Merrill Lynch did not immediately respond to a request for comment.
Finra said it recognized Merrill Lynch, RJA, and RJFS's “extraordinary cooperation” in determining the appropriate monetary sanctions.
In settling the matter, Merrill Lynch, RJA and RJFS neither admitted nor denied the charges, but consented to FINRA's findings.
These matters pre-date Finra's 529 Plan Share Class Initiative announced in January, which encouraged member firms to voluntarily self-report potential violations relating to 529 plans, the regulator said.
It is worth noting that Merrill Lynch was previously fined $500,000 by FINRA for failing to ensure that registered reps were considering customer state income tax benefits during their 529 plan suitability analyses for customers between 2002-2007.
Finra fined RJFS $150,000 in June, 2010 for the same violation.