Financial Advisor Development Program News Today

Advisor trainees called numbers on do-not-call lists, according to New Hampshire regulators and FINRA.

ablokhin/Getty Images Issues in Merrill Lynchs massive pipeline for financial advisors are weighing on trainees morale. Advisors in training have faced months of mixed messaging about prospecting, people say. Bank of Americas wealth management unit is among the largest in the US, overseeing trillions. Restrictions on Merrill Lynch Wealth Management financial advisors in training are stretching into a ninth month and have shown no signs of lifting. An unprecedented ...

Documents shed light on how two brokers overseeing trainees allegedly called hundreds of phone numbers on Merrill’s Do Not Call list.

The hold in trainees client prospecting activity can have a meaningful impact on trainees morale. If advisors-in-training are not able to build their networks and books of business, their progress can be stunted.  The person familiar with the matter, who requested anonymity to speak freely, said some trainees are frustrated and "in limbo." The program trains some 3,000 to 3,500 at any one time.  The Financial Advisor Development Program (FADP) and ones like it across Wall Street generally hav...