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Merrill Edge Index Investing Review


ConsumersAdvocate.org Rating: 4.5 / 5 (Excellent)
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Merrill Edge is an online brokerage firm that offers a variety of investment products such as stocks, bonds, mutual funds, options, and ETFs at a discounted price. The company is a subsidiary of Bank of America Merrill Lynch, and was launched in 2010. In addition to brokerage accounts, Merrill Edge also offers IRA accounts.
 
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Merrill Edge Fund Characteristics

Fund Characteristics - 4.5 / 5

Merrill Edge offers consumers three ways to invest: Online Investing and Trading, Merrill Guided Investing, and Invest with an Advisor. Online Investing and Trading accounts are self-directed and can be individual, joint, trust, or estate. Merrill Guided Investing accounts are low-cost managed portfolios that are built, managed, and rebalanced by investment professionals and can be individual, joint, custodial, IRA, or Roth IRA. In addition to these accounts, consumers can also invest with a licensed Merrill Edge advisor, through the company’s Invest with an Advisor account.

Merrill Edge investment accounts allow consumers to build their own diversified investment portfolios, which may include ETFs and mutual funds that track a particular index such as the S&P 500 and the DJIA. Consumers can open, fund, and track their accounts online, or through Merrill Edge’s mobile app, and account rollover is also available. Additionally, consumers have access to the company’s trading platform, Merrill Edge MarketPro®, which has a fully customizable dashboard, and gives you real-time market analysis and insights.
Types of Index Funds Offered
S&P 500
DJIA
Sector Indexes
Other
Minimum Investment
$0 for Online Investing and Trading accounts, 5,000 for Merrill Guided Investing accounts, and $20,000 for Invest with an Advisor accounts
Funding Options
Consumers can fund their Merrill Edge accounts by linking an eligible Bank of America bank account, or by linking their account to a bank account at another financial institution. Additionally, consumers can transfer funds by check, wire transfer, or by transferring or rolling over an existing account.

Merrill Edge Fees

Fees - 4.5 / 5

Merrill Edge doesn’t require a minimum investment amount on its Online Investing and Trading accounts. Stock and ETF trades (including automated phone trades) have a $6.96 flat rate, and each representative-assisted trade has a flat-fee of $29.95. Additionally, some consumers may qualify for up to 100 free monthly trades with the Preferred Rewards program.

Merrill Guided Investing accounts require a minimum investment of $5,000 and have a 0.45% annual fee. Invest with an Advisor accounts come with a 0.85% annual fee and require a minimum investment of $20,000. Fees for mutual fund investing vary depending on the selected account, so consumers should check the account prospectus for more details.
Management Fees
0.45% annual fee for Merrill Guided Investing and 0.85% annual fee to invest with an advisor
Trade Fees
6.95 per stock and ETF trades (including automated phone trades), and 29.95 per representative-assisted trade. Fees for mutual funds vary depending on the selected account.
Other Fees
Other fees include returned ACH debit fees, full account transfer fees, closeout fees, and wire transfer fees, among others.

Merrill Edge Financial Strength

Financial Strength - 4.5 / 5

Merrill Edge is a subsidiary of Bank of America, which is a multinational investment bank and financial services company, and it’s the second largest banking institution in the United States. Merrill Edge hasn’t been rated by Moody’s or A.M. Best, but it has an A+ rating on Standard & Poor’s, which is excellent. Additionally, the company recently hit the US $200 billion in assets under management, with more than 2.5 million accounts, meaning that the company has a strong financial outlook.
Standard & Poor's Financial Rating
A+
Total Assets Under Management
Approximately US $200 billion

Merrill Edge Reputation, Service, and Communication

Reputation, Service, and Communication - 4.5 / 5

Merrill Edge’s website is easy to navigate and it’s full of resources and tools to help educate consumers. You can open, fund, and manage your account online or through the company’s mobile app, with customer support available 24/7 via phone, chat, and email.

There appears to be no complaints filed against Merril Edge with the CFPB, which is great for a company of its size. Additionally, Merrill Edge was one of 19 brokers evaluated in the Barron's 2018 Best Online Broker Survey, earning the top overall score of 32.7 out of 40. All of Merrill Edge’s investment products are insured by the SIPC up to the federal maximum, which is $500,000.
Customer Support Hours
24 hours a day, 7 days a week
Modes of Communication
App
Phone
Chat
Email

Company Profile

Full Name
Merrill Edge Index Investing
Company Website
https://www.merrilledge.com/
Headquarters
220 Vesey Street, New York, NY, 10281

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Top Rated
  • Seven index fund alternatives
  • Indexes mirroring the S&P 500, Russells, MSCIs, and many more
  • Detailed performance statistics and portfolio overviews
  • Low $2500 starting investment on all regular index fund accounts
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  • Rated A+ by the BBB
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