Merrill Lynch is a national investment advisory firm with offices in most major and mid-sized U.S. cities. As a subsidiary of Bank of America, one of the largest commercial banks in the world, Merrill Lynch has vast resources that its investment advisors can leverage when working with clients.
Account minimums vary across Merrill Lynch's suite of services, so just about anyone can work with the firm. The company offers a range of options for investors, spanning automated accounts handled completely by Merrill Lynch itself to accounts managed by a local financial advisor based on a client’s preferences.
Merrill Lynch Client Types and Account Minimums
Merrill Lynch clients including individuals, high-net-worth individuals, charitable organizations, banks, insurance companies, thrift institutions, pension and profit sharing plans, corporations and other types of businesses.
Merrill Lynch offers advisory programs with account minimums ranging from $1,000 to $100,000, depending on the service level. Digital platforms like Merrill Guided Investing start at $1,000, though some strategies within that program may require up to $50,000. Programs that include advisor support, such as Merrill Guided Investing with Advisor, generally begin at $20,000.
Higher-touch services come with higher minimums. The Managed Account Service typically requires $100,000, reflecting the access it provides to professional portfolio management. Other advisor-led programs may not specify fixed minimums but are generally intended for clients with substantial assets.
Merrill Lynch Investment Philosophy
As one of the largest wealth management firms in the world, Merrill Lynch employs thousands of brokers and investment advisors. Because of its size, it does not dictate any one philosophy for its advisors (and clients) to follow. Instead, it offers a range of strategies and tools that allow clients and advisors to develop an individualized investment approach.
Merrill Lynch emphasizes a goals-based investment philosophy, tailoring strategies to an individual’s financial objectives, time horizon, and risk tolerance. Portfolios are typically built using diversified asset allocations that align with target outcomes such as growth, income, or preservation of capital. Merrill employs both strategic and tactical approaches, with adjustments made in response to market conditions, economic trends, and client-specific needs.
Across its programs, Merrill offers access to proprietary models, third-party investment managers, and customized strategies. Clients may choose from managed portfolios, defined model strategies or advisor-directed solutions, with varying degrees of discretion and personalization. Many programs incorporate automated rebalancing, tax-efficient overlays or socially responsible investment options.
Fees Under Merrill Lynch
Merrill Lynch charges wrap fees that vary by program and level of service. Merrill Guided Investing, a digital platform, charges an annual fee of 0.45%, while Merrill Guided Investing with Advisor charges 0.85%.
The Merrill Edge Advisory Account Program generally charges between 0.85% and 1.10%, depending on the investment strategy selected. For more personalized services, such as the Merrill Lynch Investment Advisory Program or Strategic Portfolio Advisor, fees typically range from 0.85% to 2.20%, with some flexibility for advisor-negotiated rates.
While these wrap fees include investment management and trading costs, clients may still pay fund-level expenses for mutual funds or ETFs.
As for the Personal Retirement Strategy offering, clients are charged a maximum annual fee of 0.25%. For the Managed Account Service, Merrill Lynch charges an annual asset-based fee, referred to as the MAS Fee, which is negotiable based on several factors. This fee is designed to cover various services including investment management, custody of assets and reporting. Additionally, clients may incur separate fees from their selected investment managers, as well as other miscellaneous costs (e.g., mutual fund expenses) which are not covered by the MAS Fee.
Merrill does not charge performance-based fees.
Merrill Lynch Awards and Recognition
Advisors with Merrill Lynch have received numerous awards for their performance and service in recent years. Thirty-two Merrill Lynch advisors were named to the America's Top Next-Gen Wealth Advisors list in 2024, compiled by Forbes. Meanwhile, 20 advisors made the Barron's Top 100 Financial Advisors list of 2024 and 22 female advisors were named to the Barron's Top 100 Women Financial Advisors rankings.
What to Watch Out For
It’s important to note that your experience with Merrill Lynch will be largely dependent on the advisor you end up with. Merrill Lynch is one of the largest wealth management firms in the world, with thousands of advisors. Some have been in the business for decades and have a track record of success, while others may just be getting started. So, before opening an account with Merrill, make sure you have an advisor you are comfortable with.
Merrill Lynch currently has 376 disclosures reported on its Form ADV. The SEC requires firms to file this form. Here you can find information on a firm's available services, fee structure and client base, and check any disclosures.
Opening an Account With Merrill Lynch
Because Merrill Lynch has offices all across the country, the best way to start a relationship with the firm is to set an appointment with an advisor at your local office. You can find contact information for your local office through the search tool on the Merrill Lynch website.
During your introductory appointment, you and your advisor will determine the best investment approach to match your goals. He or she will ask you questions about what you hope to accomplish with your investments and about your risk tolerance. You will also have the opportunity to learn about your advisor’s background and investment approach.
If you are satisfied with your advisor, you will sign a Client Agreement and make a deposit to open your account.
Tips for Finding a Financial Advisor
- Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- Consider what you're looking for in a financial advisor and how much you have to invest. This can narrow down the search as many financial advisors have specific areas of expertise, such as retirement planning and estate planning. You want to ensure you find an advisor to work with who can meet your needs.
