Investing
Merrill Lynch’s 3,000 Trainee Brokers Barred From Cold Calling Clients
- Firm will rely more on internal referrals, LinkedIn messages
- Length of training program will be cut in half to 18 months
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Merrill Lynch Wealth Management is revamping its training program for 3,000 fresh-faced brokers, including placing a ban on cold calling and expanding the initiative’s accessibility to attract more diverse talent.
Participants will be directed to use internal referrals or LinkedIn messages instead of cold calls, executives said on a conference call discussing the changes. The length of the program will be cut in half, from three years to 18 months, with a goal of graduating 1,000 new advisers a year within the next few years, according to Andy Sieg, president of Merrill Lynch Wealth Management. One of the goals of the changes is to reach an 80% graduation rate, compared with a historical industry average of less than 30%.