Merrill Lynch to Expand 401(k) Fiduciary Services
From the Desk of Jim Eccleston at Eccleston Law LLC:
Merrill Lynch has announced that it will expand fiduciary services for 401(k) clients by allowing more financial advisors to manage retirement plan menus on a discretionary basis.
Merrill Lynch’s announcement comes amid a broader push by wirehouses and large brokerage firms to change the way they work with smaller retirement plans. Although the Department of Labor’s fiduciary rule was gutted by the courts, firms such as LPL Financial, Morgan Stanley Wealth Management, Raymond James and UBS Wealth Management Americas have recently announced similar services for 401(k) participants.
Under the current system, only approximately 300 Merrill Lynch advisors work with 401(k) plans as a fiduciary. With the new plan in place, it is expected that more than 4,100 advisors will have the ability to act as a fiduciary for 401(k) plans.
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Related Attorneys: James J. Eccleston
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