Bank of America - The PMD Program is a great job - for about 2 years | Glassdoor
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Helpful (8)

"The PMD Program is a great job - for about 2 years"

StarStarStarStarStar
  • Work/Life Balance
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Current Employee - Financial Advisor/PMD
Current Employee - Financial Advisor/PMD
No opinion of CEO

Pros

Excellent training program
Vast product platform and deep, global information resources
You can learn a lot if you want to
Looks good on your resume
Great name recognition with prospects
Good life/work balance and flexible hours

Cons

The PMD program is engineered for failure. If the failure rate is consistently 95%+, perhaps the problem is with the program and not the trainees. This is not an accident. The program is specifically designed to generate new accounts for senior FAs who will inherit your clients when you (inevitably) fail. This is not a design flaw, it's the point of the program. Senior management couldn't care less if you fail, because they are counting on you failing so that they can transfer your assets to the senior FAs. As a PMD, you are completely expendable - the financial services equivalent of the red shirt guys on Star Trek.

The firm wants you to annuitize the business that you bring in but this will generate, on average, ten to fifteen basis points a month in revenue, based on total assets. Do the math and don't kid yourself.

By month 12, you are more or less forced to begin selling variable annuities or closed-end funds (the highest commission products) in order to survive. Nothing else will generate sufficient revenue to even get close to making your hurdles.

The PMDs all start out very optimistic and by the 9 month hurdle, start looking scared. By the 12 month hurdle, panic is beginning to set in. By the 18 month hurdle, everyone is blatantly looking for another job.

Obviously, if you have family money or an existing book of at least 15MM, you'll probably be ok. But if you don't, look out.

Sadly, there is absolutely no opportunity for any kind of advancement or lateral move within the organization. If you can't make your hurdles (and almost no one can), you are out.

Finally, unless you are very lucky with your particular branch and branch manager, be prepared for working in the most unfriendly environment possible. Senior (non-PMD) FAs will barely acknowledge your existence and in many cases, will actually refuse to speak to you. Hmmm... perhaps they know something you don't know?

Advice to Management

Redesign the training program from the ground up. Hire PMDs for teams where they will have a chance to actually succeed. Recognize that the game and business model have changed and adapt accordingly.

Other Employee Reviews for Bank of America

  1. "Good place to work, if you find a role something that suits you"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Analyst in London, England (UK)
    Former Employee - Analyst in London, England (UK)
    Recommends
    No opinion of CEO

    Pros

    -Good Hours
    -Nice Managers, Teams are tight and friendly
    -Good Location in London
    -Cheap Cigs

    Cons

    -Too many kinos
    -Annoying HR
    -Too much time spend on phone

    Advice to Management

    Doing a good job as it is


  2. "I reached a turning point and not much advancement because of lay offs"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Loan Officer
    Current Employee - Loan Officer
    Recommends
    No opinion of CEO

    Pros

    When there was more opportunities for advancement and raises.

    Cons

    Everyone is in constant fear of being laid off, there are lots of lay off and hiring of temp staffing.

    Advice to Management

    Try to retain your employees instead of laying them off and hiring temp staffing.

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

See Most Recent

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