Following the comment period, which typically lasts one to two months, Finra’s plan would need approval from the U.S. Securities and Exchange Commission.

Christine Jockle, a spokeswoman for New York-based Morgan Stanley, which employs the most financial advisers, said the firm probably will respond to the proposal and declined to elaborate. Susan McCabe, a spokeswoman for Bank of America Corp., which owns Merrill Lynch, declined to comment.

“Financial advisers are honorable people,” said Richard Lipstein, managing director of New York-based recruiting firm Gilbert Tweed International. “Only a small percentage of advisers are going to look at their clients as cannon fodder” and sell them poor investments to get incentive pay.

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