Merrill Lynch financial advisors review
This review explores the advantages and disadvantages of Merrill Lynch's financial advisory services for individuals, businesses, and institutions.
Summary
Merrill Lynch offers a range of financial advisory services for individuals and institutions.
The firm’s financial advisors provide investment and brokerage advice through programs like Merrill Guided Investing.
Clients working with a Merrill Lynch financial advisor can arrange rates of up to 1.75% based on invested assets.
Unbiased helps you find a financial advisor who can offer expert advice for your personal or business needs.
Who is Merrill Lynch?
Merrill Lynch is a US-based investment and wealth management firm. Founded in 1914 and later acquired by Bank of America, it is considered one of the top wealth management firms, offering a wide range of financial management services, including investment banking, broker-dealing, and brokerage activities.
Assets Under Management (AUM):
$2.75 million
Fee:
Up to 1.75%
Fee Structure:
Fee-based
There are many Merrill Lynch benefits for those who choose to use this firm.
It employs more than 19,000 trained financial advisors across its operations and has $2.75 million in assets under management.
What does Merrill Lynch do?
Merrill Lynch provides services ranging from managed professional investment portfolios and consultations with experienced advisors to personalized investing guidance to help clients successfully manage and grow their wealth.
The firm also offers a wide range of investment, insurance, and annuity products through divisions such as Merrill Lynch Wealth Management, Merrill Private Wealth Management, Merrill Guided Investing, and Merrill Edge.
What are the pros and cons of Merrill Lynch?
These are the Merrill Lynch pros and cons that are important to be aware of before choosing any of the firm’s financial products:
Pros of Merrill Lynch:
Merrill Lynch is a subsidiary of the Bank of America, offering trusted services to people in the US and beyond.
The firm provides commission-free ETF trades, options and stocks, as well as low-cost securities through Merrill Edge.
The firm offers high-quality order execution and extensive third-party research to provide accurate financial advice and guidance.
Merrill Lynch customer service is highly rated and available through multiple channels.
Cons of Merrill Lynch:
Merrill Edge doesn’t offer clients fractional shares.
The firm’s interest rates on uninvested funds are low compared to those of its competitors.
Merrill Lynch’s annual management fees may be high compared to some similar-sized competitors.
What wealth management and financial services does Merrill Lynch offer?
Wealth management and financial services from Merrill Lynch include brokerage, financial planning, and investment advisory services.
Dedicated financial advisor: The firm provides clients with a dedicated financial advisor who can assist them in creating personalized investment strategies, managing significant private wealth, and meeting more complex needs.
Merrill Guided Investing: The firm also offers services like Merrill Guided Investing, an advisory program that provides clients with professionally managed investment portfolios and the opportunity to work with a financial advisor.
Merrill Edge Self-Directed: Alternatively, clients can use Merrill Edge Self-Directed to obtain personalized investment insights and implement their own unique investment ideas.
What fees do Merrill Lynch offer?
| Service | Fee Details |
|---|---|
| Service | Fee Details |
| Financial Advisor | Up to 1.75% based on assets. |
| Merrill Financial Solutions Advisor | Up to 1.10% fixed annual rate. |
| Managed Investment Strategy | 0.00% to 0.65% based on assets. |
| Premium Access Strategy (PAS) | Annual fee based on assets, customized. |
| Merrill Guided Investments | 0.45% online, 0.85% with advisor. |
Merrill Lynch fees vary according to the services provided. Clients who choose to work with a Merrill Lynch financial advisor pay customized annual fees determined by the assets invested in their investment advisory accounts, alongside a Merrill Lynch fee rate.
Clients working with an advisor can arrange a rate of up to 1.75%, and those working with a Merrill Financial Solutions Advisor (MFSA) are charged at an annual fixed rate based on assets up to a maximum of 1.10%.
Should you invest in a managed investment strategy, Merrill Lynch’s fees are based on invested assets, and applicable manager fee rates will apply, ranging from 0.00% up to 0.65% per annum.
Premium Access Strategy managed strategies carry an annual fee based on invested assets, which will be agreed upon with a Merrill Lynch PAS manager.
Merrill Guided Investments’ annual program fee is set at 0.45%, calculated monthly based on the prior month’s balance for online investment services only, and 0.85%, calculated with the same parameters for online services with a financial advisor.
What is Merrill Lynch’s minimum investment requirement?
Merrill Lynch Investment Advisory Program does not have a general minimum asset requirement. However, some investment strategies require minimum investment amounts.
Merrill Lynch Wealth Management
Merrill Lynch Wealth Management delivers personalized financial planning and investment services to grow and protect your wealth. It has no minimum account requirements.
However, those looking for the services of a Merrill Lynch advisor do require a minimum asset to participate. The amount depends on the advisor and the services required, with some programs requiring a minimum of $1 million.
For Merrill Lynch's Managed Account Service (MAS), a non-discretionary program that allows clients to choose their own investment managers and strategies, the minimum requirement is $100,000.
Merrill Guided Investing program
Merrill Guided Investing program combines expert insights, advice, and guidance with online convenience, offering personalized strategies to help you meet your financial goals.
| Strategy | Minimum investment |
|---|---|
| Strategy | Minimum investment |
| Growth-focused | $1,000 |
| Income-focused | $50,000 |
| Growth-focused with an advisor | $20,000 |
| Income-focused with an advisor | $50,000 |
Is Merrill Lynch a fiduciary?
Merrill Lynch does have fiduciaries.
A fiduciary is a person or entity who is legally bound to act in the best interests of another party. They demonstrate a high standard of loyalty, trust, and care and are legally accountable for carrying out their expected tasks.
While Merrill Lynch does have fiduciaries, not all advisors are fiduciary.
According to Merill Lynch, whether a Merrill advisor serves as a fiduciary depends on the nature of the client-advisor relationship, and it is something you can discuss when you enter into a relationship with your advisor.
Is Merrill Lynch a 24-hour customer service?
Does Merrill Lynch have good customer service? Yes, Merrill Lynch customer service offers comprehensive 24/7 assistance through various channels, including phone, online chat, or scheduled appointments with financial advisors.
The firm also offers an FAQ page with key information about opening accounts, transferring, and investing in Merrill Lynch.
Get expert financial advice
Merrill Lynch is a well-established and trusted financial services provider that supplies a wide range of investment, brokerage, and financial advisory services to individual and business clients in the US and abroad.
Unbiased can connect you with an expert financial advisor to provide professional advice and help you reach your key financial and investment goals.
Frequently asked questions
Writers
Our team of writers, who have decades of experience writing about personal finance, including investing and retirement, are here to help you find out what you must know about life’s biggest financial decisions.