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BofA’s Merrill to tell clients how they’re paying their brokers

The Department of Labors fiduciary rule, which requires advisers handling retirement accounts to charge reasonable fees and commit to giving advice in a clients best interest, may be killed under Trump, but that's not stopping industry from complying.

By Laura J. Keller, Hugh Son | Updated on February 01, 2017
At Bank of America, the new disclosures are among the first public changes enacted under Andy Sieg, 49, who succeeded John Thiel as head of the Merrill Lynch wealth-management business. (Photo: AP)

(Bloomberg) — Bank of America Corp., which has said it will stop offering commission-based retirement accounts as it prepares for new regulations, also plans to more clearly disclose fees that clients pay to the firm’s 14,000 financial advisers.

The Merrill Lynch business will break out fees for asset management services and products including mutual funds, alternative investments and commodities when it mails January account statements later this week. Such fees previously were embedded in statements in ways that customers found hard to understand.

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