Brian Ach/AP Images for Bank of America Merrill Lynch
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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 for financial advisors, including instating a cold-calling ban. This ends nearly a year of uncertainty for about 3,000 trainees who were told last summer that a pause on cold-contacting prospective clients would be temporary.