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Merrill Lynch Competitors in 2025
Top Merrill Lynch competitors: Edward Jones, UBS, Morgan Stanley, and Chase.
Companies like Merrill Lynch: alternative financial advisor firms, full service investment brokerage competitors.
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Merrill Lynch Competitors
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Merrill Lynch vs Self Directed Competitors: Fees
| Broker Fees |
Stock/ETF
Commission |
Mutual Fund
Commission |
Options
Commission |
Maintenance
Fee |
Annual IRA
Fee |
|
Charles Schwab
|
$0
|
$49.95 ($0 to sell)
|
$0.65 per contract
|
$0
|
$0
|
|
Robinhood
|
$0
|
na
|
$0 per contract
|
$0
|
$0
|
|
Firstrade
|
$0
|
$0
|
$0 per contract
|
$0
|
$0
|
|
Vanguard
|
$0
|
$20
|
$1.00 per contract
|
$20*
|
$20*
|
|
Merrill Lynch
|
$0
|
$0
|
$0
|
2.84% +
|
2.84% +
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Merrill Lynch vs Self Directed Competitors: Services
Merrill Lynch Review
Read detailed review of Merrill Lynch Investment Service.
Charles Schwab vs Merrill Lynch Overview
If you're thinking about opening a brokerage account and can't decide between Charles Schwab and Merrill Edge, this detailed comparison should help you make an informed decision.
Portfolio Management
Charles Schwab offers a free robo-advisor service, but it requires a significant cash balance, and some of
the ETFs are Schwab’s own, which might concern some clients. The minimum to start is $5,000.
Merrill Edge does not have a robo-advisor. However, it offers traditional management services starting at 0.45% with a $5,000 minimum. For face-to-face financial advice, available at many Bank of America branches, the cost is 0.85% with a $20,000 minimum.
Schwab wins this round for its free robo-investing solution.
Pricing
Both Merrill Edge and Charles Schwab offer $0 equity transactions. Placing trades over the phone rather than online incurs an additional $25 fee at both firms.
There are no ongoing account fees at either firm. Merrill Lynch charges $49.95 to close a retirement account, while Charles Schwab does not. Neither firm requires a minimum deposit to open an account.
Charles Schwab is the better choice for pricing.
Promotions
Charles Schwab: $0 commissions + satisfaction guarantee at Charles Schwab.
Merrill Edge: Get $0 stock commissions at Merrill Edge.
Customer Support
Both firms offer 24/7 phone support but lack online chat options. Charles Schwab provides service in multiple languages and has a larger physical presence across the United States compared to Merrill Edge, which offers in-person services mainly for those paying for financial advice.
Charles Schwab takes the lead in customer support.
Mutual Funds and ETFs
Merrill Lynch offers 3,368 mutual funds, with 791 being no-transaction-fee funds. Transaction-fee funds cost $19.95 per trade.
Charles Schwab has a higher transaction fee of $49.99 but offers a broader selection with over 6,500 mutual funds, including 4,200 with no transaction fees.
Charles Schwab is preferred for mutual funds and ETFs.
Trading Tools
Both brokers provide desktop platforms, but Merrill Edge requires active trading or asset minimums for access, while Charles Schwab offers its platform for free to all, including a trial for non-customers.
Schwab also offers a simpler, browser-based platform suitable for beginners.
Charles Schwab is the better choice for trading tools.
Mobile Apps
Both brokers have mobile platforms that include phone and tablet apps, and even smartwatch compatibility.
While both apps allow trading, only Charles Schwab's app offers live CNBC streaming and superior charting capabilities.
Charles Schwab outperforms Merrill Edge in mobile app functionality.
Banking Features
Both brokers offer checks and a debit card linked to a brokerage account with SIPC protection, not FDIC. Merrill Edge provides unlimited ATM fee rebates for withdrawals from Bank of America ATMs and offers limited refunds elsewhere; Charles Schwab provides unlimited nationwide rebates.
Merrill Edge links Bank of America accounts automatically; Charles Schwab does not automatically link bank products.
Banking features are comparable at both firms.
Recommendation
Merrill Edge is suitable for large traders or Bank of America customers with at least $20,000 in deposit accounts.
Charles Schwab is recommended for frequent traders who value advanced trading technology, as its platform thinkorswim offers more sophisticated tools than Merrill’s.
Updated on 1/8/2025.
Arthur Chachuna is a professional personal finance blogger, and the owner of Brokerage-Review.com.
He has been an avid investor for 25 years, and has a background in both applied math and programming.
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