Merrill Lynch AUM

Merrill Lynch Assets Under Management (AUM)


2023 Merrill Edge total assets under management. Merrill Lynch AUM: client assets and number of customers (user accounts).


Merrill Lynch Assets Under Management (AUM)


Merrill Lynch is a wealth manager owned by Bank of America. With offices all around the world, the broker attracts more than just American investors. It has a large client base and over 39,000 employees. The following numbers reveal the sheer size of the broker-dealer:

Merrill Lynch client assets $2.9 trillion
Merrill Lynch number of customers 2+ million
Financial advisors 19,238
Merrill Edge client assets $353 billion
Merrill Lynch number of customers 3.5 million


Merrill Lynch’s massive asset base generates enormous revenue for the company every quarter—typically over four billion dollars. This in turn produces a net profit in the hundreds of millions.

With 19,000+ investment advisors and several billion dollars in revenue annually, each Merrill Lynch advisor produces around a million dollars in revenue on average every year.


Merrill Edge and Competitors


Broker Review Promotion
Offer
Stock/ETF
Commission
Mutual Fund
Commission
Maintenance
Fee
Annual IRA
Fee
Firstrade Get up to $4,000 cash bonus + $200 in ACAT rebate! $0 $0 $0 $0
Chase Get up to $700 when you fund a J.P. Morgan Self-Directed Investing account. $0 $0 $0 $0
TD Ameritrade $0 commissions + transfer fee reimbursement. $0 $49.99 ($0 to sell) $0 $0
Merrill Edge Get up to $600 when you open a new Merrill Edge account with at least $20,000. $0 $19.99 $0.65 per contract $0


Merrill Edge Overview


Investors who want to start building a nest egg for retirement should check out the IRAs available at Merrill Edge. With good educational tools and professional investment advice, this broker has a lot to offer retirement savers.


Individual Retirement Accounts


Merrill Edge offers Roth IRA, Traditional IRA, Rollover, SEP, and SIMPLE Traditional, accounts. The Traditional IRA is ideal for customers who plan to be in a lower tax bracket during retirement. The Roth is the opposite of that. The Rollover IRA is perfect for savers who have old 403(b) and 401(k) plans that they would like to consolidate into one IRA. The SEP and SIMPLE varieties are designed for self-employed person and small businesses.

An IRA with the broker carries no annual fee. There is also no fee to setup the account, and there is no low balance fee, either. Closing out or transferring a Merrill Edge IRA does carry a $49.95 charge. Statements are in electronic format by default. Paper statements are $5 each.


IRA Education


Investors will find a wealth of investment education on the Merrill Edge website, much of it relevant to retirement planning. Videos and webinars cover a variety of topics, such as how not to outlive a retirement account, utilizing Social Security with a personal retirement account, and retirement for Millennials. Articles discuss several topics, including the number of retirement accounts you should have, when to start taking Social Security, the advantages and disadvantages of converting a Traditional IRA to a Roth, and IRA distributions.

The broker also has good articles on estate planning. These address important issues, such as passing IRA assets to heirs, giving children an early inheritance, creating a trust, and multigenerational IRAs. There is also an estate planning checklist on the Merrill Edge site.


IRA Tools


Several good retirement calculators are available on the broker's website. First, there is an IRA selector tool. This handy device leads users step-by-step through a questionnaire to help decide whether a Roth or a Traditional would be a better choice. There is also a required minimum distribution calculator. The tool asks for several pieces of information, such as account balance, date of birth, and expected rate of return. It then calculates the amount that is required under IRS guidelines to be withdrawn from the account.

Another calculator looks at the results of converting a 401(k) plan to an IRA. Users input data such as account balance, federal tax on early withdrawals, and state income tax rate. The tool then shows the results of converting to an IRA, such as total taxes paid and the remaining balance, and compares the results to simply taking a lump sum payment.

A cash distribution calculator determines the penalty for taking an early withdrawal from an IRA. The tool shows a pie chart of the resulting account value. Also shown is a graph of the results of not taking the early withdrawal.

The Merrill Edge Retirement Evaluator analyzes an IRA account and any regular payments to it.


Funds


Merrill Edge customers can trade over 3,900 mutual funds. Over 800 of these are no-load, no-transaction-fee products. Mutual funds that aren't transaction free cost $19.95 per transaction.

Target date mutual funds are available with the broker. These products were created for retirement savers. Each fund has a certain date, such as 2040, that is the target date. This is the time when retirement is expected to begin. The fund automatically becomes less risky as the target date approaches by selling equities and buying bonds.


Comparison


E*Trade offers ten different IRA types, more than Merrill Edge's five.

Firstrade has more mutual funds than Merrill Edge, offering over 10,000 funds in total. It charges $0 to buy or sell any fund.

Webull IRAs come with no on-going fees like Merrill Edge and MUCH lower pricing: $0 on ALL investment products.


Merrill Edge Recap


Merrill Edge has great tools and educational materials for IRAs. Customers who want paper statements, lower commissions, or a larger selection of funds would do better elsewhere.

About the Author
Chad Morris is a financial writer with more than 20 years experience as both an English teacher and an avid trader. When he isn’t writing expert content for Brokerage-Review.com, Chad can usually be found managing his portfolio or building a new home computer.