Bank of America is a multinational investment company based in Charlotte, North Carolina. It was named one of the "100 Best Companies to Work For" by Fortune magazine in 2019.
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 director at Bank of America Merrill Lynch, not only cuts out the practice of cold-calling, but is designed to be a full-fledged talent management strategy that will integrate career paths and training for multiple roles within the company, said Andy Sieg, president of Merrill Lynch Wealth Management.
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 instance, the firm terminated financial advisors Ethan Kunin in Austin and Nicholas John Ferguson in New York at the end of 2020. In his BrokerCheck profile, Kunin said he was following guidance he received in the training program during the summer of 2020.
POLITICO
Get the Morning Money newsletter
Email
Sign Up
By signing up you agree to receive email newsletters or updates from POLITICO and you agree to our privacy policy and terms of service. You can unsubscribe at any time and you can contact us here. This sign-up form is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Presented by
Editor’s Note: Morning Money is a free version of POLITICO Pro Financial Services morning newsletter, which is delivered to our subscribers each morning at 6 a.m. The POLITICO Pro platform combines the news you need with tools you can use to take action on the day’s biggest stories. Act on the news with POLITICO Pro.
Are card revolvers a vanishing breed?; home sales market starts to slow americanbanker.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from americanbanker.com Daily Mail and Mail on Sunday newspapers.