Merrill Lynch Wealth Management Reviews

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Merrill Lynch Wealth Management customer reviews: complaints, positive feedback from clients, pros and cons. Is the broker good/safe?

Minimum to open: $2,000 is a minimum to open a cash management account, $250 is a minimum for an individual retirement account (IRA).

Merrill Lynch is the wealth management division of Bank of America. With over over 17,000 financial advisors and $2.2 trillion in client assets Merrill Lynch is among largest full-service brokerage companies in the U.S. Visit Merrill Edge review for self-directed brokerage account review.

In 2016, Merrill Lynch Wealth Management takes sixth place among the 20 companies participated in the annual Full Service Investor Satisfaction study by J.D. Power.

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Merrill Lynch Investment Customer Reviews

by Chuck, 3/17/2017

Pros: none

Cons: outrageous fees

by Bettyye, 3/17/2017

Pros:

Cons:

It is difficult to get a simple answer from Merrill Lynch brokers. For two years I have been trying to find out how I can have my deceased husbands name removed from an annuity and placed in my name. Brokers do not call back or are difficult to reach.

by Dont do it, 3/11/2017

Pros: There are no Pros!

Cons: I invested $500,000, within 1 day they had my money in 70 different things i lost 2000 in 2 days and pulled out!!!! NEVER AGAIN, this was a couple months ago, I check the market every day, i would be down over 50K if i had stayed in

after i opened my account, i started getting several other customers Mail

by Mary, 1/26/2017

Pros:

Cons: Merrill Lynch covers up their error in trust management

Merrill Lynch in Minocqua, WI didn't follow my mother's trust starting in 2011. I was a co-trustee on my Mom's trust when she was determined to be incapacitated in May 2011. The trust became irrevocable. Three attorneys determined that I was a co-trustee on the trust. I stopped getting monthly financial statements from Merrill Lynch. I found out my sister wrote $112,000 in checks to her children and other nieces and nephews but not mine on August, 2014. As co-trustee I should have been notified when my sister attempted this transaction and given the 50% decision-making power about this transaction. I was not notified. I had to get attorneys involved to get financial information which I finally did. I had to have forensic accounting done on the trust for the five years I didn't receive statements. When asked, the person in charge of the trust management said I would have to go through my sister?! My sisters ran my Mom's trust down to 2 1/2 months of liquid assets in her trust left to pay for her care when she passed away. I changed attorneys when my attorney canceled a meeting in front of a judge and I contacted the DA's office. I had to go through mediation and lots more attorney fees to get this situation settled. None of this would have occurred if Merrill Lynch had followed the trust. I made a complaint to Merrill Lynch to their compliance people after my Mom passed away. They investigated and have tried to make this mistake my fault! First they tried to say I wasn't a co-trustee. I countered with proof from three attorneys saying I was a co-trustee and their agent saying I was a co-trustee in e-mails. Then they said I hadn't turned in the letter of incapacity which I have e-mail documentation that I offered this letter and that Merrill Lynch didn't respond to this. They also did not give me the trust client forms to fill out until they noticed their error in November 2014. How is a consumer supposed to know what forms they need completed? The agent at Merrill Lynch made this mistake. They noticed their error after I had an attorney contact them in 2014. All I am asking for are my legal fees and forensic accounting fees that I wouldn't have had to pay if Merrill Lynch had done their job. It was very obvious at my Mom's memorial that the Merrill Lynch agent was guilty when he fell all over himself trying to please me. I have dealt with 3 compliance officers. "Compliance" means following the rules/laws. All they have done is try to make their obvious fault somehow my fault not to follow the law like they should have. They have error and omission insurance to take care of such glaring mistakes. I am just a consumer making a complaint. My attorney said that trying a lawsuit against a large company like Merrill Lynch would be dumping money down the drain. My Mom's trust was a useless document. I feel that Merrill Lynch should do the right thing and admit their many errors and make this right by covering the legal and accounting fees I had to incur due to their errors.

by Denise, 1/23/2017

Pros:

Cons:

How do these idiots stay in business? NOBODY knows what they are doing or how to figure out simple transfers. Can't even read their own paperwork or get account numbers right.Tried to make me pay taxes on an inherited IRA and claimed they had never done one before - REALLY??! Everything has to have compliance or management approval yet these mystical people don't seem to really exist. If I could give them less than 1 star I would.

by leo, 12/23/2016

Pros: none

Cons: everything

This company is the worse ever. I was facing time sensitive issue's and this thing of a company lost my cheque and will not issue me a new cheque on time. The customer service makes isis looks good. Horrible of a company

by Beth Garden, 10/25/2016

Pros: Always available, always curtious, always had time to talk. Very pleased with our broker. But, the new fiduciary agreement and the very high asset fees, 1.5% of $2 million ($30K/year) causes us to move to another brokerage firm.

Cons: Very high fees, and the sudden introduction of the "fiduciary" rule, i.e. only asset fees, no more commission based trading, took us by surprise. A VERY unpleasant surprise. We're out-of-there!!!

Our broker and his assistant were great while the "going" was good; i.e. commission based fees. The new Asset management fees are very high (1.5% on our 2million IRA, which is $30K/year... There goes the profit - and there go we!!! We're out of Merrill Wealth Management - and looking for a new home for our $4 mill. account.

by Felipe T., 6/20/2016

Pros: None

Cons: Delayed quotes, antiquated platform horrific customer service

If you want to be treated like a valued customer DO NOT USE Merrll Lynch. If you don't want to lose money because of delayed quotes, system downtime or just complete incompetence DO NOT USE Merril Lynch.

By far the worst "trading" platform in the industry. The least knowledgeble and condescending customer service.

Invest/trade anywhere else. You will be better off and will avoid unnesesary headaches and stress. Caveat Emptor.

by rattan, 6/11/2016

Pros:

Cons:

Be warned!! Do not trust Merrill Edge reports. Their Target prices are a scam. They are inflated so that customers would buy the stock at a high price and keep their money in the account waiting for the price to go up! GME- Analyst stated Target price $56, I bought at $50... made a loss by selling at $38. SAVE- Analyst stated Target price $80, I bought at $60... made a loss by selling at $48. DAL- Analyst Target price $65, I bought at $49... made a loss by selling at $48. Slowly and slowly I have lost $450,000. Never again would I trust such legalized SCAM ARTISTS. NEVER DO BUSINESS WITH THESE GUYS... I WOULD NOT want ANYONE to go through what I have suffered.

by Travis, 5/11/2016

Pros:

Cons: Seems like a scam to me...

I have been with Merrill Lynch for a few years now and I have been fighting my enrollments every since. I go on their website and change how I want my money invested and a month later I check it and it has completely changed... I finally had them put all of my money in a savings account until I could figure out what was going on and I look a few months later and they are putting money into a different fund trying to invest my money. I am pissed!! I called a few months ago and was told I wasn't changing the proper settings when I was trying to changing my enrollments, which is a joke, I changed future enrollments and current enrollments and they still seem to change themselves. Has anyone else had this issue?

by Tee of Muskegon, 1/9/2016

Pros:

Cons:

MERRILL Lynch gives people a hard time if they need to take a hardship withdrawal from their 401k. It's my money that I invested into the account. After waiting 10 days to get approved, ML still holds your money for a few more weeks. The purpose of the hardship is to prevent whatever unnecessary expense from occurring. I've been waiting since the middle of December for ML to send me my check. Obviously I need it in a hurry, so I can pay my mortgage company. With ML making me wait an extra month, that's just more money that I owe.

by Chris of Sterling, 5/22/2015

Pros:

Cons:

I have a Merrill-Edge account due to being a BoA customer and the ease of transferring funds along with a $6.95 commission. I also have an OptionsHouse account which I use for options trading which I've had since they were Trade Monster. When I opened the Merrill account I applied for options and after a few days was approved but only at level 1 (level 4 with OptionsHouse) which limits me to only covered call sells. So that was disappointment #1.

The second problem I have with them is when I applied for Margin to be added. I received an email the evening I applied saying they'd received it and then nothing for three days. After market close on the third day I received an urgent margin call. There was no email saying approved or any additional information just a margin call. Since I didn't like the way it was handled (have margin with OH and always received prompt communication) I called and said I wanted margin removed which they said they could do however it wouldn't affect the current margin call (no problem I have the money but several of my equities are recent IPO's and not marginable so they're not included in the account). If I had to do it over again I wouldn't have opened the account with Merrill. Now I'm thinking of closing completely and transferring everything to my Ameritrade or TradeKing accounts.

by mdlax, 3/13/2015

Pros:

Cons:

I have been using them for about five months. Customer support by phone was extremely professional and polite when I called to ask a stupid newbie question about my account. The chat support is also helpful and usually gets back to me within 1-2 days of my message.

Being able to transfer money instantly between your BoA accounts and ML is awesome. It is also nice to be able to see all of your account holdings on one page (from either website).

I am only using it for a few long term investments in blue chips with (DRiP). I have no idea how good of a platform it is for more technical trading.

by Shawnna, 11/18/2014

Pros: none

Cons: disgraceful

This company will do anything it can to keep a hold of your money. If I could have given them a no star rating I would have.

by Andrew, 8/29/2014

Pros:

Cons:

Over 14 years with Merrill Lynch I watched my retirement accounts dwindle from an initial investment of $32K to just over $7K. Their advice was consistently disastrous. When I cashed out a Roth IRA that started 14 years ago at 2K it was worth a mere $180. Then they imposed a $75 fee on the $185 for the privilege of returning the sad remains of my account.

by RobAtticus, 6/23/2014

Pros:

Cons:

I use Scottrade for my general trading account and just recently opened a Roth IRA with ML because of the BoA connection. I find the interface for ML to be worse than Scottrade, but since I generally just buy and hold with my Roth IRA, I don't interact with it often to be truly put off by it. They do have convenient DRIP which Scottrade doesn't offer, so that's a plus. So far in my 4 months of use I have no major complaints with ML.

by hunteryall, 5/17/2014

Pros:

Cons:

I have a IRA and a general trading account. I did learn that you need to have 25k between b of a and ml if you want to frequently trade stocks. I think if you're under 25 you can only do 6 trades before then put a hold on you

by kirbysdownb, 4/13/2014

Pros:

Cons:

I think bofa is more mass while Merrill serves more high end. I could be wrong, but a couple years ago when I was young and starting out I looked at them and was like... I can find a better deal elsewhere.

by mediq, 4/8/2014

Pros:

Cons: Very bad service

RUN AWAY from them!!!! Very bad service. I had to call several times and wait long to talk to an assistant which is not knowledgeable and very unprofessional and rude. last night, the assistant raised her voice, cut my sentences, and when I asked please do not raise your voice, she hang up! just like that. So I am going to close my account. done with them!!!!

by dundundah, 4/4/2014

Pros:

Cons:

Honestly I do it for the convenience. All my banking is with BofA and its nice having it. Plus the research ability Merrill Lynch has pretty good research abilities and they're always optimizing the site for the better in my opinion. Plus if you have more than 25k in cash across any/all if your accounts you get free ETF trades.

by americanpegasus, 3/20/2014

Pros:

Cons:

I have all of my banking through Bank of America, and despite the hate they get, it is awfully convenient to have your mortgage, checking, savings, and credit cards all under one roof and connected. Also, I've never had a problem with them; they've always been good to me, personally.

Well, BoA has their new BFF, Merrill Lynch. Now last year after an exhaustive broker search, I learned two things: OptionsHouse is the best discount broker. E*Trade is the best premium broker.

But the temptation of having all my money under one convenient roof might just sway me over to the Merrill roof. Also, if you keep a minimum $ in your account you get 10 free trades a month which is a nice perk.

by uscEE, 3/13/2014

Pros:

Cons:

I've been using them for about 4 months as a first time trader and haven't had any problems. I'm sure there are things I don't even know about that could be better, but I enjoy the convenience and have never had a problem with BOA.

by A former ML customer, 2/26/2014

Pros:

Cons: Bad service, fund managers charges high commissions for trading

I had IRA account with Merrill Lynch from one of my previous 401K account. I tried to transfer the fund to another IRA plan. That's when the nightmare starts... I struggles with them for 2 years, submitted forms again and again, get medallion signatures from banks again and again according to their requirement, they just did not want to release the money. I called them many times, they kept saying that it's better to keep money at ML and how great they are, should I insisted they would transfer the call from this unit to another with no end for hours till I gave up, and their fund managers charges high commissions for trading. Finally, I utilized the other company like-kind transfer to get my money out. I will never either do any business with ML or recommend their service to anyone I know.

by Leon DiJusticia, 11/27/2013

Pros:

Cons: unhelpful

Try finding an overnight address for investment transfers/redemptions. Merrill Lynch has worked very hard to keep you from finding the correct address. I've been given the wrong address three times already.

by Bob, 11/27/2013

Pros:

Cons: terrible service, dishonest company

I worked for Banc of America Investments and have friends at Merrill. Let me tell you one thing. These organizations are designed to take your money (PERIOD). Service and value are a joke.

by Bob, 11/27/2013

Pros:

Cons: terrible service, dishonest company

I worked for Banc of America Investments and have friends at Merrill. Let me tell you one thing. These organizations are designed to take your money (PERIOD). Service and value are a joke.

by Mojave, 1/15/2013

Pros:

Cons:

I had an account with Merrill Lynch some years ago, not by my choice. My mom opened it on advice from someone and used it to purchase stock in her company under a UGTM account. When I turned 21 it became mine and I held it for a while but got fed up with their ridiculous fee structure and got out. Never regretted it and will NEVER go back to these fools. Too many other descent firms out there like Fidelity, Schwab, TDAmeritrade, Etrade, Scottrade, T Rowe Price, Vanguard, et.al. Merrill Lynch is useless and it's amazing they remain in business.

by stevefisher, 12/7/2012

Pros:

Cons:

Bank of Ameica Merrlynch is terrible I would not recommed any one to have an account with them.

Leading U.S. Brokerage Review Websites About Merrill Lynch

"Merrill Lynch is a discount broker that offers trades of popular investments through its trading platform Merrill Edge... This online stock broker sets a flat rate for all trades... This online stock trading service has lower-than-average prices and an advanced trading platform with standard features, which means that it is a good choice, but there are better choices. However, it is also a well-established broker, which may make it more attractive than newer businesses."

TopTenReviews.com

"The bottom line is that if you are an active trader, maybe trading on margin, with a deposit balance of less than $25,000 there are better online brokerages. However, if you are an investor that maybe trades with a swing trading strategy, and particularly if you are an existing Bank of America customer who doesn’t want to exchange trading ideas or converse with others, then Merrill Edge gives you a cheap way to trade basic order flow."

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Merrill Lynch Investment Customer reviewed by TopRatedFirms.com users. 28 customer reviews. Rating: 2.