DD Support Board and Research Team

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"Bank of America tells broker trainees, 'no more_cold_calling' - WSJ"

* "Bank of America (BAC +0.6%) is prohibiting trainee brokers at its Merrill Lynch Wealth Management unit from making cold calls to push the latest hot stock, as the firm shifts to more modern methods for bringing in new clients, the Wall Street Journal reports, citing people familiar with the matter.

* Instead, its new adviser-training program will urge them to use internal referrals or LinkedIn messages for finding new clients, the article said.

* "We are leaning much more heavily on leads and referrals from the broader company," Merrill President Andy Sieg said in April, the WSJ said.

* While SA contributor Stephen Simpson likes Bank of America's prospects, the stock's recent outperformance means there's less potential for excess return, he says.""

https://seekingalpha.com/news/3699552-bank-of-americas-merrill-tells-broker-trainees-no-more-cold-calling-wsj