Merrill Lynch Review

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Merrill Lynch Wealth Management customer reviews, complaints, ratings, account pros and cons. Is Merrill Lynch good and safe investment firm?

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Merrill Lynch Customer Reviews

by William, 3/31/2019

Pros: Nothing

Cons: Thet will not work with you

Just try to transfer your funds from Merrill Lynch to a different company. They will make it as difficult as possible. I've been trying for 2 months now and they just give me the runaround. I've sent them every form they've asked for but they say they're all the wrong one. I guess they always win.

by Charles Perilloux, 3/29/2019

Pros: Highly professional, knowledgeable; makes it easy on me and quickly finds out details of my account that I should have had at my finger tips before I called him.

Cons: None, except they cost a bit more - but well worth it.

I have been doing business with Merrill-Lynch through a 401(k), two SEP IRA's, and a small amount of stock sales since 1970. That's 49 years. They are the most professional folks I ever deal with except for my own employer (now retired). The only folks who come close are American Express.

They just solved a tax problem with regard to direct charitable contributions from an IRA to the charity, without going through me first. My CPA, who works for the most highly regarded firm in my city, missed it.

Reading all these negative reviews I have to conclude that satisfied customers like myself must hardly ever comment, but the vast minority unsatisfied must always comment.

On a scale of 0 to 5, I would put Merrill-Lynch at 10, AMEX at 5, Visa at 3, Cox Cable at 1, and Walgreen's at 0. So I am not alway a happy camper, but I sure am with Merrill-Lynch.

by J SUTTON, 2/24/2019

Pros: None

Cons: More than I can list

We have an elder care attorney who has filed a request on our behalf for Medicare coverage for spouse who is in pallative care in a nursing home.

The Medicare application has pending approval awaiting on a simple request to Merrill Edge to change spouse's IRA required minimum distribution from an annual basis to a monthly distribution.

I contacted Merrill Edge to request this change and the initial contact person was very cordial, told me the requirements to make the change happen, then a downhill spiral into the Merrill Edge rabbit hole began. Simply stated, six weeks after my initial request, I have spoken with 6-7 different representatives, submitted all information they requested (the last form they sent me was rejected, stating that it was the incorrect form even though it was the form they sent to me). The last representative told me that said he would mail me the correct form. That was over a week ago and I still have not received it.

This is a rather small amount of money involved but apparently is a Medicare requirement. Merrill Edge's incompetancy with this simple request is delaying Medicare's final approval which is causing spouse's medical bills to "pile up" awaiting payment.

I googled "Merrill Edge complaints".....and just one site had 282 written complaints, most of which involved much larger amounts of money that the persons complaining said that Merrill Edge was deliberately witholding their money . The complaints were very detailed and shocking. It seems that when Bank of America took over Merrill , Lynch, Fenner, Smith, et al (after the U.S. government bailout), customer service of Merrill Lynch customers changed to customer no-service.

Now that I know BOA owns Merrill Edge I can understand customer frustrations. I just recently closed my final account with BOA after over 35 years as a former customer due to their incompetance. It simply amazes me that banking regulators & the securities & exchange commission seemingly do nothing to correct these problems.

by Anna_B, 1/13/2019

Pros: I didn’t have any

Cons: Poorly trained, terrible communication, no follow up

I have many examples of why I’m displeased, but the first one is truly concerning.
1. I wanted withdrawals from my Chase checking account terminated. I am moving my money to Fidelity and everything had been liquidated to move. I spoke to someone in December asking if this was completed and he assured me it was completed. January the withdrawal was taken from my bank.
I called customer service - 3 times. The first person “transferred me” and took the opportunity to hang up on me. The second person said he couldn’t see anything.
The third person left me on hold for 30 mins. She can’t find anything and I go on hold again for 20 more mins. She came back claiming this was a Chase issue and not ML.
I told her she was 100% wrong, the withdrawal was initiated at ML and not Chase. I know the difference.
She said their entire web team had searched it over and there was nothing like that on my account.
During my lunch break, I dig through my account and found it under transfers. I turned off the auto contribution myself.
How sad is that? That’s a basic function.
Why would you let these people touch your money?
2. I never talk to the same person twice. Every time I call I have to explain EVERYTHING over and over.
3. Every new person wants credit/commission whatever the reason and they try to make you take the reassessment for your investments again.
4. The fees are double Fidelity (who has more mutual funds and a 5 star rating)
5. They have stumbled through every interaction I’ve ever had with them. It should be smooth at some point and it never gets there.
I wasted my time and money.

by JN, 12/19/2018

Pros: Not Sure

Cons: Hardship Withdrawals

Almost 3 weeks to process a hardship withdrawal and then get charged twice for it. Also requested it to be sent UPS and they sent it regular mail when I paid for UPS overnight.
Unreal

by Lucy Lu, 8/30/2018

Pros:

Cons: Trying to transfer my money to Vystar

I have been trying to transfer my funds to Vystar for about three weeks with so much red tape when I call them I keep getting the run around and constantly getting so many different answers from them how to handle this. This is crazy...

by Jason W, 8/18/2018

Pros: realtime money transfers, brokerage to checking/savings etc.., no fees ever for anything

Cons: platinum honors clients(I am) should be priority over everyone else 100% of time

Again love the service, all you haters before me and you LAURA on 8-17-18, "what are you crying about?". You are lying and making your pathetic situation there fault. They do not take your money, transfers are instant real-time. Laura, you say invest somewhere else, why? Do you even invest anything?, do you know what a security is? You, the client call the shots, you make the decisions, you do you your own research, blame yourself. Ever hear of direct extensions to reach client support? Ever ask? No emails usually for security reasons, no brainer there. If your "hardship is real" or not , its your money, end of story, don't see your problem. Are you a rewards member? Example-Platinum honors tier. No fees for anything ever. In fact they pay me every month and it adds up. People love rewards programs, cash, miles, etc.. Oh boo hoo for you and all the other dramatic liars out there. Gimme a break. I am no different than you , not a millionaire or anything, just realistic and truthful. Its BankAmericaMerrillLynch, not the mafia for Christs sake. They don't just take money and charge you for things--Most all of you are big babies and outright lying about your experiences, get real, step up your game or go back to the bench.

by Laura, 8/17/2018

Pros:

Cons:

They take your money, but when you apply for a hardship they do not care. They will deny you no matter how much you need it. They are so bad they have no way to contact them by email and have no way to answer back. They are a waste of time, invest somewhere else because if you need your money you will not get it. Actually would of checked no stars if they made it available. They will make you a new application just so they can charge you $45.00 each time you apply, without your knowledge. Big mistake investing with them.

by Jason W., 8/7/2018

Pros: they do what i ask, always

Cons: no issues, none, great experience

Started with bank account, opened brokerage account, now with 100 free trades a month, i am a trading machine. All of you who wrote reviews before me are uneducated, emotional twerps who should consider going away. Try and find a broker that offers 100 commission free trades a month and will undo trades and adjust cost basis for you if an error occurs. Merrill Edge has done this for me. Up your game or sit on the bench where you belong, rookies.

by Out of here customer, 6/14/2018

Pros: None

Cons: to many to list

We have been trying to settle my uncles estate with Merrill Lynch for almost 2 years now. Run, run as fast as you can. He had 1.4 million with them and all we get is excuses and delays, good luck and please read reviews before investing with anyone.

by Robert, 5/30/2018

Pros:

Cons:

Horrible experience. It started good and ended very badly.
We are going to Schwab.

by Joe, 5/14/2018

Pros:

Cons: Poor Value

They only care about you if you have millions to invest and then when you do, they nickel and dime you to death.

by Kevin, 4/30/2018

Pros:

Cons: Customer Service

Rude Customer Service Reps that hang up on you without warning.

by Stewart, 3/23/2018

Pros: The broker always makes money, you might, too.

Cons: The broker always makes money, you might, too.

I wanted to close out an account that had $ 50 remaining. After their fee to close out the account, they sent
me a check for $ .36. Things like this is why I don't ever invest with Merrill Grinch anymore. or the like.
Remember, brokers always makes money on your investments, but may be you will, too or not!

by james, 2/25/2018

Pros: none

Cons: they are con artists, nothing but smoke and mirrors

I had a large sum with M_L but every year the balance stayed the same even though the S&P and bonds were up 15% each year. They are masters of deception, telling you how good you are doing but your money does nothing.
Notice they are the only investment firm that does NOT have a performance tab or button you can click to see how your money has appreciated ( or not!). They do not want you to see how poorly they manage your money and how they rip you off!!!

by Jennifer L, 2/14/2018

Pros: ....they have a website?

Cons: agents have bad attitude, navigating site is a mess, slow when you want your money out

I had a 401K through Merrill Lynch, then left the job and decided to get the payout to pay off some high-interest loans before reinvesting. Even with the heavy taxing, I was getting out with more money than I'd put in due to maximizing company matching. The first agent I spoke to about this thoroughly questioned my decision (that part is probably standard for withdrawing a 401K) with an awful attitude the whole time. Would respond to me with "K" and had a horrible tone from the moment I said I wanted to withdraw the money. And the company does not allow you to wrap things up online - they give you no other option but to call and talk to these jerks before they consider releasing your money. Then, I had to call again to finish linking my bank account to direct deposit the funds, and again the agent (different person) had a poor attitude the whole conversation once they realized I was withdrawing. Don't know if this is actually how they are trained, to discourage withdrawals and try to bully people into staying with this nasty company, or if these "professionals" take it upon themselves to be judgemental toward their clients. Either way, it's unacceptable.

The second call was only made necessary by the fact the website and email system is also garbage. It is not clear where you go for verification of a linked bank account. The email does not give a direct link to do so, and gives no explanation how to navigate to the page (just says "click verify at the bottom of the screen" without saying what screen). Even the woman I had been forced to call had no idea how to get to the page to do the verification - so I guess they just really want another opportunity to give you hard time before you finally rip your money from this company's clutches. Absolutely disgusting. Another greedy corporation that doesn't give a flying F about their clients, unless maybe if you're a millionaire already. Go figure.

by Jennifer, 2/9/2018

Pros: None

Cons: Rip offs

When my dad passed away we sold what he had in this company and cashed it out they wait until the last minute to send you a 1099 on the information they told me they have until February 28th to send them out this is the last form I need to complete my filing ridiculous

by Herbert Wasson, 1/18/2018

Pros: None

Cons: Not a broker issue

Unfortunately I am required to click at least one star, it should be negative 5 stars. My mother had a HSA though Merrill Lynch. When she passed we were told we would be contacted if there was any asset. Almost a year later we were not. While dealing with taxes we found a HSA. Asked for the paperwork in July, was told it would take up to 8 weeks to receive it. When it was not received requested it again. Both times sent to the wrong address. While waiting for this the estate was settled. Now they want me to reopen the estate because they are incompetent. Will never deal with them again, horrible customer service and they can never be wrong.

by Aaron Burcham, 10/10/2017

Pros:

Cons:

They are INCOMPETENT when it comes to sending your money to you. Over a month now of them attempting to send a wire transfer. Even after my bank verifying the numbers with them they keep claiming some problem. Gave up and said send a check and after two weeks, they say it still being proccessed. They will happily take your money but good luck getting your money from them. Will NEVER use them.

by diane, 10/4/2017

Pros:

Cons:

After 42 years with Merrill Lynch, they dumped us into a Merrill Edge account. Never heard from anyone again until we deposited the proceeds from our house sale. We took the advice of ML brokers over the years only to lose lots of money...our fault, but that shows the value of their advice. Yesterday, we went to an ML office and were turned away. What does it take to be important to them? Don't need an answer...we'll be moving our money to a different company and we're sure they won't care.

by Uzi Kraus, 7/12/2017

Pros:

Cons:

I am trying now for two years to correct my account with no success.
I had a bond with Alpah Natural for about $81000. The company went through bankruptcy and the bond was converted to some worthless papers of the new company.
The old company and the old bond do not exsist any more!!!
However on my statements Merrill Lynch is still listing this bond with value of $400.
It is also showing a non realize long term lost of $81000.
This need to be corrected!!!
The Bond is gone! The company is gone! Fix my record and turn the lost to realize long term lost and get it of my statement.
No Thanks!
Uzi Kraus 240-353-8500
My account manager is Craig Felten at the Woodland Hills,CA office.

by 1investor, 6/9/2017

Pros: none

Cons: just completely ignorant. MERRILL LYNCH TANKED DURING THE BAILOUT, was bought by BofA for pennies on the dollar, which brings us to merrill edge.

terrible advisors, brokers, etc....they take your money and invest it right back into BofA AND CHINESE STOCKS. Sounds like it'd be illegal if it were anyone else.

by Jane Whitehurst, 6/8/2017

Pros:

Cons:

This is the worst brokerage company I have ever dealt with. I was settling my mother's estate, and while other brokers made the process as easy as possible, everything involving Merrill Lynch was nightmare. They have layers and layers of red tape, they lost documentation for a month, they asked for the same information over and over, and they delayed the estate being settled because of their gross incompetence. I would never use them for anything!

by KRowe, 5/27/2017

Pros: Reasonable Fees for Services

Cons: Dishonest employees, refusal to investigate fraud claims

After being the victim of identity theft, information on my account was changed and no one at Merrill Lynch notified me of these changes. This resulted in some else's name appearing on my account and statements being rerouted to another address.

I have contacted Merrill Lynch and Bank of America in person and on the phone. Fraud department representatives have been told not to cooperate with me and customer service representatives have been instructed to lie to me. This has resulted in delays in initiating a criminal investigation. My consumer rights have been denied and there has been flat out refusal to investigate fraud claims or cooperate with local law enforcement.

by Laura Bader, 5/14/2017

Pros:

Cons: Rollover Request Ignored

My brother in law, Patrick Palacios,requested a rollover; did all the paperwork and keeps calling Merrill Edge and they have made up bogus rules and excuses and still have not released his money after they said that they would. There has to be a way to turn you in to the SEC and if there is we will find it. You need to release these funds or face the consequences.

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.




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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."

TopTen Reviews

"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 Account

  • 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.

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 reviewed by former and current clients. Merrill Lynch customer reviews: 36. Rating: 2.