Merrill Lynch to Expand 401(k) Fiduciary Services

Posted on April 11th, 2019 at 4:47 PM
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.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: james eccleston, eccleston law, eccleston law llc, eccleston, merrill lynch, 401(k), morgan stanley, raymond james

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