BoA Taking International Accounts Away From ML FAs
BoA is apparently taking away all international accounts from FAs…anyone heard anything about this?
FYI,In order to have an international account at Merrill, you needed to get the international FA designation. The internal course you needed to take was closed a few years ago.......so, I gave up trying to open up those accounts..... I stopped trying about a year ago.........not a big deal for me.....I had 2 average sized account to open (between 100 and 150K)...... Not sure if that designaiton was closed to FA's in my region or firmwide, but I was unable to take it..... To me, it wasn't a big deal then........and, if what you say is true, it's a non-event now..... If your friend has the IFA designation, and does a lot of international business, then that would suck, but most FA's wouldn't be affected......
BAI reps were not allowed to have international accounts. So therefore, ML reps will now also not be allowed.
Again, this is only the beginning for you ML reps. Get out while you still can!