Financial Advisor Development Program News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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

ablokhin/Getty Images Issues in Merrill Lynch's 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 America's 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 pause on reaching out to prospective clients has hurt trainee morale and added frustrations in a ...

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 have low graduation rates, as many drop out of the intensive, multi-year program or shift to other ar...