Morgan Stanley and Merrill Lynch, the nations two largest wirehouses (by number of advisors), have told their advisors with CFPs to stop using the term fee-only.
The move came in response to the CFP Boards surprise move on Sept. 19 to strip the fee-only listings from its website. The board removed the fee-only label from all the advisor profiles on its own website, then offered CFPs a blanket amnesty from punishment for breaking the boards rules for use of fee-only term. The boards rules prohibit advisors working in firms that take commission from calling themselves fee-only -- thus prohibiting any wirehouse advisors from use of the term.
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