Merrill Lynch Wealth Management recently announced that it was revamping its training program for 3,000 trainee brokers, including placing a ban on cold calling and expanding the initiative’s accessibility to attract more diverse talent. Participants will be directed to use internal referrals or LinkedIn messages instead of cold calls, executives said on a conference call discussing the changes.1
According to the 2020 J.D. Power Financial Advisor Satisfaction Study, only 42% of “captive” financial advisors say they had used social media to prospect, and 44% of those who have used social say it has actually helped them win new business.
As firms increasingly move away from traditional prospecting techniques like cold calling, and the future of in person seminars and events remains unclear, they need to ensure advisors are well trained on how to effectively use channels like social media to build their practice.
Learn more when J.D. Power publishes the 2021 Financial Advisor Satisfaction Study on June 24th.
The J.D. Power U.S. Financial Advisor Satisfaction Study helps wealth management firms understand how effectively profiled firms are servicing their affiliated financial advisors - both employee advisors and independent advisors. Delivering a financial advisor experience that maximizes both loyalty and productivity is critical for success, given the risk of dissatisfied advisors taking clients to a competitor.
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Recommended Readings
1Yahoo Finance: Merrill Lynch’s 3,000 Trainee Brokers Barred From Cold Calling Clients
Merrill Lynch Wealth Management is revamping its training program for 3,000 fresh-faced brokers, including placing a ban on cold calling and expanding the initiative’s accessibility to attract more diverse talent.
MarketWatch: Fidelity to Pitch Accounts to Teens
There are some 27 million teens in the U.S., and several million households already have an account with the wealth manager
