In an attempt to eliminate potential conflicts of interest
before the Department of Labor's fiduciary rule takes effect
next year, Bank of America Merrill Lynch told its financial
advisers to stop selling mutual funds in brokerage-based individual
retirement accounts. The funds are still available in Merrill Lynch
investment advisory program accounts and non-retirement brokerage
accounts, however the brokerage firm is seeking to eliminate
potential compensation conflicts that could arise ahead of the
rule's April 10, 2017 effective date. Clients with existing
mutual funds in a commission-based IRA won't be required to
sell and can continue to make dividend reinvestments.
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