Yet another traditional financial giant has announced that it will cease offering retirement account investments that offer commissions.

New York-based JPMorgan Chase announced this week that it will join firms like Commonwealth Financial and Merrill Lynch in ceasing it’s commission-based business within IRAs in April as the Department of Labor’s fiduciary rule takes effect.

The company revealed its plans to clients via letters and an online announcement.

“Overall, these regulations were designed to help protect investors by ensuring that financial institutions act in their clients’ best interests,” wrote the company. “Throughout our history, we have earned our clients’ trust by providing high-quality investment services, and we will continue to do so under these new rules.”

The fiduciary rule explicitly forbids recommending investment products that involve compensation from non-client sources, like a bank or an asset manager, unless rules and procedures for certain exemptions are met.

In April, clients of J.P. Morgan Securities, Chase Wealth Management and Chase Private Client will be able to choose from two options—paying an advisor a flat, AUM-based fee to oversee their retirement investments via a managed account or signing on to an online investment management platform and self-directing their retirement accounts.

While several financial firms have announced that they will no longer provide commission-based products for retirement accounts, others, including Ameriprise, Raymond James, and Cetera Financial Group, have revealed that they will continue to offer them to IRA clients.

To read more stories , click here