A recent article entitled “Merrill Lynch FAs Must Refer Clients or Get Pay Cut” showed just one example of what is wrong with commission based investment advice. It opened with this explanation:
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Merrill Lynch brokers will now have to refer at least two clients to other units of parent company Bank of America next year if they want to keep the same pay, people familiar with the matter tell the Wall Street Journal.
Advisors who don’t make the quota will lose 1% of their pay, those sources tell the Journal. The referrals can be made to Bank of