Bank of America Banned Cold Calls to Customers!

  Bank of America Banned Cold Calls to Customers! Founded in 1945 as Bank of America's training program, the Merrill Lynch Asset Management unit prohibits intern brokers from Cold Calling customers. Cold calls are known as sudden and unannounced calls made to connect customers. The bank told its 3,000 trainees not to do so, trying to persuade customers who had problematic phone calls last year. However, the bank made a radical decision by asking them to use internal referrals or LinkedIn messages to connect customers. Bank of America raised the minimum wage to $ 25 per hour. The announcement will formalize a change that executives have been pointing out for months. “We pay much more attention to leads and referrals from a larger company, ” Merrill President Andy Sieg said in April. In addition, we are changing the way we reach potential customers in much more modern ways. ” said. Merrill's candidate pool, which pays a basic salary of $ 65,000 a year, is generally made up of young and diverse trainees. In the program, participants who fail to achieve their goals are disqualified or transferred to other roles in the bank.

Founded in 1945 as Bank of America's training program, the Merrill Lynch Asset Management unit prohibits intern brokers from Cold Calling customers.

In recent years, only a small proportion of trainees have completed the program. Interns say that cold calls are less important, saying successful recruitment often requires extensive personal networks. While cold calls offer a skilled salesperson the opportunity to build a network from scratch, the failure of many to answer the phone makes it difficult to be successful. Merrill executives state that they receive timely returns for about 40 % of personal referrals, while only less than 2 % of cold calls are answered.  

Source: www.foxbusiness.com

 

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