Fiduciary Rule or not, the commission-based business model of broker-dealers is under pressure. Today the Wall Street Journal reports that Merrill Lynch is moving away from commissions and lowering its maximum advisory fee by 18.5% for the 20% of its advisory clients which have sub-$1 million accounts. But at 2.2% of assets, Merrill Lynch's maximum advisory fee is still extremely high.
Here Come the Environmental Executive Orders
Looks like James Baker III and George Shultz struck out with their conservative answer to climate change pitch to the Trump administration. That puts Baker and Shultz in good company—former Vice President Al Gore also struck out in his meeting about climate change with Ivanka and Donald Trump back in December.