets will be retained and divvied out to veteran advisors after you are fired for not meeting production goals. Micro management to the extreme is the norm. Been in the program for over two years and only one PMD has graduated. Seen many come and go. After graduation if you have clients with less than $250,000 assets you will not get paid on their accounts. You can be fired at any time with little or no notice. You may have to sign a form stating that if you are with cause or quite before two years are up after receiving your production number you will have to repay training costs which are considerable. Stress levels are extreme. No work life balance. You are expected to work long hours with no overtime pay or additional compensation.

    Advice to Management

    Fix your program


  5. Helpful (1)

    "Challenging with many negatives and many positives"

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

    I worked at Bank of America full-time (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!


  6. Helpful (3)

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

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

    I have been working at Bank of America full-time (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 caller because then your just a free intern for your group until they cut you. Enjoy the rush.

    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.


  7. Helpful (3)

    "Impossible"

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

    I worked at Bank of America full-time (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 needs while the PMD's have to learn all compliance side things themselves, file all necessary paperwork, attend daily ''training'' meetings, and somehow manage to gather enough assets to keep their head above water meeting the gradually more and more absurd production hurdles
    -Company culture of fear is such that it's every man for himself, no one really cares about you or your success
    -If you're client doesn't give you 250k+ in investable assets then they ship the account to Merrill Edge because you don't get paid on small accounts.

    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

  8. Helpful (1)

    "Bullish"

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

    I worked at Bank of America full-time (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.


  9. "Read between the lines"

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

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

    Pros

    Good salary, smart folks, paid to study for licensing

    Cons

    Read between the lines. Program is constantly changing. This is not a rep training program, but in reality a temporary business development role to feed senior FA's including your PMD Coaches.

    Advice to Management

    Be honest with people. This is not a development program, but a temporary 1 year churn and burn program to keep senior FA's content.


  10. Helpful (1)

    "BoA/Merrill Lynch PMDP program"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Advisor - PMD in Charleston, SC
    Former Employee - Financial Advisor - PMD in Charleston, SC
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

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

    Pros

    They pay you a salary that reduces as time goes by in the program.

    Cons

    Absolutely no mentoring program or support from branch. This particular branch it almost seemed that they wanted you to fail so whatever accounts you brought in would be divided up amongst the senior advisers. Last 10 months had new complex director/manager who never had
    a one on one meeting with me. No accountability or motivation to help. Had previous successful Wall St. career and was amazed at the lack of support and help given to the new PMDr's.
    This position all depends upon branch management and how committed they are to the PMDP program.

    Advice to Management

    Figure out how to support and help new advisers. Some support, any would help.