As Wall Street’s wealth management firms scramble to comply with a new U.S. Department of Labor rule, JPMorgan Chase & Co said on Wednesday it will stop offering commissions-paying retirement accounts.
In doing so, J.P. Morgan will join Bank of America’s Merrill Lynch and other firms that recently adopted the approach.
The so-called fiduciary rule, which takes effect in April, is aimed at forcing brokerages to put their clients’ interests first by eliminating any conflict of interest created by brokers’ commissions.
The rule targets “transactional” accounts, which charge clients a commission for every trade, and rather than wade through the complexities of the 1,000-plus page regulation, many firms are just dropping transactional retirement accounts altogether.
Starting in April, clients of Chase Wealth Management, Private Bank and J.P. Morgan Securities have two options: they can either chose to pay a financial adviser a flat fee based on how much money they have invested, or they can use an online platform to manage their retirement account themselves.
For information on foreclosure defense call us at 844-372-8378. We offer litigation support, admissible evidence, expert witness testimony, education, training, and support in all 50 states to attorneys and pro se homeowners.
Feel free to connect with us . . .
332 S Michigan Avenue
Suite 1032 #F513
Chicago IL 60604-4434
Legal Information Is Not Legal Advice: This site provides “information” about the law and is only designed to help users safely cope with their own legal needs. But legal information is not the same as legal advice — the application of law to an individual’s specific circumstances. THIS SITE IS NOT INTENDED TO BE MISCONSTRUED AS LEGAL ADVICE. Fraud Stoppers is NOT a law firm, non-profit organization, or government agency. Register for your Free Mortgage Fraud Analysis and Securitization Search, and get Free Foreclosure Defense Help and Free Foreclosure Defense Documents that you can use to stop a foreclosure and save your house.