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Wall Street News

Democrats Ask U.S. Brokerages If They Support Delay to Fiduciary Rule

January 20, 2017

[Photo:  by Ron Sachs / Zuma]


Would big brokerages support delaying a new rule by the U.S. Department of Labor if President-elect Donald Trump's administration makes a move to do so?


With the rule set to go into effect in April, Senator Elizabeth Warren said she posed that question in a letter to 33 wealth management firms -  including Morgan Stanley, Raymond James Financial, and Bank of America Merrill Lynch, because they have already spent millions to be compliant with the rule.


A Morgan Stanley spokesperson said the bank had received the letter and was reviewing it. Bank of America and Raymond James did not respond to requests for comment.


Last year, Merrill Lynch said it would stop offering retirement services that paid advisers commissions, eliminating the possibility that advisers might push one investment product over another based on the commission they could earn.


Morgan Stanley and others have opted to keep commissions-paying accounts, but have strengthened training and compliance standards to meet the rule's higher standards.