(Reuters) - Bank of America (NYSE:BAC) Corp's Merrill Lynch wealth management chief John Thiel said a Department of Labor rule aimed at protecting financial advisory clients addresses many practical concerns raised by the financial services industry.
"We are pleased that Secretary Perez and the Department of Labor staff have worked to address many of the practical concerns raised during the comment period," Thiel said in a statement sent by a spokeswoman for the bank. Secretary Perez refers to Secretary of Labor Thomas Perez.
The rule, requiring broker-dealers who provide advice to follow a "fiduciary standard," will take full effect on Jan. 1, 2018, according to the Labor Department.