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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 program where building a book of business is critical to success. The firm has fired a handful of trainees for violating the terms of the pause since it went into effect last July.