With implementation of the Labor Department’s Fiduciary Rule on hold for at least 60 days, it looks like BofA Merrill Lynch may continue to offer commission-based retirement accounts. While advisers were told in a Thursday conference call that the firm plans on moving most retirement customers to fee-based accounts, a memo issued by Andy Sieg, head of Merrill Lynch Wealth Management, seemed to contradict that strategy. According to Reuters, which saw the memo, the account conversions may not apply to all customers.

"We've recognized that there may be limited situations in which a fee-based arrangement would not be in a client's best interests. We are reviewing those limited circumstances to consider potential alternatives to IAP for some clients in a manner consistent with a higher standard of care." - -  Sieg, in the memo.