Merrill Lynch, considered the world's largest employer of brokers, is now undergoing a change on what it is teaching its trainees. Instead of instructing them on how to make cold calls, they are putting those new employees in classrooms that emphasize statistical analysis, financial planning, and wealth management. Merrill’s new training program specifically covers the Monte Carlo analysis and they also have psychology classes such as behavioral finance.
What’s happening at Merrill is indicative of what’s happening all over Wall Street that is in the throes of turning those typical brokers looking for commissions into financial advisors. In fact, Merrill is even urging their people to seek out and obtain professional certifications such as the CFP, or certified financial planner.
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