I am not an attorney, but I do not believe it is allowed. 
However, I think some brokerage firms have programs by which you can
share advisory fees with a CPA if they are properly set up as a
registered investment advisor.  Don’t know if Merrill this ability
currently or not.

Morgan Stanley has an “Alliance Program” for thier managed account platforms where they can pay a licensed CPA or Attorney a percentage of the annual fee.  The requirements vary from state to state though.  I think it’s a great program if you can find CPAs who are licensed, but are too busy to make the investment side a business focus.

[quote=iconsult100]Morgan Stanley has an "Alliance Program" for thier managed account platforms where they can pay a licensed CPA or Attorney a percentage of the annual fee.  The requirements vary from state to state though.  I think it's a great program if you can find CPAs who are licensed, but are too busy to make the investment side a business focus.[/quote]

Merrill and a number of other firms have the same sort of programs.