Bank of America CFO says decision to stop paying IRA commissions won’t incite Merrill Lynch brokers to quit
CFO Paul Donofrio says the bank's decision "creates significant flexibility for our advisers, and we're delivering fiduciary, best-interest advice to clients.” (More: A comprehensive, searchable database of advisers' fiduciary FAQs) .
Bank of America Corp.'s chief financial officer Paul Donofrio on Monday dismissed the notion brokers working for its Merrill Lynch brokerage unit will defect en masse because of the firm's decision to stop paying commissions on individual retirement accounts.
The bank announced earlier this month
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