Incognito

Master of Disaster

WR Officer

Notorious Answer

Arsonist

Meryl Lynch is ditching cold calling entirely

Interesting article.

I know that LinkedIn only for cold outreach would never work for my niche, but maybe others?

Would love to hear y’all’s thoughts on this.

https://www.wsj.com/articles/bank-of-americas-merrill-lynch-to-ban-trainee-brokers-from-making-cold-calls-11621850400 Bank of America’s Merrill Lynch to Ban Trainee Brokers From Making Cold Calls In a shift for a program that dates back to 1945, recruits will now be directed to use internal referrals and LinkedIn messages to prospect for new clients.

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paddy

WR Officer

Director of Business Development

They're just not allowing trainees to make cold calls is what I read...not ditching entirely.

Incognito

WR Officer

Master of Disaster

Ah. But it’s still a shift.

paddy

WR Officer

Director of Business Development

I work in the lead gen space so this is interesting to me. Thanks for the share.

Rallier

Politicker

SDR Manager and Consultant

They kept getting in trouble with the DNC registry. This tends to happen in the B2C world much more than the B2B

Incognito

WR Officer

Master of Disaster

Yeah I read that too

Incognito

WR Officer

Master of Disaster

Sorry, can’t edit from my phone. Here’s a clip from the article:

”Merrill Lynch Wealth Management unit is banning trainee brokers from making cold calls, a vestige of an era when the industry pushed hot stocks on anyone who would pick up the phone.

Merrill on Monday rolled out a revamped adviser-training program that prohibits participants from cold calling and directs would-be brokers to use internal referrals or LinkedIn messages to land clients instead. The decision comes after the program’s 3,000 trainees were told to stop outbound recruiting efforts to find new customers last year after problematic phone calls.

The announcement formalizes a shift that executives have signaled for months. “We are leaning much more heavily on leads and referrals from the broader company,” Merrill President Andy Sieg said in April. “There is also an opportunity to be much more modern in terms of the way we are reaching out to prospective clients.”

Smithy

Politicker

Director of Sales

It must be dead then of a world renowned investment bank is not doing it.

🥱

cloudsherpa

Catalyst

Founder

Fascinating. Cold-calling is a relic of the past for sure. That doesn't mean it can't still be effective in certain situations, but it is fast dying. It won't be long before all phones will block unidentified calls. At which point, salespeople will need to develop other tools of connection.

I'm seeing the best salespeople become a combination of marketer and sales. They're learning the game of digital marketing and mastering it, in addition to traditional sales skills such as qualifying and closing.

MR.StretchISR

Politicker

ISR

In that specific scenario, I would have tried to move it. "Sorry, boss. I have a late meeting with a prospect and will not be able to properly prepare for our review. Can we move to XYZ time".

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Incognito

Meryl Lynch is ditching cold calling entirely

9 comments

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