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Merrill Edge

By on October 16, 2012
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Merrill Edge Logo

 

Merrill Edge, the relatively new discount brokerage firm, was formerly called Merrill Lynch & Co. In 2008, it agreed to become a subsidiary of Bank of America, and today continues to operate as part of the Bank’s wealth management division. In the short time that it has been around, it has built a loyal following with most of its customers attracted to its intricate connection to the Bank of America.

In this Merrill Edge review, I'll cover what Merrill Edge has to offer, who they're right for, and give you guys some links to the latest Merrill Edge promotions. If you've used Merrill Edge before, please add your own rating and review below.


Merrill Edge – The Basics:

Investments:

Stocks, options, mutual funds, bonds ETFs.

Commissions:

$6.95 per trade for stocks and ETFs, options are $6.95+ $0.75 per contract. Mutual finds are $39.95. They offer 30 free trades per month to those clients who have more than $25,000 or more in their Bank of America accounts. Broker assisted trades are $44.95 and telephone trades are $32.50

Investor Education:

Solid resource centre for learning about tax planning, retirement planning, personal finance and investing, webcasts and eNewsletters.

Mobile apps:

iPad, iPhone, Android, Blackberry.

As of now the bank is working on providing a better platform, in terms of making it more mobile friendly for its clients. While Merrill advisors can be now found at some 500 Bank of America outlets, Merrill is working on increasing this number to 1,000 by the end of this year.  

The minimum to open an account with Merrill Edge is $2000. Apply for an account now.


Pros & Cons Of Merrill Edge:

Pros

Cons

  • Great in person services.
  • Well laid out website.
  • Retirement friendly interactive tools.
  • No tiered pricing.
  • Vast Research amenities.
  • Free checking account.
  • 30 commission-free stock trades per month, under certain conditions.
  • Accounts linkable to any Bank of America account.
  • Very slow in online transactions.
  • Limited range of offerings.
  • Weak in portfolio analysis.
  • High commission costs and fees.
  • Not very technology and mobile savvy.
  • Discrepancies in account balances common.
  • Account transfer fees.
  • Limited ability to place conditional orders.

How Others Rated Merrill Edge In 2012:

Barron's: 3/5 stars

          Highest rated category: Research Amenities

          Lowest rated category: Range of offerings

Smart Money: 8th Overall, out of 10

          Highest rated category: Banking services

          Lowest rated category: Customer service


Word On The Street Is…

Not the best broker around but does have its advantages. First, it’s one of a kind retirement centre offers great, interactive, and easy to understand tools that help you make informed choices about your sunset years. Another big plus of this particular bank is its options research centre that offers a great strategy builder tool and other options-related education for their customers.

Overall takeaway: Just need the basics for your IRA account? Give them a shot.


Merrill Edge Promotion Code:


Hit the link below to claim the latest Merrill Edge promotion. Click below to claim promotion code Get up to $500 when you open an account.

Where To Open A Merrill Edge Account:

Open A Personal/Joint/Custodial/Business Account With Merrill Edge: Apply Here

Open An IRA Account With Merrill Edge: Apply Here

Open A Forex Trading Account With Merrill Edge: N/A


P.S. Don't forget, if you've used Merrill Edge before, please help us by adding your rating and review below!

About Peter Voga

Self-confessed coffee addict. Family man. Rage Against The Machine fan. Lover (and sometimes hater) of the stock market. Founder of BrokerChats. For more, follow me @petervoga or check me out on Facebook or Google+.

2 Comments

  1. jaime

    August 20, 2013 at 6:17 pm

    Tools & Research
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    Worst customer service ever. I have dealt with the same issues multiple times. They are not knowledgeable about what they are doing. I have lost a lot of money because of them and can’t wait to close my account as soon as I sell all my stocks.

    Did you find this review helpful? Yes   No

  2. JT Snow

    July 13, 2013 at 4:58 am

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    M.E. Customer Service is abhorrent!

    Did you find this review helpful? Yes   No

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