Merrill Lynch may bring back commissions on sales to IRA clients

June 22, 2018 by Editorial Staff

Bank of America Corp’s Merrill Lynch Wealth Management is reconsidering an internal policy from 2017 that banned advisers from opening new retirement accounts that paid them commissions, according to a source familiar with the situation, Reuters reported this week.

Merrill Lynch, along with JPMorgan Chase & Co, moved away from brokerage retirement accounts last year, banning the opening of new ones and moving many clients into advisory accounts, in preparation for the U.S. Department of Labor’s fiduciary rule.

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Originally Posted at Retirement Income Journal on June 21, 2018 by Editorial Staff.