Merrill Lynch sees many industry concerns addressed in retirement advice rule

Elderly people sit on a bench to take in the sun with their dog along the Promenade Des Anglais in Nice February 19, 2013. REUTERS/Eric Gaillard

(Reuters) - Bank of America Corp’s Merrill Lynch wealth management chief John Thiel said a Department of Labor rule aimed at protecting financial advisory clients addresses many practical concerns raised by the financial services industry.

“We are pleased that Secretary Perez and the Department of Labor staff have worked to address many of the practical concerns raised during the comment period,” Thiel said in a statement sent by a spokeswoman for the bank. Secretary Perez refers to Secretary of Labor Thomas Perez.

The rule, requiring broker-dealers who provide advice to follow a “fiduciary standard,” will take full effect on Jan. 1, 2018, according to the Labor Department.

Reporting by Dan Freed, Editing by Franklin Paul