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.

$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.

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.

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.

Odd lots:

Goldman's new director makes its board almost half female (Reuters)

Square Takes Aim at JPMorgan With Checking, Savings Accounts (Bloomberg)

On Jupiter Island, the Seaside Mansion Once Owned by Lehman's Last CEO Sells for $32.5 Million (WSJ)