Directions | Details & Services. Advisors work with brokerage firms, banks, insurance companies, and wealth management firms. This estimate is based upon 14 Bank of America Financial Advisor salary report (s) provided by employees or estimated based upon statistical methods. The estimated base pay is $5,608 per month. Your input helps Glassdoor refine our pay estimates over time. .css-jiegi{font-size:15px;line-height:24px;color:#505863;font-weight:700;}How accurate does $115,643 look to you? The estimated additional pay is $30,274 per year. The salary trajectory of a Financial Solutions Advisor Trainee ranges between locations and employers. Change of employer: Salaries at Bank of America Corp. (BOFA) range from an average of $53,538 to $146,211 a year. The total hourly cash compensation, which includes base and short-term incentives, can vary anywhere from $32 to $41 with the average total hourly cash compensation of $36. The platform places the average commission of a financial advisor at $30,366. Copyright 20082023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. { "name": "Native_infosite_salary_detail_fluid_en-CA","id": "div-AdSlot-ld1vurb0", "fluid": true }, Cash Bonus, Stock Bonus, Profit Sharing, Commission Sharing, Tips have not been reported for this role. Bank of America Advanced Center. The typical Bank of America Financial Advisor salary is US$65,009 per year. This information may be used to deliver advertising on our Sites and offline (for example, by phone, email and direct mail) that's customized to meet specific interests you may have. Level of Education: Gaining advanced degrees The Bank of America also offers competitive benefits packages to its employees, which can further increase the overall compensation. Related Searches:All Financial Solutions Advisor Salaries|All Bank of America Salaries. Member FDIC. Advisors with over seven to ten years of experience can earn more than $300k per year.Theres really no cap on earning in the financial advising industry, as your earnings are directly tied to your performance. They help clients achieve their goals through a comprehensive strategy that addresses their clients diverse needs. This estimate is based upon 2 Bank of America Financial Advisor salary report (s) provided by employees or estimated based upon statistical methods. Wealth management specialists offer specialized financial services to affluent clients. Help make it more accurate by adding yours. . CFPs work with clients with a wide range of needs. Experienced advisors with over ten years earn an average of $78,367. It takes a $100 minimum deposit to open this account. This fee is subject to an investment exceeding a predetermined threshold, which an advisor and their client agree upon at the beginning of their working relationship. 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. They also get a commission for any additional products they sell. Yes No Report By the end of this article, youll have a clear idea about: Financial advisors get paid through salaries, client fees, commissions, hourly fees, or a combination of these methods. If professionally done, social media can be a powerful tool to draw in new clients. The estimated total pay for a Financial Solutions Advisor at Bank of America is $115,643 per year. Advise, coach and motivate team members to achieve optimal performance. What is the average salary of Bank of America Financial Center Manager? 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 BofA Corp. MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp. 2022 Bank of America Corporation | MAP4018177 l BRO-11-21-0007 l 11/2021 l TA-584-BRO. Salaries posted anonymously by Bank of America employees. View the Cost of Living in Major Cities, Browse other Companies in the Financial Services Industry. Entry-level planners earn an average of $50,892. To view Bank of Americas Drug-free workplace and alcohol policy, CLICK HERE. Additional pay could include bonus, stock, commission, profit sharing or tips. The salary trajectory of a Financial Solutions Advisor ranges between locations and employers. How accurate does $54,758 - $67,819 look to you? ", "I love the ability to experience multiple lines of business, and I am learning how to serve my clients. Clients tell us that the delivery of personalized advice across our companys full spectrum of banking, lending, investing and planning capabilities is what they need from a Financial Advisor. 2300 S Michigan Ave, Chicago, IL 60616. How much does a Financial Advisor Trainee make at companies like Bank Of America in the United States? Payscale further reveals that advisors bonus per year is between $2,000-$31,000. Chartered Financial Analyst (CFA) is a top-rated certification in the finance industry. From that analysis, a CFP will present several solutions to enable the client to reach their goals. You can click the Return to Bank of America button now to return to the previous page or you can use the Back button on your browser after you leave. ", Discover opportunities within ADP: The program will enable advisors to develop skills in servicing clients across wealth bands and access the deep breadth of relationships across the Enterprise. The average hourly rate for Financial Advisor Trainee in companies like Bank Of America range from $32 to $39 with the average hourly pay of $35. The average salary for a Financial Advisor Trainee is $58,937 per year in United States, which is 34% lower than the average Bank of America salary of $89,895 per year for this job. Additional pay could include bonus, stock, commission, profit sharing or tips. 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 average salary for a Financial Advisor is $56,536 per year in Canada, which is 7% lower than the average Bank of America salary of $61,059 per year for this job. Financial advisors work primarily for financial institutions such as banks, mutual fund companies, and insurance companies. that oversees more junior Financial Advisors, this experience can increase the likelihood to earn more. Additional pay could include bonus, stock, commission, profit sharing or tips. Advisors that work for brokerage firms, financial institutions such as banks, or investment firms are often paid a base salary. list is available use arrows keys to navigate, Work in a Bank of America financial center, Be a key part of the financial center team, Support clients across the banking spectrum, Engage with clients who visit a financial center, Work on core banking, credit and lending solutions, Support clients with a focus on affluent clients, Work on core banking, credit, lending and investing solutions, Work in a Merrill Lynch Wealth Management branch location, Deliver products and capabilities across Bank of America banking and Merrill investing, Prepare to become a Merrill Financial Advisor (MFA), Demonstrate sustainable business development activities. Bank of America, N.A. Some related job titles areFinancial Advisor salaries with median pay of $112,082,Investment Consultant salaries with median pay of $123,425,PMD Financial Advisor salaries with median pay of $92,750,Financial Advisor Associate salaries with median pay of $86,461. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. Pay increases are a top concern for 2022 to attract and retain talent, Temporary employee laws: A guide to hiring contract roles, What to include in a termination letter: Template and examples, How to Manage Your Time and Prioritize Your Workload, The Northwestern Mutual Life Insurance Company, Project Manager, (Unspecified Type / General). See if they're hiring! The Bank of America Advisor Development Program Advisor Development Program (Relationship Manager) 8 months Work in a Bank of America financial center Be a key part of the financial center team Support clients across the banking spectrum Engage with clients who visit a financial center Work on core banking, credit and lending solutions Financial Candidates must possess authorization to work in the United States, as it is not the practice of Bank of America to sponsor individuals for work visas. "This program enables people from a wide range of backgrounds and experience levels to become successful advisors. Average salary for Bank of America Financial Advisor Trainee in Groton: US$54,121. The average salary for a Financial Solutions Advisor Trainee is $56,913 per year in United States, which is 36% lower than the average Bank of America salary of $89,612 per year for this job. Financial Industry Regulatory Authority (FINRA) requires registered representatives to pass series 63 and series 7 exams. In the client fee method, youll find fee-only and fee-based advisors. 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. Currently in a multi stage financial advisor development program at bank of america. See if they're hiring! Additional pay could include bonus, stock, commission, profit sharing or tips. A Modern approach to If you prefer that we do not use this information, you may In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements. Directions | Details & Services. The fee they charge is based on the asset under management (AUM). Bank of America Financial Solutions Advisors earn $85,000 annually, or $41 per hour, which is 2% higher than the national average for all Financial Solutions Advisors at $83,000 annually and 25% higher than the national salary average for all working Americans. To view the "EEO is the Law" poster, CLICK HERE. It is the second largest banking institution in the United States, after JP Morgan Chase. Participants in ADP receive expert coaching and training from our award-winning Academy and Leadership Development organization. California comes second with an annual average pay of $141,000. Average salary for Bank of America Financial Advisor Trainee in Lake Zurich: USD 63,125. Other cities with a higher average salary for advisors include Dallas, Georgia, Pittsburgh, Houston, and Phoenix. To get started as a CFA, one must have a bachelors degree in economics, statistics, accounting, finance, or any other related courses. The best-paid 25% made $158,890 that year, while the lowest-paid 25% made $61,200. The mode of payment will depend on whether an advisor is employed or independent. Advisors considered must be under 40 years old and work at an employee brokerage firm. A financial advisor earning power is limitless. Santa Cruz, CA, Apricot Solar/Freedom Forever Solar - Financial advisors help clients plan for both Read more, Our data indicates that the highest pay for a Financial Advisor is $77k / year, Our data indicates that the lowest pay for a Financial Advisor is $57k / year. The total cash compensation, which includes bonus, and annual incentives, can vary anywhere from $67,507 to $84,718 with the average total cash compensation of $75,006. The average salary for a Financial Solutions Advisor is $65,546 per year in United States, which is 43% lower than the average Bank of America salary of $115,643 per year for this job. We also prohibit discrimination on other bases such as medical condition or marital status under applicable laws. Theyll earn $10,000 per year, which is often paid quarterly. The estimated base pay is $59,621 per year. Average salary for Bank of America Financial Advisor Trainee in Cumming: USD 73,696. CAL's Convenience, Inc. - Operator of Stripes C-Stores - Wichita Falls 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. Salaries by years of experience in the United States View job openings with the years of experience that is relevant to you on Indeed View jobs Is this useful? Personal financial advisors working for firms must understand their investment strategies and financial products to better guide clients on the best options depending on their individual needs. Other firms like Merill Lynch & Co. Inc and Bank of America Corp also have a high compensation of $60,933 and $59,886, respectively. - Work From Home, apricot Solar - Consider a career move to a new employer that is willing to pay higher for your skills. As a part of the Big Four, it services approximately 10.73% of all American bank deposits, in direct competition with Citigroup, Wells Fargo, and JPMorgan Chase. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. The estimated base pay is $5,608 per month. How accurate is this most likely Total Pay range (base + additional) of $7K-$13K/mo? Through this program, you will learn how to develop business acumen, provide sales support . The estimated base pay is $67,297 per year. Pay, Whether you are hiring a single employee , or an entire department of, The labor market is a strange place right now. Financial Advisors made a median salary of $94,170 in 2021. To become a certified financial planner, one must have a degree and also pass the CFP examination. Remote, OR, JPMorgan Wealth Management - Private Client Investment Associate - San Diego, CA, JPMorgan Chase - Bank of America pays $53,211 on average per year, or $25.58 an hour in the United States. ", "The resources and coaching provided have proved to be invaluable in my development. 9652 S Western Ave, Chicago, IL 60805. Advisors at the entry-level with less than one years experience earn around $48,383. Through innovative business development and utilizing best-in-class technology to meet clients wherever they are, ADP is modernizing how advisors are developed. We strive to provide you with information about products and services you might find interesting and useful. See all Financial Advisor salaries to learn how this stacks up in the market. Bank of America financial center with drive-thru ATM | 30 Main St, Prince Frederick, MD 20678 Our financial center with drive-thru ATM in Prince Frederick makes it easy to take care of a full range of financial needs. Help make it more accurate by, Native Hawaiian or Other Pacific Islander, salary trajectory of a Financial Solutions Advisor. Represents Bank of America Consumer households for entire 12-months under study who used the Saving and Budgeting Tool during March 2017. This is a total compensation that includes bonuses and commissions. Bank of America aims to create a workplace free from the dangers and resulting consequences of illegal and illicit drug use and alcohol abuse. Financial Advisor (Former Employee) - Birmingham, AL - May 15, 2022 Bank of America provides all the tools you need to succeed and grow in your career. . Member FDIC. See if they're hiring! Average salary for Bank of America Financial Solutions Advisor Core Ii in San Luis: US$49,793. An advisor must study and prepare adequately to pass. Fee-based advisors charge a percentage of the assets they are managing. Is Average Financial Advisor Salary at Bank of America Corporation your job title? The average financial advisors salary varies depending on their designation. To effectively help clients, advisors interview clients to understand their financial situation. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. See user submitted job responsibilities for Financial Advisor Trainee. Average salary for Bank of America Financial Advisor in New Lenox: US$61,042. Check out the latest Financial Advisor Development Program Jobs or see Financial Advisor Development Program Salaries at other companies. Advantage Savings accounts come with an $8 monthly maintenance fee.. Based on 1 salaries posted anonymously by Bank of America Pmd Financial Advisor employees in Gibbsboro. The platform places the average commission of a financial advisor at $30,366. Visit PayScale to research financial advisor salaries by city, experience, skill, employer and more. Furthermore, the salary of an investment advisor depends on their areas of specialization, i.e. If an advisor is committed to learning and growing their career, they can increase their income several folds. A CFA can be a portfolio manager, a relationship manager, a chief investment officer, a risk manager, a financial analyst, or a consultant. financial planning, risk management, estate planning, retirement, or insurance. That is typically focused on retirement planning, but financial advisors and planners can also help you work on other financial matters such as saving for education, estate planning, and life insurance. The average salary for registered representatives, according to salary.com, is $66,070 as of August 2021. 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