Merrill Lynch

Merrill Lynch Reviews

 2.8/5 (669 ratings)
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About Merrill Lynch Reviews

This profile has not been claimed by the company. See reviews below to learn more or submit your own review.

Merrill, formerly Merrill Lynch, is a financial advisory company that works with users to create wealth management packages for a variety of needs, including investment guidance and financial planning services. It has a wide network of associates available to help manage clients’ financial portfolios. Merrill is a subsidiary of Bank of America.

Overall Satisfaction Rating

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Pros

  • Comprehensive services
  • Vast network of advisors
  • Online portal

Cons

  • Some high account minimums
  • No set-fee pricing

Bottom Line

Merrill is a wealth management company with a global network of financial advisors. It’s an established option for anyone looking for investment guidance or in-person financial advising.

Top Merrill Lynch Reviews

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Rated with 5 stars
Verified

The good thing about Merrill is that I like the way they have laid out the site. Reporting is simple. They have tons of research and they have now created "stocks stories."... Lik...

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Rated with 5 stars
Verified

I have been involved with Merrill Lynch for over 15 years. They have always been accessible to me; answered all my questions in a way I could understand. They are knowledgeable an...

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What is Merrill Lynch?

Merrill is a large company offering wealth management services for individuals, businesses and other entities. It offers personalized guidance from over 14,000 advisors who help customers plan and execute their financial goals. Its services are available in every U.S. state, the District of Columbia and some U.S. territories.

Given its size, awards and substantial history, Merrill is a good option if you’re more comfortable with an established company handling your finances.

What does Merrill Lynch do?

Merrill offers a variety of financial planning and advising services. Whether you're trying to save for your retirement or invest, Merrill can help. Consider Merrill if you’re looking for:

  • Brokerage services
  • Retirement planning
  • Long-term living planning
  • Financial goal planning
  • Business planning
  • Charitable planning
  • Home planning
  • Healthcare planning
  • Leisure planning

Merrill's network of advisors can help you identify, create and execute a financial plan that fits your life and goals. To find the right advisor for you or your organization, visit Merrill's website to search for an advisor by name or location. Alternatively, the company can match you to an advisor based on your needs and information.

The Merrill advisor then leads you through the following process:

  1. Understanding your financial situation and your goals
  2. Creating an achievable strategy based on your goals
  3. Continually making adjustments and keeping you on track

Merrill offers three main programs for personalized advice and guidance: Merrill Guided Investing, Merrill Edge Self-Directed and Merrill Lynch Wealth Management. Merrill Edge Self-Directed is mainly an online investing tool, while Merrill Lynch Wealth Management is a full-service advisory program. Merrill Guided Investing offers a moderate level of advisor guidance with smaller investment minimums.

Merrill Edge Self-DirectedMerrill Guided InvestingMerrill Lynch Wealth Management
Advisor helps set goals and investment strategy
Merrill professional manages investments
Dedicated advisor team
Investment minimumNone$5,000; $20,000 with an advisorAround $250,000
PricingUnlimited $0 online stock and option trades0.45% annual program fee; 0.85% annual program fee with advisorCustomized
Merrill Edge Self-DirectedNoneUnlimited $0 online stock and option trades
Merrill Guided Investing$5,000; $20,000 with an advisor0.45% annual program fee; 0.85% annual program fee with advisor
Merrill Lynch Wealth ManagementAround $250,000Customized

Merrill Lynch fees

Merrill’s fees and account minimums depend on the advisory program you choose and any special services you use.

Merrill Edge Self-Directed has no account minimum, and many of its trades are free. However, ETF sales are subject to a transaction fee of 1 to 3 cents per $1,000 of principal, and keep in mind that there are other costs that come with owning ETFs.

Merrill Guided Investing requires you to invest at least $5,000, but the minimum goes up to $20,000 if you want guidance from an advisor. Annual program fees vary accordingly. Accounts without an advisor pay 0.45% of assets under management, while accounts with an advisor pay 0.85% at the time of publishing.

Merrill Lynch Wealth Management has the highest investment minimum at $250,000. However, because it services such a comprehensive market and different types of investors, there is no set price on this program’s services.

Reach out to your advisor or call Merrill's customer support line for more info on its other fees.

Merrill FAQ

Where is Merrill available?
Merrill is available in all 50 states, the District of Columbia and several U.S. territories.
What types of investments does Merrill work with?
Merrill works with a wide variety of investment options, including stocks, ETFs, mutual funds, options and bonds. To find out more, try calling Merrill’s customer service line.
Does Merrill have in-person services?
Yes, you can meet with your local Merrill advisor in person or online, depending on the advisory program you choose.
Are Merrill branches independently operated?
No, Merrill's advisors and staff operate each branch.

Is Merrill Lynch good

Merrill is a good company if you're looking for an established financial advisor to help create and implement a plan to meet your financial goals. Whether you're looking for guidance on investing or selling a business, Merrill can help with various levels of service and options for both in-person and online advising. However, you have to inquire with the company to find out what you qualify for and what rates you can expect.

Merrill Lynch Reviews

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Page 1 Reviews 0 - 10
Customer increased Rating by 3 stars!
Verified Reviewer
Resolution response: April 18, 2022

After discussing the situation with the broker, I feel better - he explained the market conditions and the misleading information that appears on their web app. By showing me detailed data, the damage is less than what appeared and their choices of options turns out good in comparison with the market in general.

Original review: April 14, 2022

Do not use this firm. I invested my life savings with them and for 2 years they bought and sold stocks showing a realized gain of about 5% each year, sounds great, but they kept the "losers" in unrealized gains and are now selling those stocks at a huge loss of about 10% for this year so far. I understand the market goes up and down, but the reason for me choosing them was because they are supposed to know more than me. They apparently know how to make money for themselves. Now each year we paid taxes on those gains, and this year we will incur losses, but the government does not allow writing off more than $3,000 of losses per year. At this rate we will be dead before we can write off this amount of losses. They know this but I was just informed by my accountant who I also had to pay for his time to do our tax return with all these stupid trades. NEVER use this firm!

4 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: April 1, 2022

This company has the customer service I’ve ever came across. I’ve had to call for a number of times a week for month just have them address one issue. If you don’t call to follow up the they will assist you. Extremely long hold call times.

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    Rated with 1 star
    Verified Reviewer
    Original review: March 25, 2022

    Well, after 3 weeks, almost a month, to transfer an IRA into a State Retirement Account, I called dozens of times, I spend at least 8-10 hours a week calling Merrill Edge, sometimes 12 hours a week. They never email me, and pretty much say that they are working on it, give them another week each time. Even though when I talk to customer service, I submitted the paperwork and started calling them on 03/06, they said even today on 03/25, we just got the paperwork and started working on it. Every time I call every other day since 03/06. They just got the paperwork and started working it, give them until next week to do it. That was weeks ago they said they would be done.

    I have no idea how to get my money from them and had to cancel my retirement plans for over a month now. Caused a lot of severe hardship to my life by delaying months to retire due to a simple transfer. It's nice that I had an IRA with them, but somehow they cannot seem to give me my money, it's turning into a part-time job, and I call them to beg them to transfer my money from their IRA into another one. I literally beg them every other day, and they even said a few times, what's the hurry. We just got it, give it a week. It's like they never talked to me the previous dozens of times. No idea what to do next, but getting my money out of my IRA into another one has cost me a fortune in Time, and effort, and am likely going to have to talk to a lawyer to see my own money.

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    Rated with 1 star
    Verified Reviewer
    Original review: March 3, 2022

    They absolutely waste your time. Tried to call 4 times. Was on hold for a total of 5 hours and still have not talked to anyone. Don’t waste your time with these guys. Complete idiots. Recommend taking your business elsewhere.

    8 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Feb. 27, 2022

    They posted my 312 page 1099-B tax form with the acquisition and sale dates swapped. This is a major problem because it requires manual correction on every transaction in the tax software. I've attempted calling them and cannot get anyone to answer. Very strange a company this large and dealing with finances does not have a call-back option. They devote sales people to call me every few weeks but they can't staff their support department? Come on.

    9 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 26, 2022

    I have now called three times and have been on hold for a total three and half hours. Do they not know people's time is just as important as their money. EXTREMELY frustrating. Switching my investments elsewhere.

    12 people found this review helpful
    Rated with 2 stars
    Verified Reviewer
    Original review: Jan. 19, 2022

    I have a plan at Merrill through a previous employer. Merrill has made my rollover to a new plan near impossible. I have been asked to mail in forms, which was a painful process that I completed many weeks ago with still no acknowledgement. I have been forced to call them with huge wait times, not returned calls, and an inability to help me in this process. Returns have been average.

    7 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 5, 2022

    Completely pissed off at this company. I'm American I want someone who speaks English not Indo-English and hard to understand. Wasted 2 hours and 40 minutes without a resolution other than, "Sorry we can't help you".

    8 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 3, 2022

    I was not able to speak with a real person and their automated voice message system did not understand anything I said. I have an American accent so that was not the issue. The options were unhelpful and it was incredibly difficult to work with.

    8 people found this review helpful
    Rated with 4 stars
    Verified Reviewer
    Original review: Oct. 22, 2021

    Have been w/ ML since the '80s. Have had other co.s also. Basically had one contact all those years. He has retired. Your contact people make the difference in any company. If you still have same broker and are more than pleased, stay there.

    5 people found this review helpful
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    Merrill Lynch Company Information

    Company Name:
    Merrill Lynch
    Year Founded:
    1914
    Address:
    250 Vesey Street
    City:
    New York
    State/Province:
    NY
    Postal Code:
    10007
    Website:
    www.ml.com