The average bank of America financial advisor salary is $109,669 per year. This includes pay, bonuses and performance penalties. It also includes company matching of 401ks and other profit sharing plans. These figures do NOT include taxes rates or metro-specific tax. These salary data are not meant to provide financial advice or be used as a guideline and may not reflect actual compensation.
Average yearly base pay
The annual average base pay for a Bank of America Financial Advisor in the US is $136788 This does not include bonuses which make up about 4%. The highest paid Bank of America Financial Advisors are in San Francisco, where they earn an average salary of $198,847. Overall, compensation at Bank of America is 45% higher than the national average. The range of annual base salaries for Bank of America Financial Advisors is $25,486 to $668,754 (excluding bonuses).
Bonuses
Bank of America executives will likely increase bonuses for their salespeople and trading units. The company's equities and trading units grew 23% last fiscal year while its fixed-income division lost 9%. Total revenue in the trading divisions rose 2% compared to a year ago, and was up 20% from 2019. The company's CEO said that it will keep the bonuses at current levels through 2020, but the bonus pool will be smaller than last year.
Performance penalties
Bank of America has changed its policy regarding financial advisors. This should be known before you make any investment decisions. If your advisor fails to explain every transaction clearly, it is time to find another advisor or learn what compensation they are receiving. Many financial advisers make money by hiding transactions. An important step towards making an informed decision is to find out how your financial consultant is compensated.
Matching company contribution to 401(k), or other profit-sharing plans
The company offers a full benefits package which includes a company match to your 401(k) plan or profit sharing plans. Contributions can be as low as 3% or as high at 9% depending on the employee's pay. After two months of service, employees will automatically be enrolled into the plan. Employees can start contributing as early as 3% of their pay, and their contributions are matched dollar-for-dollar. Additional benefits include paid parental leave, professional development reimbursement, unlimited paid-time off, and professional development reimbursement.
Experience level
It is important to compare bank of America salaries of financial advisors by looking at their experience. This factor may be impacted by one's education and training. A college degree, or an advanced degree, can increase an individual's potential income and allow them to be considered for promotions. Having some management experience can help an individual earn higher salaries.
Locations
The salary of a Bank of America Financial Advisor depends on where you live. The median salary of a Bank Of America financial advisor is $68,589. The top 10 percent make more that $668,750. Bank of America employees earn the most at the New York branch, while those in the lower half earn less.
Future prospects
As a Bank of America financial advisor, you'll have access to a variety of banking services and products. You'll work with clients and have access to a network of highly-trained financial advisors. Bank of America is a financially-driven holding company with four distinct business segments. The Consumer Banking section offers a variety of financial products. Global Wealth & Investment Management is responsible for advising clients about financial matters via a network financial advisors.
FAQ
Do I need to pay for Retirement Planning?
No. No. We offer FREE consultations so we can show you what's possible, and then you can decide if you'd like to pursue our services.
What are the Benefits of a Financial Advisor?
A financial strategy will help you plan your future. You won't be left wondering what will happen next.
It provides peace of mind by knowing that there is a plan in case something unexpected happens.
Financial planning will help you to manage your debt better. A good understanding of your debts will help you know how much you owe, and what you can afford.
A financial plan can also protect your assets against being taken.
Who Should Use a Wealth Manager?
Anyone who is looking to build wealth needs to be aware of the potential risks.
New investors might not grasp the concept of risk. Bad investment decisions could lead to them losing money.
The same goes for people who are already wealthy. Some people may feel they have enough money for a long life. But this isn't always true, and they could lose everything if they aren't careful.
As such, everyone needs to consider their own personal circumstances when deciding whether to use a wealth manager or not.
Statistics
- As of 2020, it is estimated that the wealth management industry had an AUM of upwards of $112 trillion globally. (investopedia.com)
- A recent survey of financial advisors finds the median advisory fee (up to $1 million AUM) is just around 1%.1 (investopedia.com)
- Newer, fully-automated Roboadvisor platforms intended as wealth management tools for ordinary individuals often charge far less than 1% per year of AUM and come with low minimum account balances to get started. (investopedia.com)
- As previously mentioned, according to a 2017 study, stocks were found to be a highly successful investment, with the rate of return averaging around seven percent. (fortunebuilders.com)
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How To
How do I become a Wealth advisor?
If you want to build your own career in the field of investing and financial services, then you should think about becoming a wealth advisor. There are many opportunities for this profession today. It also requires a lot knowledge and skills. If you have these qualities, then you can get a job easily. Wealth advisors have the main responsibility of providing advice to individuals who invest money and make financial decisions based on that advice.
To start working as a wealth adviser, you must first choose the right training course. It should include courses such as personal finance, tax law, investments, legal aspects of investment management, etc. After completing the course, you will be eligible to apply for a license as a wealth advisor.
These are some helpful tips for becoming a wealth planner:
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First of all, you need to know what exactly a wealth advisor does.
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All laws governing the securities market should be understood.
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Learn the basics about accounting and taxes.
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After completing your education you must pass exams and practice tests.
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Finally, you need to register at the official website of the state where you live.
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Apply for a licence to work.
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Show your business card to clients.
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Start working!
Wealth advisors can expect to earn between $40k-60k a year.
The size of the business and the location will determine the salary. You should choose the right firm for you based on your experience and qualifications if you are looking to increase your income.
We can conclude that wealth advisors play a significant role in the economy. It is important that everyone knows their rights. They should also know how to protect themselves against fraud and other illegal activities.