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Home > Blog > Massachusetts Fines $2.5M for Supervision Violations to Merrill Lynch

Massachusetts Fines $2.5M for Supervision Violations to Merrill Lynch

William Galvin, Secretary of the Commonwealth of Massachusetts has fined Merrill Lynch $2.5 million for supervisory violations in association with a training presentation in 2013.

The fine order states that the presentation specifically “did not include language regarding client suitability or the fiduciary requirements of Merrill Lynch financial advisers.”

Secretary Galvin, , said “During the presentation, Merrill financial advisers were being trained in how to double their production by, among other things, transferring existing customer assets from commission-based brokerage accounts to fiduciary fee-based alternatives.”

William Halldin, Merrill Lynch spokesman said, “We are reiterating to our employees the need to have internal presentations properly approved before their use, Importantly, as the state notes, this was not a matter involving any conduct that disadvantaged our clients.”

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