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Stories of Interest
- Address at ICI's 2017 Securities Law Developments Conference - SEC Commissioner Stein
- New York Pension Fund Seeks More Pay Disclosure from Wells Fargo
- Wells Fargo Sanctions Are on Ice Under Trump Official
- Josh Brown: Here's How to Buy Bitcoin, But Realize It Could Be One Giant Bubble
- Trump's New Tax Plan Could Cost Citigroup $20 Billion
- Morgan Stanley Fires Former Congressman Harold Ford Jr.
- Al Franken Will Resign Over Sexual Misconduct Allegations - His Full Resignation Speech
- Ex-NFL Player Gets 40 Years for Running $10Mn Fraud
- Bitcoin Blows Past $15K, Adding $2K in Under 12 Hours
- Financial Adviser Settles Charges for Defrauding Private Equity Fund Investors
- New Cross Market Equity Supervision Report Cards - FINRA Phone-In Workshop, WebEx Presentation
- Mueller Just Crossed Trump's Red Line, With Deutsche Bank Subpoena
- Wildfire Rages Near Los Angeles
- Former Company Insider Has $4.1Mn Payday as a Whistleblower
- Audit Firm, Anton & Chia, Conducted Fraudulent Audits of Penny Stock Companies - SEC
- Mueller Subpoenas Deutsche Bank Records on Trump and Family
- Bitcoin Nearly Halfway to $400Bn Value Predicted by Winklevoss Twins 4 Years Ago
- Fidelity Clients Suffer Second Website Glitch in Week
- CBOE Beats CME to Bitcoin Futures Launch with December 10 Start
- McKinsey Senior Exec Thomas Barkin Named New Head of Federal Reserve Bank of Richmond
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NEWSLETTERS & ALERTS
Merrill Lynch Reverses Course on Commission-Based IRAs
Last October, Merrill Lynch was the first major firm to announce plans to comply with the Labor Department’s fiduciary rule for retirement accounts, when it decided to no longer give retirement savers the option of paying a commission for trades. Instead, the firm opted to go with fee-based accounts, in order to minimize potential conflicts tied to specific investment products. [Financialish, 10/6/16]
Today, the firm reversed its decision and announced plans to introduce new commission-based retirement accounts, beginning 6/12/17 – days after the fiduciary rule is scheduled to become effective. On that day, such accounts will only be allowed to hold investments in money market funds and brokered CDs. Eventually, concentrated stock positions will be added to the investment mix. Merrill clients with $50 million or more with the brokerage will have the added option of being able to house private-equity and hedge-fund investments in a commission-based retirement account. Such investments are not conducive to a fee-based structure, and they’re not likely to involve much, if any, trading. The trading of stocks, bonds, ETFs, and mutual funds will not be permitted.
When all is said and done, the changes will be limited in nature - because they're intended to benefit those Merrill clients who are in special situations.