Continuing the push to avoid paying brokers, Bank of America's thundering herd of Merrill Lynch financial advisers is about to be joined by a robot who doesn't get paid at all.
Merrill has tried to avoid paying its brokers commissions on "small" accounts for years, using tactics such as siimply refusing to pay brokers for such accounts, and taking the accounts away from the broker and sending the accounts to a call center.
There are now reports that the firm has put dozens of employees to work on an automated investment prototype for Merrill Edge, which targets accounts under $250,000.
'Merrill s Bulls Enter the Digital Advice Race | IAG Breaking News
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Mark Astarita represents brokers in disputes with their firms - including Merrill Lynch. Visit his site at
www.securitieslawyer.us and his firm's site at
www.sacllc.com
