Morgan Stanley to keep commission-based IRAs for wealth management customers

The Department of Labor rule, announced in April, sets a standard for brokers who sell retirement products and requires them to put clients' best interests ahead of their own bottom line. The move puts Morgan Stanley in contrast to Bank of America Corp which said earlier this month it would eliminate individual retirement accounts that charge investors for each transaction. Investors who want a retirement account will instead need to pay a fee that is a percentage of their assets.