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Merrill Lynch Ends Mutual-Fund Purchases in Commission IRAs

Bank made move before the April implementation of the fiduciary rule to avoid the conflict of appearing to double dip on fees

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Clients of Bank of America’s Merrill Lynch brokerage can no longer buy mutual funds in retirement accounts that charge commissions, another sign that the effects of new retirement regulations are already being felt months ahead of implementation.

Starting immediately, Merrill clients who have a commission-based individual retirement account can no longer purchase a mutual fund, according to a memo sent to the firm’s more than 14,000 brokers. Merrill clients who already have mutual funds in a commission-based IRA won’t be...

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