Add Raymond James to the list of broker-dealers that will continue to support the use of commissions in servicing retirement accounts.
According to InvestmentNews, CEO Paul Reilly announced during an earnings call that the firm expected to continue to pay its 7,146 advisers both fees and commissions for the work they do with individual retirement accounts. Asked by an analyst during the call about the decision, Reilly emphasized that Raymond James didn't want to pressure its advisers or clients into moving into fee-based accounts.
Raymond James said that expenses, in large part related to the DOL’s new rule, could increase by about $28 million during the company's fiscal 2017, according to the report.
Recently Morgan Stanley and Ameriprise announced their decisions to continue supporting commission-based fee structures, while Commonwealth Financial Network and Merrill Lynch have decided to move away from offering commission-based products in the retirement accounts they serve. Edward Jones announced back in August that it planned to curtail mutual fund access for retirement savers in accounts that charge commissions, while cutting the investment minimums on others.
