Merrill Lynch Wealth Management is increasing its minimum equity trade fees to $75 from $50, following research into how its pricing fits with the broader market, according to media reports.

The firm had not changed its pricing schedule since 2003, and the recent changes reflect what its competitors are charging retail investors, reported onwallstreet. It will also modestly increase its equity commission schedule.

Merrill Lynch told its giant force of advisors about the changes, due to take effect in November, on Thursday.

The new prices, which apply to purchases of stocks, can still be adjusted by advisors to reflect specific client relationships however.

Clients of the firm will reportedly be told about price changes in their September statements.

Merrill Lynch had not confirmed the report at the time of publication.