Another broker-dealer has opted to retain commission-based retirement accounts under the DOL fiduciary rule.
According to a report in FinancialPlanning citing a company memo sent to advisers, Wells Fargo will offer clients commission-based retirement accounts under the fiduciary rule, though according to the report, it wasn’t clear if independent advisers affiliated with Wells Fargo Advisors Financial Network would be able to continue offering clients such accounts.
In so doing, Wells Fargo’s decision aligns with previous announcements from:
Firms that have decided to cease offering commissions-paying retirement accounts as a result of the fiduciary regulation include:
“While there is a great deal of speculation in the media on how the election results will affect the DOL rule, none of us can say with certainty what will actually happen. Many different types of scenarios are possible, and we are planning for all of them. In the meantime, we will continue preparing for an April 2017 implementation," the company said in the memo, according to FinancialPlanning.
Wells Fargo will announce other changes in the coming weeks, according to the memo.