Does Merrill Lynch have high fees?
Merrill Lynch charges a program fee for the Merrill Lynch Investment Advisory Program that consists of a Merrill Lynch Fee Rate and a Style Manager Expense Rate. The maximum rates charged for the Merrill Lynch Fee Rate are 2.20% of AUM for accounts below $5 million and 2.00% of AUM for accounts of $5 million or more.
How much money do you need to open a Merrill Lynch account?
|Editor’s rating||4.8 out of 5|
|Account minimum||$0 ($1,000 Guided Investing; $20,000 Guided Investing with Advisor)|
|Promotion||None at this time.|
How much does a Merrill Lynch advisor cost?
Merrill Edge Guided Investing with Advisor has a management fee of 0.85% and a $20,000 account minimum. If you qualify for the rewards program described above, that fee drops to 0.80%, 0.75% or 0.70% depending on your total combined balance.
Who owns Merrill Lynch now?
Is my money safe at Merrill Lynch?
The securities and cash that Merrill Lynch holds in your brokerage account are protected by the SIPC up to a maximum of $500,000 per client for securities, inclusive of up to $250,000 per client for cash. … SIPC and excess-SIPC coverage do not protect against investment losses from market action.
How much do financial advisors make at Merrill Lynch?
Salary Ranges for Merrill Lynch Financial Advisors
The salaries of Merrill Lynch Financial Advisors in the US range from $18,640 to $498,664 , with a median salary of $89,683 . The middle 57% of Merrill Lynch Financial Advisors makes between $89,683 and $225,376, with the top 86% making $498,664.
Is Merrill Lynch owned by Bank of America?
Since its acquisition by Bank of America (BAC) in 2009, it has become known simply as “Merrill” and operates as a wealth management division of Bank of America. Founded by Charles E. Merrill in 1914, Merrill Lynch & Co. has long been one of the American financial sector’s iconic institutions.
How does Merrill make money?
Stock loan program: Merrill Edge earns money by loaning the stocks in your account for short sales.
Is it worth paying a financial advisor 1 %?
Most advisers handling portfolios worth less than $1 million charge between 1% and 2% of assets under management, Veres found. That may be a reasonable amount, if clients are getting plenty of financial planning services. But some charge more than 2%, and a handful charge in excess of 4%.
Is Merrill Lynch a fiduciary advisor?
Since June 9th, Merrill Lynch has been implementing the DoL Fiduciary Rule and acting as a fiduciary when providing recommendations on retirement assets. … Being a fiduciary means that your advisor must act prudently and in your best interest when making investment recommendations.