Two years after it moved toend commissions in retirement accounts, MerrillLynch says it will reverse course on Oct. 1. At the same time, itplans to provide more straightforward information to brokerageclients about fees and commissions, including a summary of programsand services and the associated costs.

The reason? Angry investors, and most likely unhappyadvisors.

“In response to client feedback,we're announcing steps today that will provide our clients withgreater choice and flexibility, while maintaining our support for abest-interest standard for investment advice across all accounts,”according the Andy Sieg, head of Merrill Lynch WealthManagement.

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In October 2016, Merrill said itwould no longer offer new commission-based brokerage IRAs through itsadvisors when the LaborDepartment's fiduciary rule was set to kick off in April 2017. This, ofcourse, was ahead of the November 2016 election of President DonaldTrump, whose campaign promises included broadderegulation.

Merrill started to tinker withits retirement-accounts policy as the fiduciary rule came intoeffect (and the firm began to see the departure of somehigh-profile advisors), telling its Thundering Herd that it planned to explore“options” for at least some clients who might benefit fromcommissions in retirementaccounts.

Analysts said this move, whichincluded the launch of limited-purpose brokerageIRAs, represented a sea changefor the firm; it came as the fiduciary rule seemed likely to bepushed back by 60 days (to June 2017).

“Regardless of the ultimate paththat [Bank of America Merrill Lynch] chooses to take, Pandora's boxhas been opened, and the fee discussion is now front and center forclients, so whether or not the fiduciary rule isimplemented in itscurrent state may be a moot point,” according to Brian Kleinhanzland Michael Brown, CFA, of Keefe, Bruyette & Woods.

Clients with roughly $100 billion assets opted forcommission-based accounts rather than moving to investment advisoryaccounts.

In early 2017, a J.D. Powersurvey found that close to 60% of full-service investors payingcommissions likely would not stay with their current firm if theywere forced to move into fee-based retirement programs.