A new policy at Bank of America Merrill Lynch means no more free golf games and much fewer fancy meals hosted by asset managers or other product makers for its 17,888 advisors.
“We’re enhancing our policies around engaging with third-party product and service providers with respect to gifts, meals and entertainment,” the firm said in a statement shared with ThinkAdvisor on Tuesday.
“These changes further ensure business interactions with third parties continue to be in the best interest of our clients,” it added.
The new policies state that advisors must pay for their own meals and other entertainment at non-educational events. They are, though, allowed free meals at third-party events tied to “approved educational training or seminar programs.”
“.@Titleist stock definitely going to take a hit,” quipped industry consultant Gavin Spitzner on Twitter, referring to the golf equipment maker. “And on the entertaining kibosh, good timing since there are no events to take advisors to anyhow.”