Review of: Merrill Edge
Reviewed by: Carrie Smith
Last modified: June 26, 2018
Merrill Edge offers helpful online tools to help investors simplify their financial goals and gain better control over their investments. However, the fees to use the service can be steep, and users have complained about poor customer service and slow updates on trades.
- Low minimums
- Smartphone users
- Penny stock traders
- IRA investors
- Goal-oriented investors
As a financially savvy investor, you want to know how to simplify your life and your money. This is what Merrill Edge aims to do. It’s a discount brokerage firm and a subsidiary of Bank of America Corporation. This means you get the convenience of Bank of America banking with the “edge” of Merrill Lynch’s investment insights. We cover how Merrill Edge can give you greater financial control.
This brokerage also offers investing options, along with banking and saving features.
This advantage is provided so you can simplify your financial life and have greater control. Merrill Edge’s financial advisors will help you along the way as you create and reach your financial goals.
Merrill Edge Fees & Features
|Options Trades||$6.95/trade + $0.75/contract|
|Investment Types||Stocks, Penny Stocks, Options, ETFs, Mutual Funds, Bonds|
|Access||Website, iOS App, Apple Watch, Android App|
|Broker Assisted Trade|
|No Fee ETFs|
|Customer Service||Phone: 24/7; Live Chat: M-F 7:30A-11P ET, Sat 7:30A-6P ET; Email|
|Promotions||Get up to $600 when you invest in a new Merrill Edge™ account|
Merrill Edge offers a variety of account options, including IRAs, 529s and taxable investment accounts. It also offers an array of investment choices, such as mutual funds, stocks, ETFs, options and annuities.
- Flat-rate (no tier) pricing of $6.95 per trade on stocks and ETFs
- Up to 100 free trades per month after meeting certain qualifications
- A broad range of investment choices, including stocks, options, ETFs, annuities and mutual funds
- A complete view of Merrill Edge investment accounts and Bank of America bank accounts in one place
- Online tools such as the Retirement Evaluator, Asset Allocator and College Planning Tool
- Merrill Edge MarketPro & Merrill Edge Roadmap
Merrill Edge Pricing and Bonus
Merrill Edge doesn’t have a tiered pricing schedule but instead offers flat-rate pricing of $6.95 per trade on unlimited trades of stocks and ETFs.
You can also earn up to 100 free trades per month if you either: maintain BoA balances of $25,000 or more, maintain Merrill Edge balances of $25,000 or more, or qualify for the Platinum Privileges program. Representative-assisted trades will cost $29.95 each.
For options, trading prices are the same, but there is an additional $0.75 per contract. Mutual funds are $0 per transaction for load waived and no load, no transaction fee funds. No load, transaction fee funds cost $19.95 for online trades, or $29.95 for representative-assisted trades.
Merrill Edge Alternatives
|Stock Trades||$6.95/trade||$6.95/trade ($4.95/trade for 30+ trades/quarter)||$6.95/trade|
|Promotions||Get up to $600 when you invest in a new Merrill Edge™ account||Trade FREE for 60 Days and get up to $2,500||Trade Free for 60 Days + Get Up to $600 Cash|
|Review||—||Read the Review||Read the Review|
Merrill Edge has three potentially helpful online tools: the Retirement Evaluator, the Asset Allocator and the College Planning Tool.
The Retirement Evaluator helps you figure out if you’re on track to reach the retirement you want. It will give you investment ideas and actionable steps to ensure your retirement income matches your retirement goals.
The Asset Allocator helps you figure out your risk tolerance and investment style. Based on this information, it suggests a target asset allocation and compares it to your current allocation. It also gives simple instructions on how to balance your portfolio.
The College Planning Tool helps you estimate future college costs. It also gives recommendations on how to reach your college savings goals.
Merrill Edge MarketPro
The Merrill Edge MarketPro offers real-time market analysis and global research. It allows you to build watchlists and get streaming quotes and financial news. You can filter this information by both industry and ticker symbol. It also gives you access to BoA/Merrill Lynch Global Research which was ranked #1 by Institutional Investor.
MarketPro allows you to monitor your portfolio in real time and see your balances on a minute-by-minute basis. It offers three-step trading and gives you a full view of all your positions so you will be prepared for trading opportunities.
With MarketPro, you can completely customize your dashboard, viewing only the information you want and nothing more. It’s charting tools are completely interactive and you can customize 36 different analysis studies in order to track trends.
In order to qualify for MarketPro, you need to open up an investment account and make 15 trades per quarter or have total combined balances of $50,000 among your Bank of America bank accounts and Merrill Edge investment accounts.
Merrill Edge Roadmap
The Merrill Edge Roadmap is about taking charge of your finances with the assistance of an advisor. To begin, you’ll have a one-on-one conversation with a licensed Merrill Edge Financial Solutions Advisor. Your advisor will help you define your savings and investing goals, go over your portfolio allocation and create an action plan, and update you with portfolio reviews every six months.
For investors who want additional help with their portfolios, Merrill Edge Select portfolios are actively managed for a 1% annual management fee.
You can schedule a Merrill Edge Roadmap consultation for free as long as you have a Merrill Edge Advisory Center account.
Merrill Edge’s new MEGI service (short for Merrill Edge Guided Investing) combines robo advisor functionality with assistance from Merrill Lynch’s professionals. Think of it as a hybrid.
MEGI is designed with newbie investors (especially Millennials) in mind. It offers a more streamlined and easy-to-use interface, as well as insights and education. You can get started with a minimum of $5,000, and the fee to use this service is 0.45%. We’ve also reviewed this service separately.
Pros and Cons
- 30 Free Trades per Month — Merrill Edge has a special promotion in which you can trade for free. Up to 30 trades per month
- Bank of America Integration — Access to your BoA banking and Merrill Edge investing accounts in one place.
- High Margin Fees — If you are looking to take on margin, Merrill Edge isn't your best service to do this.
- Slow Trading Times — Also according to users, Merrill Edge trades are slow to execute.
Merrill Edge has some helpful online tools and may be a good option for those who bank with Bank of America and want to see their banking and investment accounts side by side. It is also a great option for those who meet the 100 free trades requirements.