U.S. media said that U.S. banks plan to abolish retirement accounts that receive commissions. At present, a key element of the plan has already been put on the line. According to the US "Wall Street Journal" reported on February 9, Bank of America on the 8th launched the robot consulting service "Merrill Edge investment guidance", indicating that the bank entered the increasingly fierce market for automated advice services, the current market size is 80 billion US dollars . This is also part of the Bank of America’s plan to increase the investment account for retirement depositors. In response to the new rules for retirement accounts that came into effect two months later, the bank promised at the end of last year that it would abolish the individual retirement accounts that received commissions, and tended to charge a percentage of the assets. Although US President Trump last week took the first step in halting the Obama administration’s financial regulatory measures, U.S. banks will continue to implement their plans. The Obama administration's financial regulations required that brokers fulfill their fiduciary duties and minimize conflicts of interest when providing advice to retirement savers. Bank of America is prepared to attract retirement depositors through this automated service. After adopting the latest charging policy, these savers may eventually pay more for investment advice. The bank also hopes to attract investors with few funds. The investors hope to get the investment portfolio management service of the Bank of America Merrill Financial Management Department, but they cannot reach the minimum investment threshold of $250,000 for cooperation with brokers.
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