In the News

Title

Merrill's move to end commission IRAs a 'tectonic shift' for brokerage industry

Document Type

Article

Publication Date

10-7-2016

Abstract

Merrill Lynch's decision to shutter its commission IRA business in response to the Labor Department's fiduciary rule could signal a sea change in the brokerage industry, and could push Merrill brokers reliant on commissions to find another home, according to industry observers.

“I think the Department of Labor regulatory initiative is a game changer in the industry, and we are going to see more tectonic shifts,” Marcia Wagner, principal at The Wagner Law Group, said.