Consumer Investments Financial Solutions Advisor Development Program - Deerfield Beach, FL at Bank of America (2023)

Consumer Investments Financial Solutions Advisor Development Program - Deerfield Beach, FL

Deerfield Beach, Florida

Job Description:

At Bank of America, were creating real, meaningful relationships with individuals and businesses across the country. Each day, we connect with 67 million clients through a growing specialist workforce and our world-class digital platform. With each relationship and connection, we are looking to provide care and guidance for our clients when they need us most whether they are just starting out, buying a home, building a family or planning for retirement. As part of our commitment, we are looking for the next generation of Financial Advisorsthose with a passion for growing a long-term career and a drive to make our clients financial lives better.

If you are an individual who is passionate about helping clients reach their financial goals, join Bank of Americas Advisor Development Program and become an investment specialist in one of over 4,000 financial center locations nationwide. From day one, you will receive training from our-award winning Academy at Bank of America , including hands-on practice, personalized coaching and dedicated support throughout your on-boarding experience. The Academy offers a defined path to becoming an advisor through a multi-stage training program, one that provides you with the necessary experience and skills to succeed in your role and throughout your career journey.

As a Financial Solutions Advisor Stage I (FSA I) , your journey begins obtaining your Securities Industry licenses, where you receive dedicated and personalized classes for your Securities Industry Essentials [SIE], Series 7 and Series 66 Exams. Once you obtain your licenses, you will be taught the foundational skills needed to be an advisor from acquiring, building and managing client relationships to considering a clients complex financial picture and guiding them with advice and solutions to help them live their best financial lives, all while humanizing financial interactions. Once you have reached your key milestones, you will begin working in a financial center where you will help to deliver Bank of Americas core banking, investment solutions and approach to client care. We will equip you with everything you need as you move through the stages of development

Once you have demonstrated success as a licensed Financial Solutions Advisor Stage I, you will typically progress into the next role, Financial Solutions Advisor Stage II, where you will continue to practice the skills youve learned by growing and deepening relationships within a portfolio of clients. As a successful Financial Solutions Advisor Stage II, you will have the opportunity to advance in many roles within Bank of America and Merrill. The Academy will support you along the way with dedicated programs, tools and resources throughout your career journey.

This position is subject to SAFE Act registration requirements. Pursuant to the SAFE Act requirements, all employees engaged in residential loan mortgage originations must register with the federal registry system and remain in good standing. Since your position requires SAFE Act registration, you will be required to register and to submit to the required SAFE Act background check and registration process. Failure to obtain and/or maintain SAFE Act registration may result in your immediate termination.

Well help you

Build a successful career at Bank of America through world-class training and on-boarding programs that set you up for success.

Get training and one-on-one coaching from Academy managers who are invested in your success.

Grow your business knowledge by using a defined consultative approach with clients to systematically identify client needs and appropriate solutions.

Earn your Security Industry Essentials (SIE), Series 7 and Series 66 licenses (63 & 65 accepted, in lieu of 66) though structured lessons and dedicated study time. You must obtain your SIE within 30 days of being hired & your Series 7 & 66 within 120 Days - a requirement for the role.

Build your network. Starting at a financial center, youll interact with banking customers, small business owners and higher net worth clients alike. Youll be able to leverage our relationships with one out of two households in the U.S. to help eventually grow your business.

Provide end-to-end comprehensive advice, deliver client reviews/presentations with confidence and recommend strategies to help clients achieve their financial goals and life priorities.

Collaborate with core banking and investment partners. Connect clients to all of the solutions we provide through Bank of America and Merrill to meet virtually all of their financial needs.

As a Financial Solutions Advisor Stage I, you can look forward to

Unlimited potential for financial growth.

A strong referral base from across the business through our relationship with one in every two households.

Managing a portfolio of clients by providing exceptional client care with industry leading products, services, and education.

Robust marketing support to reach wider audiences with greater appeal.

Ongoing professional development to deepen your skills and optimize your practice as the industry evolves and changes.

Opportunities to connect with experts including small business consultants, mortgage lenders and investment advisors.

Were a culture that

Believes in responsible growth and has a proven dedication to supporting the communities we serve.

Provides continuous training and developmental opportunities to help people achieve their goals, whatever their background or experience.

Believes diversity makes us stronger, so we can reflect, connect to and meet the diverse needs of our clients and customers around the world.

Is committed to advancing our tools, technology, and ways of working. We always put our clients first to meet their evolving needs.

Required skills:

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Sets and accomplishes goals, achieving whatever you put your mind to.

Is comfortable in a sales role, finding ways to nurture strong relationships with prospective clients.

Communicates clearly and confidently with clients from all walks of life.

Works well with others and collaborates productively to get things done.

Can manage complexity, prioritize tasks and execute in a fast-paced environment.

Likes to learn on your feet, adapting to new information and seeking the right solutions for clients.

Efficiently manages your time and capacity.

Is thorough and will incorporate relevant regulatory due diligence into daily to-dos and long-term strategies for clients.

Desired skills:

Strong computer skills with an ability to multitask in a demanding environment.

A bachelors degree, or 1-2 years experience working in the financial service industry and/or a sales environment where goals were met or exceeded.

Experience assessing client needs, identifying/recommending solutions, and building/managing client relationships.

Job Band:

H6

Shift:

1st shift (United States of America)

Hours Per Week:

40

Weekly Schedule:

Mon - Fri, rotating Sat

Referral Bonus Amount:

Job Description:

At Bank of America, were creating real, meaningful relationships with individuals and businesses across the country. Each day, we connect with 67 million clients through a growing specialist workforce and our world-class digital platform. With each relationship and connection, we are looking to provide care and guidance for our clients when they need us most whether they are just starting out, buying a home, building a family or planning for retirement. As part of our commitment, we are looking for the next generation of Financial Advisorsthose with a passion for growing a long-term career and a drive to make our clients financial lives better.

If you are an individual who is passionate about helping clients reach their financial goals, join Bank of Americas Advisor Development Program and become an investment specialist in one of over 4,000 financial center locations nationwide. From day one, you will receive training from our-award winning Academy at Bank of America , including hands-on practice, personalized coaching and dedicated support throughout your on-boarding experience. The Academy offers a defined path to becoming an advisor through a multi-stage training program, one that provides you with the necessary experience and skills to succeed in your role and throughout your career journey.

As a Financial Solutions Advisor Stage I (FSA I) , your journey begins obtaining your Securities Industry licenses, where you receive dedicated and personalized classes for your Securities Industry Essentials [SIE], Series 7 and Series 66 Exams. Once you obtain your licenses, you will be taught the foundational skills needed to be an advisor from acquiring, building and managing client relationships to considering a clients complex financial picture and guiding them with advice and solutions to help them live their best financial lives, all while humanizing financial interactions. Once you have reached your key milestones, you will begin working in a financial center where you will help to deliver Bank of Americas core banking, investment solutions and approach to client care. We will equip you with everything you need as you move through the stages of development

Once you have demonstrated success as a licensed Financial Solutions Advisor Stage I, you will typically progress into the next role, Financial Solutions Advisor Stage II, where you will continue to practice the skills youve learned by growing and deepening relationships within a portfolio of clients. As a successful Financial Solutions Advisor Stage II, you will have the opportunity to advance in many roles within Bank of America and Merrill. The Academy will support you along the way with dedicated programs, tools and resources throughout your career journey.

This position is subject to SAFE Act registration requirements. Pursuant to the SAFE Act requirements, all employees engaged in residential loan mortgage originations must register with the federal registry system and remain in good standing. Since your position requires SAFE Act registration, you will be required to register and to submit to the required SAFE Act background check and registration process. Failure to obtain and/or maintain SAFE Act registration may result in your immediate termination.

Well help you

Build a successful career at Bank of America through world-class training and on-boarding programs that set you up for success.

(Video) $5000 Upfront $158/Day Work-From-Home Jobs No Experience Required 2022

Get training and one-on-one coaching from Academy managers who are invested in your success.

Grow your business knowledge by using a defined consultative approach with clients to systematically identify client needs and appropriate solutions.

Earn your Security Industry Essentials (SIE), Series 7 and Series 66 licenses (63 & 65 accepted, in lieu of 66) though structured lessons and dedicated study time. You must obtain your SIE within 30 days of being hired & your Series 7 & 66 within 120 Days - a requirement for the role.

Build your network. Starting at a financial center, youll interact with banking customers, small business owners and higher net worth clients alike. Youll be able to leverage our relationships with one out of two households in the U.S. to help eventually grow your business.

Provide end-to-end comprehensive advice, deliver client reviews/presentations with confidence and recommend strategies to help clients achieve their financial goals and life priorities.

Collaborate with core banking and investment partners. Connect clients to all of the solutions we provide through Bank of America and Merrill to meet virtually all of their financial needs.

As a Financial Solutions Advisor Stage I, you can look forward to

Unlimited potential for financial growth.

A strong referral base from across the business through our relationship with one in every two households.

Managing a portfolio of clients by providing exceptional client care with industry leading products, services, and education.

Robust marketing support to reach wider audiences with greater appeal.

Ongoing professional development to deepen your skills and optimize your practice as the industry evolves and changes.

Opportunities to connect with experts including small business consultants, mortgage lenders and investment advisors.

Were a culture that

Believes in responsible growth and has a proven dedication to supporting the communities we serve.

Provides continuous training and developmental opportunities to help people achieve their goals, whatever their background or experience.

Believes diversity makes us stronger, so we can reflect, connect to and meet the diverse needs of our clients and customers around the world.

Is committed to advancing our tools, technology, and ways of working. We always put our clients first to meet their evolving needs.

Required skills:

Sets and accomplishes goals, achieving whatever you put your mind to.

Is comfortable in a sales role, finding ways to nurture strong relationships with prospective clients.

Communicates clearly and confidently with clients from all walks of life.

Works well with others and collaborates productively to get things done.

Can manage complexity, prioritize tasks and execute in a fast-paced environment.

Likes to learn on your feet, adapting to new information and seeking the right solutions for clients.

Efficiently manages your time and capacity.

Is thorough and will incorporate relevant regulatory due diligence into daily to-dos and long-term strategies for clients.

Desired skills:

Strong computer skills with an ability to multitask in a demanding environment.

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A bachelors degree, or 1-2 years experience working in the financial service industry and/or a sales environment where goals were met or exceeded.

Experience assessing client needs, identifying/recommending solutions, and building/managing client relationships.

Shift:

1st shift (United States of America)

Hours Per Week:

40

Learn more about this role

Transcript

At Bank of America, I get to make a difference every day.

On screen copy:

Merrill Financial Solutions Advisor

Disclosure: Please see important information at the end of this video.

On screen copy:

Advise clients on their investment goals in order to pursue those goals

As a Merrill Financial Solutions Advisor, my job is to advise my clients on their investment goals and match them with the right portfolio and specialists to help them pursue those goals.

I interact with clients from all walks of life, from small-business owners developing a financial plan to new parents looking to start saving money for their childs college education. I match my knowledge of financial markets and investment products with clients individual investment needs.

On screen copy:

Accomplishing performance goals through needs-based analysis and client follow-up

A key part of my role is accomplishing performance goals through consultative, needs-based analysis and organized follow up with my clients.

When I first started, I had a lot to learn about the investment world and compliance standards but I was equipped with the tools and training I needed to succeed.

On screen copy:

Team environment

In my last job, I worked mostly on my own. Here, I get to work in a team environment every day. I even get some of my best referrals from my teammates.

And since I work with people in so many different departments, Im able to build connections and learn more about other roles.

Everyone here is really supportive of your career growth.

On screen copy:

Regular meetings with your manager to make your goals a reality

I meet with my manager on a regular basis to talk about my goals, and she gives me advice for how to make them a reality.

On screen copy:

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Trained by the award-winning Academy at Bank of America

2019 Brandon Hall Gold Award for Best Launch of a Corporate Learning University

As a Merrill Financial Solutions Advisor, you will participate in the award-winning Academy at Bank of America.

From my first day to today, the Academy has equipped me with all the knowledge, skills and resources I need to be successful.

Im hoping to move into a leadership role in the future and I feel Ill be able to make this a reality, thanks to my manager and the people around me.

And its that kind of support that makes it so easy to support my clients every day.

We all have goals. Pursue yours at Bank of America and Merrill.

On screen copy:

Learn more: bankofamerica.com/Careers

On screen copy:

Bank of America and its affiliates consider for employment and hire qualified candidates without regard to race, religion, color, sex, sexual orientation, gender, gender identity, age, national origin, ancestry, citizenship, protected veteran or disability status or any factor prohibited by law, and as such affirms in policy and practice to support and promote the concept of equal employment opportunity and affirmative action, in accordance with all applicable federal, state, provincial and municipal laws.

Investment products:

Are Not FDIC Insured

Are Not Bank Guaranteed

May Lose Value

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as MLPF&S or Merrill) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (BofA Corp.). MLPF&S is a registered broker-dealer, Member SIPC, and a wholly-owned subsidiary of BofA Corp.

MLPF&S is a registered broker-dealer, Member SIPC and a wholly owned subsidiary of Bank of America Corporation.

2019 Bank of America Corporation. All rights reserved.

Full time

JR-23000992

Band: H6

Manages People: No

Travel: Yes, 10% of the time

Manager:

Talent Acquisition Contact:

Allison Michaelson

Referral Bonus:

Bank of America and its affiliates consider for employment and hire qualified candidates without regard to race, religious creed, religion, color, sex, sexual orientation, genetic information, gender, gender identity, gender expression, age, national origin, ancestry, citizenship, protected veteran or disability status or any factor prohibited by law, and as such affirms in policy and practice to support and promote the concept of equal employment opportunity and affirmative action, in accordance with all applicable federal, state, provincial and municipal laws. The company also prohibits discrimination on other bases such as medical condition, marital status or any other factor that is irrelevant to the performance of our teammates.

To view the "EEO is the Law" poster, CLICK HERE ( .

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To view the "EEO is the Law" Supplement, CLICK HERE ( .

Bank of America aims to create a workplace free from the dangers and resulting consequences of illegal and illicit drug use and alcohol abuse. Our Drug-Free Workplace and Alcohol Policy (Policy) establishes requirements to prevent the presence or use of illegal or illicit drugs or unauthorized alcohol on Bank of America premises and to provide a safe work environment.

To view Bank of Americas Drug-free workplace and alcohol policy, CLICK HERE .

FAQs

How much does a financial solutions advisor at Bank of America make? ›

The estimated total pay for a Financial Solutions Advisor at Bank of America is $116,149 per year. This number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users. The estimated base pay is $67,456 per year.

What is the advisor Development Program Bank of America? ›

The Bank of America Advisor Development Program is not just a training program, it's a path to success. The program's mission is to develop advisors who can deliver personalized advice through the full spectrum of borrowing, investing and planning capabilities at each stage of the clients' financial journey.

Does Bank of America offer free financial advisors? ›

BofA to Offer Free Financial Counseling in 17 U.S. Markets Through Operation HOPE, Helping Americans Improve Financial Health During a Challenging Time. Bank of America and Operation HOPE announced today they will offer free financial counseling in 180 financial centers in 17 U.S. markets starting in 2023.

Does Bank of America offer financial advisor? ›

You can meet one-on-one with a Merrill Edge Financial Solutions Advisor™—at one of over 2,000 select Bank of America financial centers or over the phone.

How much does a financial Solutions advisor Trainee make at Bank of America? ›

$89,895. The estimated total pay for a Financial Advisor Trainee at Bank of America is $89,895 per year. This number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users. The estimated base pay is $59,621 per year.

Does Bank of America pay good? ›

How much does Bank of America in California pay? The average Bank of America salary ranges from approximately $28,000 per year for Lead Teller to $145,000 per year for Contract Consultant. Average Bank of America hourly pay ranges from approximately $11.50 per hour for Cashier to $45.00 per hour for Underwriter.

Is it difficult to get a job at Bank of America? ›

No, it is not hard to get a job at Bank of America.

The hiring process is quick and consists of only a phone interview and one in-person interview. For bank teller roles, the company prefers that candidates have relevant education or one year of banking experience.

Does Bank of America pay during training? ›

Yes, the training program is paid by the bank.

Will Bank of America give joining bonus? ›

Open a new Bank of America Advantage Banking personal checking account online, using offer code DNE100CIS. Then, set up and receive qualifying direct deposits totaling $1,000 or more into the account within 90 days of account opening to receive a $100 bonus.

At what dollar amount should you get a financial advisor? ›

Depending on the net worth advisor you choose, you generally should consider hiring an advisor when you have between $50,000 - $1,000,000, but most prefer to start working with clients when they have between $100,000 - $500,000 in liquid assets.

Is 1% a good fee for a financial advisor? ›

A typical independent financial advisor fee might be between 0.25 per cent and 1 per cent, though some advisers may charge a different percentage depending on circumstances.

Are financial advisors at banks good? ›

Working with a bank financial advisor can save you money on your banking and loan products. Many banks look at your total relationship to waive monthly fees on your bank accounts or offer discounts on loans. Depending on your banking needs, these savings can be dramatic.

What does a financial solutions advisor do at Bank of America? ›

Provide end-to-end comprehensive advice, deliver client reviews/presentations with confidence and recommend strategies to help clients achieve their financial goals and life priorities. Collaborate with core banking and investment partners.

What is the difference between a financial advisor and a financial advisor? ›

A financial planner is a professional who helps individuals and organizations create a strategy to meet long-term financial goals. "Financial advisor" is a broader category that can also include brokers, money managers, insurance agents, or bankers. There is no single body in charge of regulating financial planners.

Do financial advisors at banks get commission? ›

Commissions – This type of compensation makes up the largest portion of how a financial advisor is paid. Financial advisors are paid commissions based on the solutions provided to their clients. The commissions take on a few different forms: upfront fees and transaction commissions.

How much does a FSA make at Bank of America? ›

How much does a Fsa make at Bank of America in the United States? Average Bank of America Fsa yearly pay in the United States is approximately $70,176, which is 37% below the national average.

How much do Bank of America employees get paid? ›

Bank of America Corp. (BOFA) pays its employees an average of $23.16 an hour. Hourly pay at Bank of America Corp. (BOFA) ranges from an average of $17.58 to $37.64 an hour.

How much Bank of America pay to freshers? ›

For Team Member the minimum salary is ₹3.3 Lakhs per year, for Senior Team Member the minimum salary is ₹4.2 Lakhs per year and so on.

What Bank pays the most hourly? ›

Top companies for Bankers in United States
  • Citi. 3.9 $50.97per hour. 18,886 reviews11 salaries reported.
  • FirstBank & Trust. 3.8 $40.59per hour. 36 reviews6 salaries reported.
  • Adams Bank and Trust. 3.5 $35.13per hour. 6 reviews32 salaries reported.
  • KeyBank. 3.5 $27.11per hour. ...
  • DISYS. 3.5 $25.57per hour. ...
  • Show more companies.

Is it better to work at Chase or Bank of America? ›

Employee Ratings

Bank of America scored higher in 10 areas: Overall Rating, Culture & Values, Diversity & Inclusion, Work-life balance, Senior Management, Compensation & Benefits, Career Opportunities, CEO Approval, Recommend to a friend and Positive Business Outlook.

Which bank position pays the most? ›

The highest paying jobs in retail banking usually belong to loan officers and major corporate executives, such as the chief financial officer (CFO) and chief risk officer (CRO).

What disqualifies you from working at Bank of America? ›

Bank Background Check Requirements: What Disqualifies You From Working at a Bank? Generally, if an applicant's background check report shows any financial-related crimes, they are automatically disqualified from working at a bank or financial institution.

How do I ace my Bank of America interview? ›

Bank of America Interview Tips
  1. You should dress appropriately for the interview. Avoid casual clothes such as jeans, and go for a formal look. ...
  2. You should always practice before going to the interview. ...
  3. Also, reach almost fifteen minutes before the interview. ...
  4. You should remember that you don't answer fast.
Nov 8, 2022

How much PTO do you get at Bank of America? ›

Starting out year 1 you get 80 sick (40 can be used for PTO/personal), 80 vacation with the option to purchase up to 40 additional hours. You get more hours of vacation time with seniority.

Does Bank of America allow work from home? ›

“All employees must work from the office at least three days per week, with up to two days per week working from home.”

Do you get paid when you are training? ›

If the training is mandatory for your job, your employer is legally obligated to pay you for the time spent. If the training is done outside of your work hours, you may be eligible for overtime pay, as well. In contrast, some employers offer extra training or coursework as a bonus or perk, to the job.

Does Bank of America give Christmas bonuses? ›

Bank of America discontinued the annual bonus, and focused on employee recognition.

How much is the joining bonus usually? ›

A sign-on bonus can be in the range of 10% - 20% CTC offered. For instance, Rs. 5 to 10 Lac joining bonus has become a norm in the industry for someone taking up a job of Rs.

How much bonus does Bank of America give? ›

This will mark the first year that employees making less than $100,000 per year will receive awards in stock rather than cash. Bank of America gave those employees cash bonuses worth $1,000 each year from 2017 to 2019, and $750 in 2020, after the bank's annual net income tumbled 35%.

How much do financial advisors make off your money? ›

Commission: The average commission is based on a percentage of your investment in a fund, which falls between 3–6%. Hourly fee: The average hourly financial planner fee ranges between $120–300.

Can you trust a financial advisor? ›

An advisor who believes in having a long-term relationship with you—and not merely a series of commission-generating transactions—can be considered trustworthy. Ask for referrals and then run a background check on the advisors that you narrow down such as from FINRA's free BrokerCheck service.

Can financial advisors make you money? ›

So can a financial adviser make you rich? The answer is yes. But it would take a very long time unless you already have a reasonable amount of money. Definitely one of the key benefits to working with a financial advisor is long term slow wealth creation and wealth protection.

What return should I expect from a financial advisor? ›

Industry studies estimate that professional financial advice can add between 1.5% and 4% to portfolio returns over the long term, depending on the time period and how returns are calculated. A 1-on-1 relationship with an advisor is not just about money management.

What is the success rate of a financial advisor? ›

What Percentage of Financial Advisors are Successful? 80-90% of financial advisors fail and close their firm within the first three years of business. This means only 10-20% of financial advisors are ultimately successful.

Who is the best financial advisor company? ›

FA 100: CNBC ranks the top-rated financial advisory firms of 2022
2022 RANKFIRMACCOUNTS UNDER MANAGEMENT
1Woodley Farra Manion1,106
2Dana Investment Advisors1,256
3Albion Financial Group2,221
4Heritage Investment Group1,888
31 more rows
Oct 4, 2022

Is it better to go with a bank or a financial advisor? ›

It's generally a good idea to work with a financial advisor anytime you are making decisions about long-term investing or financial planning. If you do that on your own, you should have a strong understanding of financial markets, investment types, and laws about taxes and retirement funds.

What financial advisors don t want you to know? ›

Here are the Top 10 Things Financial Advisors Don't Want You to Know
  • The title on my business card may not mean much.
  • The financial service I'm selling is only a sideline for my company.
  • I want your will and trust on file because I make my real money on the settlement of your estate.

What are the disadvantages of a financial advisor? ›

The drawbacks include high stress, the hard work needed to build a client base, and the ongoing need to meet regulatory requirements.

What should I expect from a financial advisor interview? ›

General interview questions for a financial advisor
  • Why did you choose to work in finance?
  • Why do you want to work for this company?
  • What do you look for in a company?
  • Describe your work ethic.
  • What compensation are you looking for from this job role?
  • What motivates you?
  • What work environment is ideal for you?
Jun 29, 2021

What are the highest paying jobs at Bank of America? ›

Highest Paying Jobs At Bank of America

Some of the job titles with high salaries at Bank of America are finance vice president, consultant systems engineer, banking center manager, and senior software engineer. A typical finance vice president salary at Bank of America is $121,014 per year.

Is working as a financial advisor worth it? ›

"It is incredibly rewarding to help people navigate a series of challenging issues and achieve a variety of substantial end goals." Those goals range from college planning to funding a comfortable retirement to leaving a legacy for the next generation. But the financial advisor career isn't right for everyone.

Is it stressful being a financial advisor? ›

Financial advisors may be more stressed than their clients. According to a study by the Financial Planning Association, 63% of investors experience high or moderate stress, while 71% of advisors admit to being stressed out.

Do financial advisors make more money than accountants? ›

Pay and job outlook

Financial analysts typically make more money than accountants, and they often have higher starting salaries. The U.S. Bureau of Labor Statistics estimates that accountants will have a 4% growth rate by 2029, while financial analysts will have a 5% growth rate by 2029.

Can you have 2 financial advisors? ›

Yes, you can have more than one financial advisor. There are no rules saying that you can't work with multiple advisors. For example, you might use a financial advisor for general financial planning and an investment advisor specifically for managing your investment portfolio.

How do financial advisors get paid at a bank? ›

Typically, advisors who work for financial institutions such as a bank, credit union, or trust company, are paid an annual salary. They may also qualify for a bonus if they meet or exceed their sales targets.

What is a commission fee at the bank? ›

Bank commission — a fee a bank charges for a service, like withdrawing cash from an ATM that does not belong to your bank, or transferring money to someone. Account closing fee — if you close down your bank account before your contract is up, lots of banks will charge you.

Are bank advisors free? ›

You pay financial advisors in different ways, depending on the type of service they provide. For example, you may pay: an hourly fee to an advisor helping you create a financial plan. a commission or a trading fee to an advisor buying a stock for you.

What are salary bands at Bank of America? ›

How much do Bank of America employees make? Employees at Bank of America earn an average of $143k, mostly ranging from $117k per year to $388k per year based on 604 profiles. The top 10% of employees earn more than $200k per year.

What is the highest paid financial advisor? ›

6Top 10 Highest-Paying Financial Advisor Companies
CompanySalary for Financial Advisors
Morgan Stanley$69,113
Bank of America$63,678
J.P. Morgan Chase$59,295
Google$55,028
6 more rows
Feb 21, 2022

Do Bank of America employees get bonuses? ›

About 97% of the firm's workforce is eligible to receive bonuses ranging from 65 to 600 restricted stock units per employee, based on compensation, CNN and Bloomberg reported Tuesday. Bank of America employees earning more than $500,000 are not eligible to receive the shares.

Which Bank pays the best salary? ›

Top 5 Highest Paying Banks For Financial Analysts:
  • Capital One. Average base salary for financial analysts: $73,462.
  • Bank of America. Average base salary for financial analysts: $71,435.
  • Goldman Sachs. Average base salary for financial analysts: $69,461.
  • American Express. ...
  • Citi.
Feb 26, 2013

Why I quit being a financial advisor? ›

The most common reasons financial advisors quit are lack of fulfillment, difficulty finding clients, and burnout. Over 90% of financial advisors do not last three years, which means that there is a very low retention rate for financial advisors. To be a successful financial advisor, you need to be able to close a deal.

Which bank has best financial advisors? ›

Bank of America Corp.

Is financial advisor a stressful job? ›

It takes considerable time and effort to build a client base, and steady attention to meet the regulatory requirements of the field. And it's a high-stress job in the best of times.

Which Bank is the best to work for? ›

  1. #1. Centerview Partners. SCORE 8.985. 2022 Ranking. ...
  2. #2. Evercore. SCORE 8.548. 2022 Ranking. ...
  3. #3. Moelis & Company. SCORE 8.363. 2022 Ranking. ...
  4. #4. Morgan Stanley. SCORE 8.086. 2022 Ranking. ...
  5. #5. Lazard. SCORE 8.044. 2022 Ranking. ...
  6. #6. PJT Partners. SCORE 7.977. ...
  7. #7. Perella Weinberg Partners. SCORE 7.893. ...
  8. #8. Guggenheim Securities. SCORE 7.843.

Is working in a Bank a good career? ›

Most banking firms offer excellent benefits, including medical insurance and disability insurance, sick leave and vacation, and retirement options. Banking firms are highly regulated and supervised financial operations, making them excellent environments for a safe, pleasant, and rewarding places to work.

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