By George C. Miller, Esq. of Shustak Reynolds & Partners, P.C. posted on Wednesday, July 16, 2014.

George C. Miller

Partner

Location: San Diego, California
Phone: (619) 696-9500 (Ext. 105)
Direct: (619) 501-8270
Email: [email protected]

By the end of 2015, Merrill Lynch plans to have completed its rollout and integration of the Merrill Lynch “One” Technology Platform.   The new platform, first introduced in 2013, combines five separate platforms–including Consults, Mutual Fund Adviser (MFA), Personal Adviser (MLPA), Personal Investment Advisory (PIA) and Unified Managed Account (UMA)–into one, fully integrated system.  Merrill employees reportedly will lose access to the firm’s legacy platforms by early 2015. 

While some advisers view the new, $100 million system as an upgrade, it is not without criticism.  Some advisers and client associates have reported technology bugs, difficulties in adapting to the combined system and a loss in certain functionalities when compared to the firm’s legacy platforms.

With the new technology rollout, the firm also changed the way it charges fees for certain clients.  According to the Wall Street Journal, some customers with managed accounts may end up paying as much as 50% more per year.  While Merrill acknowledges fees for some clients may rise, the firm notes that some clients may also see a decrease in the overall fees charged.  Merrill Lynch advisors will have until 2015 to update their client’s fee structures.

Shustak Reynolds & Partners, P.C. handles a wide range of securities and FINRA-related cases, including securities industry employment disputes. The firm has offices in San Diego, San Francisco and New York and represents select broker-dealers, registered persons, registered investment advisors and financial institutions in a broad spectrum of complex securities litigation, arbitration and regulatory matters. Contact us today to learn more and get started.

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