Merrill Lynch Dropping Non US Residents

Hi everyone,
In the US I have accounts at Bank of America and I have a financial advisor with Merrill Lynch. Merrill Lynch is tied to Bank of America and the advisor helps me out when I have issues with my bank accounts or need money transferred to the UK but mostly they take care of investing my $.

About half a year ago I was re-assigned to an International ML advisor in NYC. Now he's left the company and my original advisor said ML has changed it's policies and now will no longer work with clients living outside the USA. I just recieved letters from BofA stating that they will no longer service (forget how they put it) Merrill Lynch Wealth Managment accounts for people living outside the USA! I have until this summer to resolve or move my accounts.

I'm waiting to hear back from my 'old' advisor as to what's happening. Just thought I'd post this in case anyone else has run into this. I might be looking for advice on where to move these accounts, two are IRA's.

Mary

That's a bummer, particularly if you have been using them for years and have been happy with their service.

Not sure how easy it is going to be for you to find a brokerage that accepts new accounts from non-US residents.

Try Charles Schwab. They have a branch in London as well. They have told me we can open new Roths when we get there and also transfer our old Roths to  them. 

Thank you both for your replies, it's been awhile since I checked back in here. Thanks for that info Stargazer, I'll keep that in mind. What's happening now, I found out it's people who live in the UK specifically that ML will not deal with, because of some deal they made over legislation mumbo jumbo. My old and trusted advisor has put me in touch with a company called "Charles One" in Boston, I guess they can handle international clients because they are independent.

Anyone heard of them? I guess the President of the company worked for ML for many years but it was because of the limitations that he formed his own company.

I'll let you know what happens.

Mary

Merrill Lynch have been closing accounts for non-US residents for some years. The AIFMD has hastened this. Ideally you'd select an adviser who is both SEC & FCA regulated, so that you'd get suitably combined US and UK financial advice.

I ended up going with a company out of Boston, One Charles. This was on recommendation of my previous advisor. I will check out what you said though on SEC and FCA regulated! And I'll keep Charles Schwab in mind for future.
thanks everyone.