The problem with bulls?  It’s the bulls**t!  Be careful where you step.

Now that the fiduciary rule is dead Merrill Lynch has confirmed it’s business as usual.  Customers be damned.  Best interest?  Forget about it.

When it appeared regulators would require a fiduciary obligation Merrill jumped at the chance to be head cheerleader.  See here, here and here.

When the opportunity arose to back out they jumped at that too.

Now it’s official.  Today’s announcement indicated commissions are back in IRAs effective Oct 1st.

And the spin?  Well of course there’s spin.  Here’s what Andy Sieg (head of Merrill Lynch Wealth Management) had to say:

“In response to client feedback we’re announcing steps today that will provide our clients with greater choice and flexibility.”

In response to client feedback?  They shouldn’t try to sell it because no one’s buying it.