Merrill Cracks Down on Third-Party Freebies

".@Titleist stock definitely going to take a hit," quipped industry consultant Gavin Spitzner on Twitter, referring to the golf equipment maker. "And on the entertaining kibosh, good timing since there are no events to take advisors to anyhow." 

Under the new rules, asset managers and other third parties can no longer fund entertainment for Merrill Lynch employees, and any meals provided by asset managers must be associated with educational training.

Earlier, Merrill Lynch advisors could enjoy up to $300 of food and entertainment at an outside event and up to $1,000 a year of such freebies. Now, they have to pay their own way, except for food shared at events specifically tied to continuing education or other training. 

As for gifts like golf supplies or wine, advisors used to be able to receive up to $100 in unbranded goodies. 

Now, they can only accept items that include the brand of the third party and are valued at under $50. Plus, the gift giving "may not be frequent or excessive," according to the new policies.