Merrill Lynch Wealth Management Account
The following review covers the Merrill Lynch wealth management account. For Merrill
Lynch self-directed account review, go to
Merrill Edge Review.
Merrill Lynch Wealth Management Review Highlights
• Merrill Lynch Wealth Management offers both brokerage and investment-advisory accounts.
• Merrill Lynch’s Wealth Management program gives clients access to financial advisors and personalized planning services.
• Some specialized Merrill Wealth Management offerings have eligibility rules and minimums, but the main Merrill Lynch Investment Advisory Program generally has no minimum asset requirement.
Overview of Merrill Lynch Wealth Management
Merrill Lynch’s Wealth Management division provides access to a broad range of financial services. Its pricing is generally in line with many full-service advisory programs. Some specialized products and strategies have eligibility rules, although Merrill’s main advisory program generally does not list a minimum asset requirement.
Merrill Lynch Investments and Financial Planning
Through its brokerage and managed accounts, Merrill Lynch Wealth Management offers access to many asset classes. Because this is a traditional full-service investment business, the investment menu is broad. Examples include:
- Precious metals
- Annuities
- Variable-rate demand obligations (VRDOs)
- Stocks
- Options
- ETFs
- Mutual funds
- Closed-end funds
- Fixed income
- Initial Public Offerings (IPOs)
Alternative assets, including:
- Real estate
- Hedge funds
- Non-Traditional Mutual Funds (NTMFs)
- Private equity
- Commodity pools
- Interval funds
- Non-traded business development companies
- And more...
Any investment purchased must be held in some type of account, and Merrill offers many account structures. In addition to individual and joint accounts, the company provides several tax-advantaged options, including trusts, 529 plans, and retirement accounts.
Every Wealth Management client works with an assigned financial advisor. These professionals can help clients build plans, choose investment strategies, and review long-term goals. Examples of services these financial professionals may provide include:
- Personalized financial plan
- Goal setting
- Wealth accumulation
- Managing health-care expenses
- Buying a home
- Generational planning
- Vacation funding
- Charitable giving
- Retirement planning
- Selling a business
The exact services available can vary based on the advisor selected. Choosing an advisor at a nearby Merrill location is one way to begin the process of opening a Wealth Management account.
Merrill Lynch Cash Management
Merrill Lynch is part of Bank of America, so investment customers can access many banking tools. Checking and savings accounts opened under the same tax ID number can be linked to securities accounts on the company’s software platforms. Moving money between these linked accounts is a straightforward process.
Because Wealth Management clients often have large asset balances, Bank of America Private Bank is also worth noting. This is Bank of America’s premium private banking and wealth management service for clients who need more than basic deposit accounts. Available services include:
- Art Services
- Credit & Customized Lending
- Endowments & Foundations
- Family Office
- Business Solutions
- Family Wealth Services
- Private Philanthropy
- Trust & Estates
- Wealth Planning
As with Merrill’s Wealth Management division, the Private Banking service includes a one-on-one relationship with a financial professional—a Private Banker in this case. A relationship generally needs to be opened through Bank of America Private Bank, and not every Bank of America location provides these services.
Investment accounts can hold money market mutual funds, and Merrill investment advisors can also access other cash-management solutions. By default, Merrill uses the Merrill Lynch Bank Deposit Program, which sweeps uninvested cash into deposit accounts at Bank of America, N.A. and Bank of America California, N.A.
If the debit cards and checkbooks from Bank of America are not enough for a client’s needs, a Merrill brokerage account can use similar cash-management tools.
Margin
Margin can be added to an investment account within Merrill’s Wealth Management service. The borrowing cost for trading purposes varies based on three factors: a base lending rate, assets within the Bank of America family of companies, and the amount borrowed. The base lending rate resets weekly.
Currently, the lowest possible rate is 8.06%
(with $100,000,000 in assets and more than $5,000,000 borrowed), and the highest rate is 12.26%.
Merrill Wealth Management Fees
Now we come to an especially important topic: fees and minimums. Merrill’s main Investment Advisory Program generally has no minimum asset requirement, although certain Premium Access Strategies, Style Manager Strategies, TEM Overlay Services, and specialized products may have their own minimum investment amounts and eligibility rules.
Although some specialized strategies can require more assets, advisory fees are generally similar to what investors may see at other full-service wealth management firms. Wealth Management clients will pay no more than 1.75% of assets under management in the Merrill Lynch Investment Advisory Program when working with an Advisor. Some advisory programs have lower maximum fees than this.
Brokerage accounts have their own account charges and transaction costs, depending on the account type and the investments used. Unlike managed accounts, brokerage trades are not covered by an all-in advisory fee, and commissions or markups can still apply depending on the product.
Stock trades: Transaction fees may apply depending on account type and trade method
Option trades: Additional charges may apply depending on the contract and execution method
Bond trades: Markups, markdowns, or other transaction costs may apply
Annuities: May carry sales charges and ongoing fees, depending on the product
Although brokerage accounts themselves may not always require a formal account minimum, some investment products, such as mutual funds, will have minimums.
Find a Financial Advisor
If you are looking for professional wealth management services in your area, you can easily
find a vetted financial advisor through WiserAdvisor
or read our comprehensive WiserAdvisor review to learn how the platform works.
Website
Accounts opened through Merrill Lynch Wealth Management can be accessed through Merrill’s website. The site is fairly easy to navigate because the top menu uses automatic drop-down windows. Under the Guidance & Retirement tab, we found the following topics:
- Retirement Planning
- Find the Right IRA
- Retirement Evaluator™
- Life Priorities & Goals
- Prepare for Life Events
- Plan for Life Stages
- Learn About Investing
- Taxes & Investing
- New To Investing
- Tools & Calculators
- College Planning
- Personal Finance
- Advice & Guidance
- Merrill Guided Investing
The site also has other useful tools, including a branch locator and access to connected Bank of America and Merrill accounts from one dashboard.
Mobile App
Merrill also offers a mobile app for Wealth Management clients. Called MyMerrill, it works on Android and Apple devices and includes many useful features. In addition to contact tools for the financial advisor, it can provide access to documents, account information, secure messaging, check deposit, transfers, and other service features.
Our Recommendations
Mutual Funds: Merrill’s Wealth Management program can be a good way to invest in mutual funds.
Charles Schwab, however, charges
nothing for many mutual funds.
Long-Term Investors & Retirement Savers: A one-on-one working relationship with a Merrill Lynch
advisor can be a strong way to plan for retirement and other long-term goals.
Buying index funds at Charles Schwab
and holding them for a long time could still outperform many advisor-based strategies after fees.
Stock and ETF Trading: Although individual stocks are available through Merrill Lynch, the company’s
low-cost alternative Merrill Edge would be better for frequent trading.
Small Accounts: Merrill Edge also works for small accounts.
Beginning Investors: Novices can be in good hands at Merrill Lynch Wealth Management.
Merrill Wealth Management Review Judgment
Merrill Lynch has a reasonably competitive Wealth Management program that affluent investors may want to consider. The exact services available through this program will depend heavily on the financial advisor chosen, so interested investors should do their homework before selecting an advisor.
Updated on 5/25/2026.
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.
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