Pros
Working with our clients was by far the best part of my job.
Cons
BOA is a dead end position. No room for growth at all. Standard raise & cost of living barely cover increased healthcare costs. Medical plan is high deductible, so I basically paid for all of my medical care plus the cost of insurance. With that many employees, they at the very least, should have covered the cost of the insurance. The FA was in control of pay increases, based on unrealistic standard put in place by the company. The company raises didn't even cover cost of living. The only way to actually make more money is for the financial advisor to share his bonus. I felt like I always had to justify my worth as to why he should give up his own bonus for me. Senior management has NO idea what really happens in the branches. BOAs are treated as lesser than. The one FA/one BOA dynamic is unhealthy. I often felt isolated and alone. The FAs were treated to all expenses paid trips once a quarter, so called "trainings" by product partners, and were treated to weekly/daily lunches, while the BOAs were always stuck in the office. The high production expectations from the company ultimately forced the FAs to put their production requirements and commission before what was best for the clients. Year after year I watched my FA sell annuities and life insurance to make a massive commission, whether the clients needed it or not. When I would question if it were appropriate, I would be told to "not worry about it" and to just do what I was told. The last couple years the FAs were incentivized to recruit so many new FAs that it felt like I was working for Amway or a pyramid scheme.