As Merrill Lynch begins to roll out a new single platform for its managed accounts, the conversion will usher in a change that Lorna Sabbia, head of the firms Managed Solutions Group, has been hearing advisors request for 18 years.
That change will allow the firms 16,000 plus financial advisor force to use a single fee arrangement regardless of which of the firms platforms the client is invested in. Currently, there is a different fee structure for clients on the separately managed accounts platform, mutual fund wrap program, rep as portfolio manager program, rep as advisor program and unified managed account platform.
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