Why Merrill Lynch Still Excludes Commission-Based Annuities from IRA Accounts
September 12, 2018 by Alex Padalka
Following a recent reversal on its prohibition of commission-based products in individual retirement accounts, Merrill Lynch nonetheless kept commission-based annuities out of IRA options, InvestmentNews writes.
While some experts say the complex product necessitates more diligent care, not everyone agrees, according to the publication.
Last month the wirehouse reversed its ban on commission-based products in IRAs. The ban had been put in place two years previously in anticipation of the Department of Labor’s fiduciary rule, which purported to require retirement account advisors to put clients’ interests first.
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But Sheryl Moore, owner of consulting firm Moore Market Intelligence, isn’t convinced, the publication writes.
“It doesn’t hold water with me,” she tells InvestmentNews. “If you’re saying annuities are more complex products, you have to apply that same standard to all annuities.”
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