Tag Archives: Merrill

Financial Advisor IQ – Merrill Lynch and Wells Fargo Learn Tough Lessons from Discrimination Suits

When Merrill Lynch and Wells Fargo Advisors agreed, separately and four years apart, to settle class action race discrimination law suits, they signed pacts that required them to fork over altogether a total of almost $200 million. But they also each agreed to make changes to their recruitment, training and management of African-American advisors.

Each of the brokerages agreed – as part of the terms of their separate settlements – to hire coaches for African-American advisors, set up more business development resources for those advisors, and schedule regular sessions for them to meet with top executives at the brokerages. During those scheduled sessions, the executives and advisors, it was hoped, would share ideas about how to revise policies to help more African-American advisors…

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