Just days after Raymond James Financial (RJF), Ameriprise Financial (AMP) and Morgan Stanley (MS) said they planned to keep offering commission-based products and services in retirement accounts, Cetera Financial Group stated that it is sticking with this strategy as well.
“Cetera Financial Group is focused on supporting choice and flexibility for retail investors in working with their financial advisors,” the company explained in a statement shared with ThinkAdvisor. “As such, we will continue to support and enable the use of approved commission-based investments in retirement accounts as part of our suite of DOL-compliant solutions.”
This policy affects all independent broker-dealers in the group: Cetera Advisors, Cetera Advisor Networks, Cetera Financial Institutions, Cetera Financial Specialists, First Allied Securities, Girard Securities and Summit Brokerage Services. The group includes roughly 8,500 affiliated advisors.
Also last week, IBD Commonwealth Financial joined Bank of America-Merrill Lynch (BAC) in stating that it would stop offering commission-based products and services in retirement accounts as of April 10, 2017.