About Merrill Lynch
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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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- Comprehensive services
- Vast network of advisors
- Online portal
- Some high account minimums
- No set-fee pricing
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.
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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.
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!
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.
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.
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.
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.
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.
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.
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".
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.
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.
I filled out a Beneficiary Required Minimum Distribution Service form on their website. The copy they sent back to me was incorrect, and they refused to fix it. They said I have to call back another day to cancel the first form and start all over. I've already wasted an hour of my time filling out the first form online and trying to get it corrected by phone. So much for 24/7 customer service.
OK we just changed my password and you made me pick a different one than I am used to. Now I try to get in to my account to access the money I am desperate for to pull my teeth at the dentist and you lock me out my account then say the only way to fix it is call customer service!?!? You are also closed on Sunday so no customer service at all! Great. Thanks a lot!!!!
I applied for a hardship withdrawal. To prevent an eviction. My landlord raised my rent $400.. and on top of that, I ended up having a serious health issue. It's been 3 weeks, and I still don't have a diagnosis yet. I'm mid 40s, and have a very physically challenging job, working in a constant subzero (-25°f) environment. So when my health began to decline, I tried to push through it.. but I can't.. It started a few months ago. For the last 5 years I've been working 5 to 6 days a week, 9 to 11 hours each day. Because where I work, you're scheduled 3 days on, 4 days off. However, we have never been able to keep the staff at more than about 70% of what's needed. Roughly, that's about 250 people less than a full staff. Even worse, that 70% usually only lasts a couple of months.
But even at my age, working that many hours, I was still completing a majority of my tasks in less time than was given. We make a bonus for completing tasks in less time than allotted. So at my pay rate, I was making over 70k a year. Then 3 months ago, while getting ready for work, I passed out and woke up on my bathroom floor. The last thing I remember was my nose started bleeding for no reason.
It's been a tough 3 months. I've gone from being able to work 60+ hours a week at $35/hr plus overtime, to barely being able to work 2 or 3 6 hour days, if that. The last two weeks, I was only able to work 11 hours. My PTO is gone, I don't have a diagnosis so Sedgwick won't approve leave for me yet. The only reason I still had a job, was because I built a reputation as someone who's ALWAYS THERE. In 5 years, there has only been 3 times they called me at home to come in, and I said no. Twice I was working on my vehicle, once was my niece had her baby.
Surprisingly, my boss has been beyond understanding. People don't typically last more than 3 or 4 years. Out of the 55 people in my areas and the area next to mine (we share people back and forth as necessary), I'm the 5th most senior with 5 years. Over half our crews are new, 1 year or less. So they really want to keep me on, and have been very supportive and understanding. However, I've gone from clearing about $2300 every two weeks, to $500 if I'm lucky.
And if you think that sounds bad, also.. I got married in the Philippines Feb 2019, and my wife and our baby has been stuck there because of the pandemic, I have 2 traffic fines I was supposed to pay off last month, but couldn't.. and they sent me a notice saying I had 15 days to make a payment or a FTP warrant will be issued for my arrest (no way I can pay it on time), I have 2 prescriptions I was supposed to pick up 2 weeks ago, but can't afford to, it's a 50/50 chance I have enough gas to make it to work and back 1 more day before my tank is empty, I don't have more than a couple days of food, I still owe $400 on last month's rent, my bank account got closed (not that there was any money in it)..
Also next month's rent is due in less than 2 weeks, I still owe ALL the rent for this month ($1395) plus $400 from last month ..and I have right now, at this very moment, $1 and 18 cents total in my pocket... and next week when my paycheck comes it will be for $365. Merrill Lynch denied my hardship claim because they didn't feel my circumstances qualified as a hardship. What? I'm sorry, what?!? It clearly states, hardship withdrawals allowed to prevent an eviction. I clearly gave you a copy of my eviction notice. Maybe they felt that since I was about to have warrants issues for my arrest, that meant I had somewhere else to go. I told my landlord I was taking a hardship withdrawal, so she would hold off on locking me out. Now what am I going to do?
I'm going to lose my home, I have nowhere to put my things, I can't afford a storage locker. More importantly, if I lose my home, I won't be able to keep my job. And when I lose my job, I'll lose my insurance. There's something seriously wrong with my health, and I don't even have a diagnosis yet...Now I have to worry about losing my insurance? Not to mention, when I lose my job I'll be cashing out ALL of my 401k anyways. Not that it'll help, since they will be sending the check to an apartment I was evicted from, a month before they even send it! These people should be held accountable for falsely denying hardship claims. It clearly states hardship withdrawals allowed to prevent an eviction, I am facing eviction and have no other recourse. How is that not a breach of contract?
I give up, you work your whole life just to try and break even, and when you need it the most, they won't even give you your own money when you clearly meet the necessary qualifications to do so. They're so worried about disbursing $1288, that they are going to end up forcing me to cash out tens of thousands when I end up losing everything.. including my job.
Especially during these difficult time, my financial advisor is always available. I don’t have to worry about dealing with technology and press this button to get an automated system that is not helpful. It's great to speak to a human being and get advice and guidance from an actual person.
My financial advisor has been with me for over 10 years. He is attentive, responsive and always puts my needs first with an excellent plan. I trust him completely and have referred several friends who have also been very pleased.
I have a small account with one stock. I moved & wanted to change my address online. I received a message, while trying to set up an online account, to call to be able to get online. The first person was no help with getting online &/or changing my address, but wanted to start charging me money to keep the account. Then I was passed to three other reps one by one that were equally unhelpful. Run away from this company if you value your money & sanity.
Was transferring in a 401k, went to Merrill, they provided me instructions via their web chat. It was blatantly obvious that it was for a 401k (they even provided me the 401k telephone number). Once I received a check, I went to submit it. They indicated that the 'to' line was filled out for an IRA, not a 401k, so I'd have to re-processes. They then gave me the runaround and wouldn't support trying to resolve the issue. After which I was forced to pay a $75 fee to re-issue a check. They wouldn't accept ownership of their own mistake in directions and said I'd have to pay the fee!
My money has been sitting gaining no interest for a month! When I told the supervisor I'd be rolling my 401k over to another company and pull anything I could he chuckled because my current funds still go to them, he came off like a real **. Guess what? Out of sheer principle of working with a dishonest company that put me through hours of hoops that 401k is getting rolled over into a Vanguard IRA.
I've had a savings account, as well as a 401K account with Merrill Lynch through my employer for almost 10 years. When I got terminated I was still getting record keeping fees applied to both of my accounts every month (this went on for 5 months), and I could not do anything about it. My accounts were frozen so I was unable to merge the accounts together, or change my investments yet was still getting charged for the account. I called on several occasions seeking help with getting my accounts closed out and rollover the plans into my current employer accounts. However, every single time I called I got different answers to what the fees I would be charged for doing this.
Initially I was told I would have to pay $25 per account to close and rollover, then I was told both accounts would be $26.50, and then I was told one account was $26.50, and the other $33.75. This was infuriating! Especially since I was already out about $20 per month, and then on top of that I was charged the closeout fees which ended up being $60. This experience has given me a bad taste in my mouth for this company. Beware of the hidden fees, and the general lack of knowledge that the employees provide you.
I have tried calling Merrill Lynch customer service on many separate occasions, primarily to discuss stock trades about which I want additional information regarding the timeliness of execution of those trades. I have had several experiences wherein my limit order to buy or sell hit the specified price but the trade failed to execute. Most recently, I called to inquire where my Tax Form 1099 was (as of February 26, 2020, I still had not received it). I have never registered with Merrill Edge for paperless reporting, so I was expecting my tax form to arrive in the mail by the end of February, 2020.
Merrill Lynch (also known as "Merrill Edge" never answers their telephone. They will put you on hold forever. Try calling them, if you don't believe this. Here is their customer servicer number: 1 (888) 637-3343. Merrill Lynch does not provide any other way to contact them except by telephone, which they never answer. They don't even offer an option to request a call back. It is IMPOSSIBLE TO CONTACT THEM.
I will be moving my brokerage account elsewhere, to a brokerage that is more responsive to the needs of their customers. AVOID MERRILL EDGE AT ALL COSTS OR YOU WILL REGRET THAT YOU DID NOT TAKE MY HONEST, WELL-INTENTIONED ADVICE! When you need help with your Merrill Lynch account, you will be LEFT HOLDING THE BAG. Before you open a Merrill Lynch brokerage account, try calling them. You'll see what I mean.
My experience has not been good w/ Merrill Lynch. They disallowed sending emails via their website in 2020, and when I called, I was put on hold for LONG periods of time. They could use a callback feature, but they don't use one. I'd try Fidelity or Schwab as an alternative.
I have a checking account with Bank of America, decided to open an investment account and wrongly thought that it is convenient to chose Merrill. I had the worst experience ever. I never could make any transaction when the market was active because the system was always overloaded. This means that I always missed to sell or buy at good price. When the system works, it misleads me by showing wrong numbers: prices are not timely updated and sometimes the cash balance is not accurate. Once based on the balance I had, I bought some shares.
The next day I received an email states that I must sell some shares to cover an outstanding balance, I understood that the previous day the balance wasn’t correct and just sold some shares. But a Merrill service associate decided to penalize me by cancelling all the transactions I did that day and making me losing money. I tried to discuss with them but without results because they do believe in their system and could not understand it is a rubbish. They know that I cannot buy anything if I didn’t have money in my account but they could not believe that their system contains bugs and it is not accurate. So I had to sell all my shares at lost and move to Robinhood. I strongly recommend you to stay away as much as you can from their bad system and service.
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" which have all the relevant information available to you to make trades. Like all other trading platforms, they do not charge you trading fees. They also have tons of funds to pick from.
ON 11/24/2020 9:30 am place a trade on Merrill Edge app, AAL short 2,000 shares at 14.31. A few minutes later I tried to place a buy to cover at 14.18 which would have resulted in a profit of 260.00. The app just spun and spun and trade was never placed. At the time I thought it was my connection. The stock price rose, I went in to place another trade short 2000 more shares at 14.31 at 9:47 am. Now I have AAL short 4000 total shares at an average of 14.43. After this trade the whole site crashed completely, what I thought was my connection turned out to be a major system crash at Merril Lynch.
Not knowing how long this issue would take to correct I drove to work. At 11:13 am the stock was at 14.40. Unable to log in still. I proceeded to call them. At the prompts it asked for my account number, I do not have this written down in my pocket and could not log in to retrieve as I normally would. I selected the prompt to talk to someone, I was disconnected immediately, I called back 2 minutes later at 11:15 am and was disconnected again. Finally after approximately 4 hours the site finally came back up.
On 11/25 I called to and finally was connected to someone, I explained what all had happened in detail, he stated he would open an investigation and get back to me, he went ahead and processed a buy to cover for the 4000 shares at 14.90 resulting in a loss of 1880.00, he called me back and said he could not find where I had tried to call. I told him I had it in my phone and could send proof of call, he directed me to the site and showed me where I could upload the proof, and I did. Proof sent to merrill lynch.-screenshot of call made at 11:13 am
-screenshot of call made at 11:15 am
-screenshot of my Google history showing where I was looking at the outage over 20 searches
-screenshot from Merrill lynch showing AAL ticker was trading at 14.40 at the time of my calls
-screenshot from CNBC showing AAL ticker was trading at 14.40 at the time of my calls
On 11/30 the rep called me back and said the trade would stand and no assistance would be given. The reason is that the number I called 866-706-8321 was not the number to place trades. What? Where did I get the number then? It walked me through the normal prompts as always, it is the number listed as customer service. He then asked me an outrageous question, "Did you call this number as an excuse?" My answer, "Hell no because was making 120 at the time of my call." After back and forth I asked for a supervisor to reach out. Micahel ** reached out, I went back through the details again.
Question, "Where did you find the number you called?" Answer, "Merrill lynch website I guess." "Why did you only call twice?" Answer- "How many time should I have to call?" "Why did you wait till next day to call again?" Answer, "I have a job, I called when I had time to call." Blah blah blah, "We cant help you." "So Michael we agree your website was down half the day?" His answer YES, "We agree I tried to call you?" His answer YES. "But you can not help with issue that merill caused?" His answer NO.
So after being a Bank of America customer for over 20 years, a Platinum Honors customer, over 15 active accounts, numerous loans, multiple credit cards, all I get is rude customer service, baseless and nonsensical accusations, a trading platform that has crashed numerous time over 3 months. Bottom line this was not my issue, I did far more than i ever should have had to and I get zero assistance. Steven **, Platinum Honors Member
Our advisor's name is Greg, We would recommend Greg to friends, He is honest, friendly and professional. Never tries to push anything on us and always has time to answer questions in a way the answers are understandable, We have dealt with other brokers, both within Merrill, and outside. Have been taken advantage of by both. We have no doubt about Greg's honesty and his concern for our success in investing. He has also, along with his wife, become a friend.
My Bank of America Merrill Lynch advisor is readily accessible in person and on the telephone. He is friendly and helpful as regards my portfolio. He also has been in his position for some time and I am encouraged that I can keep accessing the same person.
They seem to help people with their money and trying to help you for the future so that you can know for sure that you will be ok for your money and if you need to get guidance for what to invest and what to see the best path for your future holds.
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 and gave me information that helped me make good decisions.
This company is ok not great. They could be better but not now. It needs lots of work to get there. They don't explain thoroughly what they are doing financially. I'm new at this and have told them and still.
They send a copy of your stocks. My experience is that for 2 years and does not have anything bad. They are very good and they are there to help you and guide you. I recommended.
I wish they could have more communication with me. They should assign a person per every account to call the customers and help them achieve the best in their investments. I get no call from no one unless I call, and their attitude is very nasty.
Merrill Lynch Company Information
- Company Name:
- Merrill Lynch
- Year Founded:
- 250 Vesey Street
- New York
- Postal Code:
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