Merrill is banning cold-calling in massive overhaul of its financial advisor training program

Good morning and welcome to Insider Finance. I'm Dan DeFrancesco, and here's what's on the agenda today:

• Merrill Lynch just made massive changes to its storied financial advisor training program.
• Schonfeld nabs a former Citadel and Balyasny macro head for a new division at the $7.8 billion hedge fund.
• From vacation incentives to cash bonuses, here's what consulting firms are offering up to employees after a year of long hours stuck at home.

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Merrill Lynch finally gives advisors-in-training answers as it bans trainees' cold-calling and shortens development program

Merrill Lynch Wealth Management is overhauling its storied financial advisor training program. Here's what we know.

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$7.8 billion Schonfeld has hired former Citadel and Balyasny macro head Colin Lancaster and an 11-person team to launch a new division at the hedge fund

Lancaster will start a new macro investing unit at the $7.8 billion firm. These are the details about the new hire and his team.

Legal-tech startups are growing skeptical of SPACs, creating a big opportunity for private-equity firms to swoop in on deals

Despite a SPAC boom, legal-tech companies are lukewarm about this method of going public. Instead, some industry leaders said they see SPACs as a good way to drive competitive demand from private-equity firms.

Here's what else they told us.

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Firms like BCG and McKinsey are offering consultants new bonuses, vacation incentives, and perks. Here's a rundown.

Management consultants are burning out and quitting their jobs due to long hours stuck at home. These are the perks firms are offering to keep them around.

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Credit Suisse just told its New York bankers to come back to the office from June 14 as Wall Street prepares for a summer return

Credit Suisse has outlined a two-step approach for New York-based staffers' return to the office. Here's the plan.

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