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

Return to Archive

TESTIMONIALS

Previous
Next

I just wanted to say thanks again for preparing and executing my case in such a professional manner. It was a pleasure to watch two professionals take such pride in their work, as well as becoming personally in tune with your client (Me). I would personally recommend you and your firm to anyone.

John O.

LATEST NEWS AND ARTICLES

October 2, 2024
SEC Charges Two South Florida Men for Defrauding Venezuelan-American Investors in $5 Million Scheme

The Securities and Exchange Commission (SEC) has filed a complaint against two South Florida men, Francisco Javier Malave Hernandez and Ricardo Javier Guerra Farias, for orchestrating a multi-million dollar investment fraud that targeted members of the Venezuelan-American community.

October 1, 2024
California Advisor Suspended and Fined for Churning Client Accounts

A veteran advisor in Santa Maria, California, Stewart "Paxton" Ginn, has been suspended for 18 months and fined $50,000 by FINRA, according to AdvisorHub

September 30, 2024
Bank of America and Merrill Lynch Settle with FINRA for Supervisory Failures

Bank of America and its subsidiary, Merrill Lynch, have agreed to a $3 million fine and censure as part of a settlement with FINRA over long-term supervisory failures.