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What You Need to Know It's “dead and buried and Merrill Lynch was the first one to attend the shiva,” says recruiter Danny Sarch. But others say it will always have a small place in helping advisors build business. Social media, referrals and more use of advisor teams are more effective than cold calling. The widely reported recent decision by Merrill Lynch Wealth Management to bar its 3,000 advisor trainees from making cold calls as part of the firm’s new training program is perhaps the surest sign yet that if cold calling isn’t already dead, it’s getting there, according to indus...

Merrill Lynch to launch new adviser training course, ends cold-calling In keeping with the times, it appears that the practice of cold-calling is out and using social and business networking platforms like LinkedIn is in. May 24, 2021 For the past year, Merrill Lynch has steadily hinted at overhauling how it trains new financial advisers, including cutting the retail securities industry’s time-honored tradition of new brokers cold-calling potential clients. In keeping with the times, it appears that the practice of cold-calling is out at Merrill and using social and business networking pla...

Edward Jones eyes new advisers with targeted hiring While the firm is planning to hire financial advisers in 2021, it may see a slowdown in the typical number of new advisers that join the firm in a given year. May 10, 2021 2 MINS As it continues to revamp its hiring of financial advisers, Edward Jones is targeting new financial advisers in 2021, but it may see a slowdown in the typical number of advisers that join the firm in a given year. Edward Jones said in a statement on Friday that it has been retooling recruiting efforts in the face of the Covid-19 pandemic like ...

Robinhood is snapping up financial advisers. Here’s why. Robinhood plans to double the number of full-time registered reps this year after recruiting 100 advisers from other firms since 2019. April 27, 2021 4 MINS Robinhood Financial is ramping up its financial adviser recruiting activity, entering the top 20 firms among incumbents by snatching up 40 experienced and licensed advisers from competing firms year to date, according to .  The majority of Robinhood’s adviser recruits this year came from Fidelity Brokerage Services (35%) and TD Ameritrade Inc. (25%), acco...

In face of pandemic, IBDs proved resilient in 2020 Last year, the 25 largest independent broker-dealers reported $26.6 billion in revenue, an increase of 4.3% from 2019. Although financial results were far from spectacular, growth at leading IBDs last year was resilient in the face of the Covid-19 pandemic and the havoc it caused for the broader stock market. April 26, 2021 2020 was anything but a typical year for the industry, particularly for service-focused businesses like independent broker-dealers.  Covid-19 caused firms to shut down their offices and send staff home to work. Advisers b...