and our Median Annual Salary: $118,162 ($56.81/hour) Top 10% Annual Salary: $163,710 ($78.71/hour) Bank of America Financial Solutions Advisor Job Requirements Compensation data tools, salary structures, surveys and benchmarks. Financial Advisor salaries at Bank of America can range from $54,586-$67,114. Bank of America, N.A. 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. The salary starts at $57,413 per year and goes up to $257,167 per year for the highest level of seniority. Investment advisors work with investment companies, financial planning firms, or financial institutions. They can also open their own practice. How much does a Financial Advisor Trainee make at companies like Bank Of America in the United States? They also assess the clients income, investment, and debts. Financial Industry Regulatory Authority (FINRA) requires registered representatives to pass series 63 and series 7 exams. Check out the latest Bank of America Jobs. careers.bankofamerica.com. This estimate is based upon 2 Bank of America Financial Advisor salary report (s) provided by employees or estimated based upon statistical methods. Financial advising is a great career for the right person.It can quickly grow into a lucrative career if one puts in the work.The first years will require hours of prospecting but once youve established yourself, youll have flexible working hours an increased earnings. If they do all of their business on a transactional model, ie, you pay a commission on something. To become a stockbroker, one must have a bachelors degree in finance or business-related courses. Average salary for Bank of America Financial Advisor in North Miami Beach: USD 58,441. While most client advisors salary revolves around the average, there are advisors earning way above it. Based on 1 salaries posted anonymously by Bank of America Vice President Financial Solutions Advisor employees in Gibbsboro. Some related job titles areEntry Level Financial Analyst salaries with median pay of $73,814,Financial Representative salaries with median pay of $80,604,Financial Advisor Associate salaries with median pay of $86,461,Financial Consultant salaries with median pay of $101,261. The estimated total pay for a Financial Solutions Advisor Trainee at Bank of America is $89,300 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. Payscale further reveals that advisors bonus per year is between $2,000-$31,000. Averages based on self-reported salaries. Salary Expert indicates that the average income for CFA is $98,427. Whatever side of the equation you are in, weve got you covered. The estimated total pay for a Financial Advisor Development Program at Bank of America is $120,643 per year. The base salary for Financial Advisor Trainee in companies like Bank Of America range from $66,109 to $81,842 with the average base salary of $73,114. Advantage Savings accounts come with an $8 monthly maintenance fee.. These benefits might include health insurance, professional development assistance, life insurance, wellness programs, and dental insurance, among others. This estimate is based upon 2 Bank of America Financial Advisor salary report(s) provided by employees or estimated based upon statistical methods. The Bank of America Financial Advisor Program is an 18- month program. Bank of America pays the lowest earners $26,000 a year, while the top 10 percent are paid over $107,000. The ranking for the "Top 40 Advisors Under 40" list is compiled using data solicited from the advisors' employers. Check out the latest Bank of America Jobs. 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. Its common for investment advisors to charge a lower percentage for managing big investment portfolios. Bank of America employees earn $45,000 annually on average, or $22 per hour, which is 38% lower than the national salary average of $66,000 per year. . opt out of online behavioral advertising Bank of America is not responsible for and does not endorse, guarantee or monitor content, availability, viewpoints, products or services that are offered or expressed on other websites. Overall, stockbrokers earn between $61,084 and 74,140 per year. 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. Transform pay with our enterprise-grade comp platform, Automate compensation with our full-suite solution, Payscale's employer-reported salary data network, The world`s largest employee-submitted pay database, Annual survey salary data from HR industry publishers, The crowdsourced compensation data API for developers, 100% company submitted data from 2,000+ businesses, Schedule a personalized demo to feel the power of Payscale, Find salary information for similar job titles and locations, Comp Planning Business Case Pitch Deck By clicking Download Pitch Deck, you. The state and city an advisor live in equally affect their annual wage. However if they don't charge that way, then they cold still be fiduciaries but it is unlikely. ", "I love the ability to experience multiple lines of business, and I am learning how to serve my clients. The Bank of America Corporation (abbreviated as BofA) is an American multinational investment bank and financial services company based in Charlotte, North Carolina with central hubs in New York City, London, Hong Kong, Minneapolis, and Toronto. Wealth management specialists offer specialized financial services to affluent clients. - Highest Paying in the USA! How accurate does $54,758 - $67,819 look to you? In this model, an advisor gets paid a percentage if they sell a product to a client. The estimated base pay is $5,608 per month. 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. Check out the latest Bank of America Jobs. Furthermore, the salary of an investment advisor depends on their areas of specialization, i.e. Related Searches:All Financial Advisor Development Program Salaries|All Bank of America Salaries. Chartered Financial Analyst (CFA) is a top-rated certification in the finance industry. The national average salary for a Financial Advisor is $56,538 in Canada. 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. Further, some advisors charge a performance fee. To view Bank of Americas Drug-free workplace and alcohol policy, CLICK HERE. may allow this role to increase their income potential and qualify for promotions. Equal Housing Lender. The best-paid 25% made $158,890 that year, while the lowest-paid 25% made $61,200. .css-jiegi{font-size:15px;line-height:24px;color:#505863;font-weight:700;}How accurate does $115,643 look to you? Similarly, experienced advisors with 10-19 years get an average pay of $92,839. 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. 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. Shaniko, OR. If you prefer that we do not use this information, you may The salary range among these professionals can vary widely depending on years of experience, certification, and other additional skills. Base Salary ( USD) 10% $57k MEDIAN $61k 90% $77k The average salary for a. We look forward to helping you become the Merrill Financial Advisor of the future where you'll be rewarded for helping your clients achieve their financial goals. In addition, many investments advisors have additional certifications like Certified Financial Planner or Chartered Financial analyst. With more online, real-time compensation data than any other website, Salary.com helps you determine your exact pay target. Based on 3 salaries posted anonymously by Bank of America Financial Advisor Trainee employees in Groton. Financial advisors starting salary in this profession is $69,391. The financial planners annual commission stands at $38,500. The Bank of America Advisor Development Program is not just a training program, it's a path to success. Advisors considered must be under 40 years old and work at an employee brokerage firm. Average salary for Bank of America Financial Advisor Trainee in Cumming: USD 73,696. Financial professionals interested in taking their careers to the next level take CFA certification. The salary trajectory of a Financial Solutions Advisor ranges between locations and employers. Other cities with a higher average salary for advisors include Dallas, Georgia, Pittsburgh, Houston, and Phoenix. Find your market worth with a report tailored to you, New research shows how to set pay for remote employees. See all Financial Advisor salaries to learn how this stacks up in the market. Salaries at Bank of America Corp. (BOFA) range from an average of $53,538 to $146,211 a year. Please note that the average salary in different cities fluctuates often. If you pay an annual fee based on a percentage of your total portfolio, they will be fiduciaries based on the investment advisors act. Additional pay could include bonus, stock, commission, profit sharing or tips. Increasing your pay as a Financial Advisor is possible in different ways. Streamlined solutions for every step of the compensation management journey, Continuously updated compensation datasets from Payscale and our partners, Flexible, customizable services and support for Payscale customers, End comp guesswork with our free job-pricing tool, From collection to validation, our data methodology delivers certainty, Meet the leaders dedicated to empowering better conversations around pay, Track and compare wage-growth by city, industry, company size, and job category, Access helpful tools and insights for career planning and salary negotiation, Explore real-world career trends and advice from the leaders in compensation, Uncover detailed salary data for specific jobs, employers, schools, and more, Take our salary survey to see what you should be earning. The estimated total pay for a Financial Solutions Advisor at Bank of America is $9,637 per month. The estimated additional pay is $30,274 per year. Directions | Details & Services. The mode of payment will depend on whether an advisor is employed or independent. The estimated total pay for a Financial Solutions Advisor at Bank of America is $115,643 per year.
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