Merrill Lynch’s training course to work with wealthy clients involves graded exams, hitting asset goals, and landing clients. One trainee explains how it works.

Bank of America’s Merrill Lynch revamped its wealth manager training program, nearly three years ago and made several changes over the years, from cutting the length in half from 36 months to 18 months and banning cold calling.

The Merrill Lynch Advisor Development Program currently has 2,300 trainees preparing to work with its wealthiest clients. One of these trainees, 25-year-old Lindsey Clark, will become a full-fledged advisor at the end of March. The Chicagoan shared how she built a book of business and the toughest challenge on her path with Business Insider.

College grads start by working with branch customers and getting licensed

Wealth management was a natural choice for Clark, whose father was a buy-side analyst at Los Angeles-based asset manager TCW. She grew up overhearing his phone calls, while her mother managed the household finances.

“I got to see him manage more of the big picture and then her manage the day to day,” she said. “When you think about wealth management, it really is a combination of bringing those two together, and I was interested in both.”

Bank of America’s advisor development program has three stages. Clark joined the program soon after graduating from UC San Diego in 2020.

As a financial solutions advisor, she worked with branch clients, from students looking to open their first checking account to retirees who needed to transfer over 401ks. Clark also obtained her Series 7 and 66 licenses.

She spent a year in this role before meeting with a Merrill Lynch market manager and her direct manager to advance to the second stage. To show she knew the product suite, Clark had to hit several targets, from setting up credit cards to helping clients use Merrill Edge, a self-directed investment product.

“We always like to ask questions in threes,” she explained. “What are the top three financial concerns that you have right now? What are the top three things keeping you up right now financially?”

Sometimes the answers require interpreting, she said. A retiree listing inflation as a concern really means that they are afraid of outliving their money, for instance.

Trainees have to complete a 10-week curriculum before getting face time with Merrill clients

For the second stage, she moved to a Merril Lynch wealth management branch. (More experienced hires who are already licensed can skip to this stage.)

It begins with 10 weeks of full-time study led by “the Academy,” the bank’s training unit. The morning session resembles a traditional class, according to Clark, and goes over concepts like having a “discovery conversation” with a client to assess their needs and putting together recommendations. The afternoon session is interactive with small groups of trainees led by an academy manager. They take turns having practice conversations, with one trainee, for example, pretending to be a parent preparing to send a kid off to college.

Outside of the sessions, Clark had to complete modules on topics like portfolio models to opening accounts. Each module ended with a graded exam, which was usually multiple-choice. To graduate, Clark presented a financial plan for a hypothetical client to her two managers.

To reach the final stage, Clark built her own book of business

The second stage typically lasts 18 months, including the academy portion, but can be as short as 12 months.

The program is divided into six regional divisions encompassing more than 100 markets. Each market organizes its own social gatherings. Clark has found female advisor mentors in her Chicago office and is overseen by both a training market leader and a local resident director.

After graduating from the academy, Clark focused on education, asking senior advisors for guidance and studying market updates. Clark also earned additional accreditations in retirement planning and asset management. There are weekly virtual meetings for trainees that include updates from the chief investment office.

At several points during this phase, Clark had to reach production targets based on assets under management and new households. (Bank of America declined to specify the exact figures).

Since cold calling was banned in 2021, Merrill financial solutions advisors do most of their prospecting through service calls to existing Bank of America customers who have been identified as potential wealth management clients.

“We are just reaching out to say, ‘How is the relationship going? Are you receiving all of the services that you want to be receiving?” she said.

Trainees are also encouraged to find clients by networking locally. Clark recently started a running group in the office building, which includes companies other than Merrill Lynch. She also co-chairs philanthropic events for the Chicago chapter of Merrill Lynch’s Women Exchange, which is running an upcoming “Shamrock Shuffle” run.

The hardest part of her training was also the most rewarding

Clark usually has two to four client meetings a day. There isn’t a set protocol for how often to check in with clients, but she prefers quarterly reviews.

“I really insert myself in their life and their families,” she said. “I know their pet’s names, their kids’ names. I want to be their trusted person that they can call and lean on.”

Despite being nearly 30 years younger than the average financial advisor, Clark said she hasn’t encountered any pushback from wealthy clients. “It’s just getting them to trust that I will always act in their best interest,” she said. She “100% admits” when she can’t answer a question and turns to a bench of specialists in lending, estate planning, and other areas.

By the end of this month, Clark will meet her final asset and household goal. This will get her to the third and final stage: becoming a financial advisor.  She will join a Chicago-based team of advisors led by one of her mentors, Helen Balch.

Her favorite part of the program is talking to clients, though it hasn’t always been easy. Her mother, who was her first client, died of lung cancer in August. Working 10 to 12 hours a day and helping clients plan their futures has been bittersweet.

“It was really difficult after that to show up at work and talk to my clients about their retirement dreams. I talked to my mom about all this, and she didn’t get to have it,” Clark said. “But it also at the same time inspired me because I was like, ‘I get to do this for people.'”