Merrill Lynch Fires Veteran Advisor for Ignoring Mandated Commission Discounts

Posted on April 29th, 2025 at 11:36 AM
Merrill Lynch Fires Veteran Advisor for Ignoring Mandated Commission Discounts

From the desk of Jim Eccleston at Eccleston Law

Merrill Lynch has terminated Daniel G. Diaz, a 37-year industry veteran, for refusing to apply commission discounts to certain client accounts as instructed by management, according to his Central Registration Depository (CRD) record.

AdvisorHub reports that the discharge cited Diaz’s failure to “follow management’s decision to apply discounts to the commissions applicable to certain customer accounts.”

As reported by AdvisorHub, the incident comes amid broader tensions in the brokerage industry over pricing and perceived advisor value. Merrill has recently warned advisors about declining average fees and urged them to better justify their compensation. Late last year, executives emphasized the need to “re-establish” the firm’s value proposition and promised further training on fee discussions and annual review practices.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

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