What happened to Banc of America Investment Services?

What happened to Banc of America Investment Services?

Banc of America Securities LLC (BAS), was the investment banking subsidiary of Bank of America until it was merged with Merrill Lynch after that firm’s acquisition in 2008 to become Bank of America Merrill Lynch.

Is Bank of America finra member?

Bank of America is the parent company to several wholly owned registered broker- dealer subsidiaries, including Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPFS’), Banc of America Securities Inc. (“MLGSI”) (together, the “FINRA-member subsidiaries’).

Is the SEC a regulatory commission?

The Securities and Exchange Commission (SEC) is a U.S. government oversight agency responsible for regulating the securities markets and protecting investors.

Is Bank of America Merrill Lynch?

Bank of America Merrill Lynch is Now Bank of America.

Is Merrill Lynch a fiduciary?

Under the Rule, Merrill Lynch and your advisor are acting as a fiduciary to you when making an investment recommendation about your retirement account and its assets. Being a fiduciary means that your advisor must act prudently and in your best interest when making investment recommendations.

Is Bank of America a broker dealer?

Bank of America Corp.’s principal broker/dealer, Merrill Lynch Pierce Fenner & Smith Inc., will be reorganized into two affiliated broker/dealers, namely, Merrill Lynch Pierce Fenner & Smith and BofA Securities Inc. The reorganization is expected to occur in the second quarter, according to a regulatory filing.

Does Merrill Lynch have high fees?

The maximum rates charged for the Merrill Lynch Fee Rate are 2.20% of AUM for accounts below $5 million and 2.00% of AUM for accounts of $5 million or more. Each client will negotiate a Merrill Lynch Fee Rate with his or her advisor that is less than the maximum rates set by Merrill Lynch.