Wealth Management Specialist

Bank of America; United States; On-site; USD 60,000 - 90,000; Full time

Job summary

Merrill Wealth Management, a unit of Bank of America, is seeking an EGP Trainee to develop and support FA teams’ client base through elite growth practices and robust financial planning. The role focuses on licensing progression, client servicing, and partnership across Wealth management specialists.

You will gain exposure to portfolio analysis, data gathering, and strategic investment opportunities while pursuing required registrations and designations to advance to an FA Specialist role.

Qualifications

• Series 7, 63/65 or 66 or equivalent; must obtain state registrations held by FA teams they support.
• SAFE ACT Registration and background checks as required.
• ADV-2B and CFP® or CPWA® designation, or equivalent firm-approved designation.
• Strong client experience, communication and relationship management.
• Extensive knowledge of Wealth Management products and services.
• Ability to deliver solutions and make sound financial planning decisions.

Responsibilities

• Develop and service client segments and next generations with Merrill partners.
• Gather assets from existing client base and deepen relationships.
• Coordinate portfolio analysis, proposals, and direct mail with Salesforce.
• Provide marketing and organizational support.
• Study for required registrations and obtain licenses/designees as needed.
• Work with FA teams to provide comprehensive financial planning solutions.

Skills

Series 7 license

63/65/66 license

SAFE Act Registration

CFP/CPWA designation

Communication skills

Relationship management

Analytical skills

Education

High School Diploma / GED / Secondary School or equivalent

Tools

Salesforce

Job description

Merrill Wealth Management is a leading provider of comprehensive wealth management and investment products and services for individuals, companies, and institutions. Merrill Wealth Management is one of the largest businesses of its kind in the world specializing in goals-based wealth management, including planning for retirement, education, legacy, and other life goals through investment advice and guidance. Merrill’s Financial Advisors and Wealth Management Client Associates help clients pursue the life they envision through a personal relationship with their advisory team committed to their needs. We believe trust comes from transparency. Our trusted advisory teams are equipped with access to the investment insights of Merrill coupled with the banking convenience of Bank of America. Merrill is committed to an in-office culture that supports collaboration, engagement, and career development. Our approach includes clear in-office expectations, while providing an appropriate level of flexibility based on role-specific responsibilities and business needs. At Merrill, we empower you to bring your whole self to work. We value the unique perspectives in our thoughts, business and within our employees and clients. Our Wealth Management team represents an array of different skills and experiences that individuals bring from all backgrounds and careers; whether gained through military service, community college education, or a wide range of work and life experiences. These journeys foster resilience, leadership and innovation, strengthening our workforce and positively impact the communities we serve.

Job Description

This EGP Trainee is a training program to develop and prepare candidates to further develop and service the FA Teams client base. The Trainee role allows EGP Specialist to become fully license and require the appropriate designations before taking on the full EGP Specialist role. This position operates in a marketing and sales development role by implementing and executing the Elite Growth Practice. Specific accountabilities for the role may vary depending on the team’s practice. Performance is measured by the FA or FA team through specific goals, metrics, and behaviors related to the execution of the EGP model.

Core Responsibilities

• Develop and service client segments and the next generation and their next generations and beneficiaries.
• Gather additional assets from existing client base and deepen relationships by partnering with all Merrill partners to deliver a full breadth solutions.
• Coordinate technological support through the development of portfolio analysis, proposals and direct mail campaigns utilizing Salesforce and other tools and resources.
• Provide technical expertise in certain product areas (e.g. Corporate 401(k), Rule 144, Insurance, Wealth Management Workstation)
• Provide marketing and organizational support.
• 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 disciplinary action up to and including termination.
• Role is designed to allow employees to study and obtain all required registrations.
• This role is an FA Paid Resource. The Elite Growth Practice (EGP) Wealth Planner position may be filled at a Trainee, Specialist or Senior level depending on experience of the candidate and needs of the Financial Advisor Team.
• The Trainee is a non‑exempt position for a hire lacking required security licenses and/or designation. This position allows the individual to become fully licensed and achieve the appropriate designations required for the position. If Series 7 and 66 (or 63 & 65) licenses and approved designation are not currently held, must be obtained within a specified timeframe to be eligible for Specialist position.
• This Elite Growth Practice (EGP) Wealth Planner is responsible for working with Financial Advisor (FA) teams to provide comprehensive financial planning solutions.
• Key responsibilities include identifying strategic investment opportunities, driving financial planning by gathering and analyzing data to create robust financial plans, and fostering internal relationships.
• Job expectations include having knowledge of Estate and Gift Taxes, Philanthropy, Trust Structures, Insurance, Income Tax Planning, and Investment Management and a comprehensive understanding of the suite of solutions, platforms, and initiatives across the bank.
• This position may be responsible for the provision of residential mortgage loans, and as such, is subject to SAFE Act registration requirements. Pursuant to the SAFE Act requirements, all employees engaged in residential mortgage loan originations must register with the federal registry system and remain in good standing. Since this position requires SAFE Act registration, employees are required to register and to submit to the required SAFE Act background check. Failure to obtain and/or maintain SAFE Act registration may result in disciplinary action up to and including termination.

Responsibilities

• Leverages extensive financial data to identify possible solutions to meet client needs and goals
• Schedules, prepares, and attends client meetings to review plans, capture changes, and discuss next steps
• Monitors, updates, and maintains client information in a related planning tool and plans on a consistent basis
• Engages with specialists and partners to address client needs and deliver solutions

Required Qualifications

• Series 7, 63/65 or 66 or equivalent; must obtain all state registrations held by the Financial Advisor(s) and Advisor Team(s) they support
• SAFE ACT Registration;
• ADV-2B
• Required CFP® or CPWA® designation and/or obtain/maintain at least one firm approved designation
• Understanding of how to deliver a strong overall client experience
• Thorough knowledge and understanding of the suite of Wealth Management products and services
• Possess and demonstrate strong communication skills
• Superior relationship management skills to partner effectively with specialists and across lines of business to meet the needs of clients
• Strong analytical skills with the ability to identify trends, root cause and effects and develop strategies to increase growth and mitigate risk
• Ability to make sound decisions by having a deep understanding of financial planning best practices and policies/procedures
• Ability to identify client needs and concerns and articulate appropriate approach to align solutions to goals in a suitable and controlled way

Skills

• Business Development
• Client Investments Management
• Portfolio Analysis
• Portfolio Management
• Wealth Planning
• Causation Analysis
• Client Management
• Data Visualization
• Risk Modeling
• Trading and Investment Analysis
• Investment Management
• Referral Identification

Minimum Education Requirement: High School Diploma / GED / Secondary School or equivalent

Internal employees who are currently working from home are still eligible to apply. However, if selected for the role, you may be required to work onsite in accordance with the workplace excellence policy.

Shift: 1st shift (United States of America)

Hours Per Week: 37.5

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At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day. One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being. Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi‑faceted approach for flexibility, depending on the various roles in our organization. Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!

Partnering Locally Learn about some of the ways Bank of America is making a difference in the communities we serve. Global Impact Learn about the six areas that guide Bank of America’s efforts to help make financial lives better for customers, clients, communities and our teammates. Opportunity and Inclusion Each employee brings unique skills, background and opinions. We see opportunity and inclusion as our platform for innovation and a key component in our success. Our Values Learn about our four values that represent what we believe. Pay Transparency: https://careers.bankofamerica.com/en-us/pay-transparency