Key Takeaways
• Investors with Merrill Lynch and Edward Jones can open brokerage and managed accounts.
• Banking products are available at both firms as well.
• High-level trading software can be used with a brokerage account through Merrill’s subsidiary Merrill Edge.
Merrill Lynch vs Edward Jones
Financial planning, investing, and more are all available at Edward Jones and Merrill Lynch. Before choosing one firm over the other, be sure to read over our comparison of these two financial giants.
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
|
|
Merrill Lynch
|
$0
|
$0
|
$0
|
2.84% +
|
2.84% +
|
|
Edward Jones
|
$0
|
$0
|
$0
|
0.50% to 1.50% + $300
|
0.50% to 1.50% + $300
|
Services
Promotions
Charles Schwab: $0 commissions + satisfaction guarantee at Charles Schwab.
Edward Jones and Merrill Lynch: none
Investing Services
Edward Jones and Merrill Lynch offer full-service brokerage and investment-advisory accounts. By full service, we mean every account comes with a financial advisor. Self-directed brokerage accounts are only available at Merrill’s subsidiary Merrill Edge.
In a full-service account at either firm, it’s possible to obtain a great deal of financial planning. The range of potential services will vary by the specific financial planner chosen. Possibilities include estate planning, retirement saving, charitable giving, education planning, and more.
Inside securities accounts at either firm, it’s possible to invest in a range of asset classes. These include:
- Stocks
- Bonds and other fixed-income vehicles
- Mutual funds
- ETFs
- Closed-end funds
Only Merrill Lynch offers trading in option contracts. Plus, it has a lot of esoteric investments like hedge funds and private equity. It is also the lone firm in this contest to offer automated investing (through the subsidiary Merrill Guided Investing). A robo account with Merrill costs 0.45% per year.
Winner: Merrill Lynch
Find a Financial Advisor
If you are looking for a professional money management service in your area, you can
find a Financial Advisor on the Wiser Advisor
(or read
Wiser Advisor review).
Visit Wiser Advisor
Banking Services
For cash management, each firm has a suite of banking services that are well worth checking out. Because Merrill Lynch is owned by Bank of America, pretty much everything at Bank of America can be linked to a Merrill account. Bank of America Private Bank is a good option for wealthy folks. Available programs in this ritzy service include wealth planning and art services. Regular deposit accounts with Bank of America can be linked to a Merrill account, and a Merrill Edge account is eligible for a debit card and a checkbook free of charge.
Edward Jones has partnered with a host of FDIC-insured banks to provide checking and savings accounts for its clients. These come with debit cards and checkwriting, or at least some of them do. As with the Merrill Lynch program, interest rates on the sweep program are rather low by current standards, although money market mutual funds are available at both firms that yield over 5.0% right now.
Winner: Merrill Lynch
Margin Services
Margin trading is available in brokerage accounts at Merrill and Edward Jones. The latter broker-dealer
charges between 9.5% and 6.25%
for debit balances, depending on the exact balance. Merrill, on the other hand, has a more complicated
schedule that looks at total assets on deposit within the Bank of America family, the account’s debit
balance, and a base lending rate that adjusts weekly.
Winner: Edward Jones (although, as already mentioned, there is no self-directed trading)
Websites
The Edwards Jones site emphasizes account management over actual trading. During our probing, we found document downloads for multiple accounts, a snapshot of portfolio value over time, and contact information for the relevant investment advisor. There is also a gadget for bill pay.
The Merrill site hosts accounts for both wealth management and Edge channels. Brokerage clients get all sorts of useful features, including charting and order tickets. There is a browser platform called MarketPro that delivers some really high-level stuff, including these highlights:
- Stock screener
- Integrated option spreads
- Options calculator with Greek values
- Discrete OptionsPlay platform for even more derivative tools
- Full-screen charting with tons of graphing tools, including technical studies, drawing tools, ability to save a graph, and comparisons
- Economic calendar
- Free technical analysis tools
- Level II quotes
- Trade ticket with selections for sell short and buy to cover
Winner: Merrill
Mobile Apps
In the realm of mobile apps, we lose MarketPro, although the basic picture remains the same: simple account management from Edward Jones and trading tools from Merrill. Edge customers get their own app, while wealth management customers get MyMerrill. The latter platform has mobile check deposit, stock research, account details, and contact info on the financial planner. The Edge app has a trade ticket with eight trade types, including four trailing orders. And we really like free stock reports from Morningstar, CFRA, and Bank of America Securities.
Edward Jones’ app has no trading resources, although there are some good features anyway. During our probing, we found goal tracking, which shows whether the user is on track to meet a goal that has been established with the financial planner. Some of these are in graphical format.
Winner: Merrill
Extra Services
Initial Public Offerings: Investors at Merrill Lynch can access upcoming stock launches.
Extended Hours: Only possible with a Merrill Edge account.
DRIP Service: Both Edward Jones and Merrill Edge offer free dividend reinvesting.
Periodic Mutual Fund Investing: Recurring mutual fund purchases can be set up at either investment firm in this comparison. Edward Jones does charge transaction fees in some cases. It also offers the service for stocks (at additional cost).
Fractional Shares: Not available at either firm.
Fully-Paid Securities Lending Program: Same story.
IRAs: Merrill and Edward Jones clients can open Individual Retirement Accounts. Edward Jones charges an annual IRA fee, while Merrill Edge charges a fee to close an IRA.
Winner: Merrill
Recommendations
Mutual Funds: Either firm will work. Advisory customers should pay attention to fund fees.
Small Accounts: Merrill Edge.
Beginning Investors: We suggest an investment-advisory account at either firm (preferably one
with a human advisor for extra guidance).
Active Stock Trading: A brokerage account with Merrill Edge.
Retirement Savers and Long-Term Investors: Merrill Lynch or Edge.
Edward Jones vs Merrill Lynch Judgment
Edward Jones has a lot of offices throughout the United States and Canada, but Merrill seems to provide the better experience.
Find a Financial Advisor
If you are looking for a professional money management service in your area, you can
find a Financial Advisor on the Wiser Advisor
(or read
Wiser Advisor review).
Visit Wiser Advisor
Updated on 4/8/2025.
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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