Merrill Lynch to end commission-based options for retirement accounts

• Looking to comply Washington's so-called fiduciary rule, Merrill Lynch (NYSE:BAC) tells its more than 14K-strong thundering herd that after April 10, investors with retirement accounts will no longer have the option of paying commissions, but will instead have to pay a fee based on their assets.
• Merrill is the first brokerage to eliminate the commission-option for clients, but it may be paving the way for rivals like Morgan Stanley (NYSE:MS) and Wells Fargo (NYSE:WFC) to do the same.
• LPL Financial (NASDAQ:LPLA) has said it will still offer some sort of commission-based option to retirement savers.
• Source: Michael Wursthorn in the WSJ