Bank of America - I am in the PMD program, and the stress level is extremely high. | Glassdoor
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"I am in the PMD program, and the stress level is extremely high."

Star Star Star Star Star
  • Work/Life Balance
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Current Employee - Financial Advisor
Current Employee - Financial Advisor
Doesn't Recommend
Approves of CEO

Pros

You are paid a salary for the full 3 years of the program. Merrill has strong name recognition. The research department is top notch. The technology is outstanding.

Cons

You must meet quarterly and annual production hurdles, which are outrageously high. If you don't pass your securities licensing tests, you get fired. If you don't meet your production hurdles on time, you get fired. All of the training is reading. Good luck finding someone to mentor you. No good financial advisor has the time or the desire to share their secrets with you. You must build your business from scratch. You are not given any leads. Most of the advisors in my office have either been in the business for 20+ years or have a wealthy family with wealthy friends. You are not going to get on a team until you have a sizeable book. Other advisors are not going to give up any of their compensation to put your on their team. I am afraid of losing my job every day because I am barely meeting the production numbers. I don't feel professional because I have not even been given an office yet. I have been in a cubicle since I started a year ago, and there are several empty offices at my location. I have to meet with my prospects in the conference room. The whole situation is very discouraging.

Advice to Management

The PMD training program is a joke. It is no wonder that so many new advisors fail to complete the program. There is so much information thrown at you at once. It needs to be more structured and individualized. The company spends a lot of money on us during the PMD program. I thought it was because they wanted us to succeed. It almost seems like they want us to fail within the first couple of years so they can get rid of us and keep our clients.

Other Employee Reviews for Bank of America

  1. "Good overall experience"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Personal Banker
    Former Employee - Personal Banker
    Recommends
    No opinion of CEO

    Pros

    I got time off when i needed. Great benefits. Great company. Always a chance for commission. Good work clarity. Room to advance. Can switch departments at any time. So many different department that you can stay with the bank and do different things.

    Cons

    Had to deal with annoying customers. Not the highest paying job. Harder work than you got paid. Alot is expected of a PB

    Advice to Management

    Havent worked since 2009. I don't know how management is doing now. When i was there it was fine. That was befoe the recession though.


  2. "Its what you make of it"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Intern
    Former Employee - Intern
    Recommends
    Approves of CEO

    Pros

    They pretty much described in detail the background of whatever they had me doing ( mutual fund analysis, creating client presentations, etc). They are usually busy so you have to pick their brain, but if you do they gladly educate you on any questions you have regarding the financial and wealth management world.

    Cons

    Majority of work was basic office duties, but nothing unexpected as an intern. They didn't have me grabbing coffee or anything

    Advice to Management

    Perhaps having interns be on the phone with clients more. Wealth management is a sales position after all. I don't know if this would be legal however, or too much responsibility since most of Merrill's clients are "big dogs"


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

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