The Wall Street Journal had reported, citing data sent to advisors that it had obtained, that some customers with managed accounts at Merrill - or those accounts that command a flat fee - could pay as much as 50 per cent a year more to have their money managed. The publication said the planned fee hikes have upset some of Merrill's 14,000-plus advisors, who fear that higher costs may drive clients away. One advisor was quoted as saying that it removes all price flexibility that the firm had previously enjoyed.

Merrill is currently in the process of a $100 million platform overhaul which has brought together five separate platforms and seen the firm unify its fee structure, setting minimum fees based on the amount of money a customer has invested with the firm and its parent – moves aimed at making it easier for advisors to manage their clients' accounts and build portfolios.

Commenting on the article to Family Wealth Report, a spokesperson for Bank of America said that there will be no automatic fee change and that clients will have the option of using the new single platform; those who do will sign a new agreement that will include an agreed-upon fee. The bank emphasized that advisors will have a greater ability to align pricing with the value they deliver to clients and that clients will have a clearer understanding of the fees they pay under the new model.

The rollout of the new platform – which brings together Merrill’s Consults, Mutual Fund Advisor, Personal Advisor, Personal Investment Advisory and Unified Managed Account platforms - will begin in September and continue into next year.