In an attempt to eliminate potential conflicts of interest before the Department of Labor's fiduciary rule takes effect next year, Bank of America Merrill Lynch told its financial advisers to stop selling mutual funds in brokerage-based individual retirement accounts. The funds are still available in Merrill Lynch investment advisory program accounts and non-retirement brokerage accounts, however the brokerage firm is seeking to eliminate potential compensation conflicts that could arise ahead of the rule's April 10, 2017 effective date. Clients with existing mutual funds in a commission-based IRA won't be required to sell and can continue to make dividend reinvestments.
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