JPMorgan notifies clients of retirement account change

New York

JPMORGAN Chase & Co has sent some wealth management customers letters this month notifying them that they could be moved to the firm's self-directed platform soon ahead of a pending Labor Department retirement regulation, the bank said on Monday.

While implementation of the US Labor Department's fiduciary rule may ultimately be delayed, the letters went out as part of a plan the bank announced in November to end retirement accounts that pay financial advisers commissions.