(Reuters) - Bank of America Corp will more clearly disclose the fees it charges clients of its Merrill Lynch wealth management business, according to a statement from bank spokeswoman Susan McCabe.
The change, encompassing a range of services such as trading commissions, ATM usage and investment advice, will begin when the bank mails out January client statements in a few days.
“The enhancements are being made based on what our clients are telling us they’d like to see,” McCabe said in the statement.
Brokerage firms are under more pressure to show that they are acting in their clients’ best interest as a result of a Department of Labor rule on retirement advice set to go into effect in April.
While some observers expect the Trump administration to pare back the rule or scrap it entirely, certain firms are choosing nonetheless to be more transparent about how they charge their clients.
“If there is a delay we look forward to working with the new administration, the new Secretary of Labor, and other relevant agencies to improve current rules and regulations for the benefit of our clients,” said Merrill Lynch wealth management head Andy Sieg, in a statement.
Bloomberg News first reported on the change.
Reporting by Dan Freed in New York; Editing by Tom Brown