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Beginner and intermediate DIY investors will be well-served by Merrill Edge’s technology and range of services. As an online brokerage, Merrill Edge offers a comprehensive platform with adequate technical and fundamental tools suitable for long-term investors and casual traders. As part of Bank of America’s overall financial services universe, Merrill Edge offers perks (through the Preferred Rewards program), a seamless banking/investing experience, a wide variety of educational offerings, and strong in-person support.
Pros
- Integrated with Bank of America
- Robust proprietary and third-party research
- No fees and no minimums for self-directed accounts
Cons
- Narrow product line-up
- Limited platform capabilities
Merrill Edge
Merrill Edge is a financial platform owned by Bank of America. It offers access to online and advised investing, trading, brokerage, and banking services. Customers can be self-directed, work with advisors, or access portfolio management through Merrill Edge Guided Investing. In recent years, Bank of America has opened 600 new Merrill Edge investment centers (bringing the total to 2,800) and added 300 financial solutions advisors to its stable. 1 Since launching in 2010, Merrill Edge has offered a convenient way for investors to manage their banking and brokerage needs under one roof. Customers can take advantage of Bank of America's Preferred Rewards program, which offers discounts like preferred pricing on Merrill Guided Investing accounts and discounts on ATM transactions, auto loan interest rates, and mortgage origination fees. The higher your average daily balance in your Bank of America and Merrill investment accounts, the better the perks—which means there is an incentive for Bank of America customers to open a Merrill Edge account. Merrill Edge is a solid choice for long-term, DIY investors, especially those who already have a relationship with Bank of America. It's also a good choice for investors who want varying degrees of financial guidance. We'll look at Merrill Edge's features, costs, and resource quality to help you decide if it's the right fit for your investing style. Aside from this Merrill Edge broker review, we've also reviewed the Merrill Edge Guided Investing robo-advisor service.