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Merrill Lynch details adviser development program With a fresh take on adviser training, Merrill Lynch expects to increase diversity while graduating 1,000 new advisers per year. These advisers will be located in-office and report to their local market executives. May 24, 2021 3 MINS Merrill Lynch unveiled fresh details Monday around its modernized adviser development program, or ADP as the wirehouse is calling it, after a year of teasing that it is overhauling training practices for new financial advisers.  The new program, which is led by Lydia DiClemente, managing di...

Trainees will, instead, be encouraged to build new client relationships via LinkedIn as well as leads and referrals from Bank of America. Sieg said there are broader opportunities for collaboration and referrals to move across from the consumer bank to Merrill. The bank serves more than 60 million customers, more than 3 million of which have a net worth over $1 million and don’t have investment relationships with the firm. Louis Diamond, president of Diamond Consultants, believes the cold-call ban stems from several firings of Merrill advisors who violated the firm’s Do Not Call list. For...

The wirehouse is launching a new training program using internal referrals and LinkedIn messages according to The Wall Street Journal.

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Brian Ach/AP Images for Bank of America Merrill Lynch This story is available exclusively to Insider subscribers. Become an Insider and start reading now. Merrill Lynch Wealth Management is overhauling its storied financial-advisor training program.  The firm said it would ban cold calling, shorten the program, and aim for high graduation rates.  Merrill paused trainees' cold calls last year after a spate of outreach-related violations. Bank of America's wealth-management business is overhauling its sprawling training program...