Merrill is the investment platform owned by Bank of America, offering three distinct tiers of service: a self-directed brokerage (Merrill Edge), a robo-managed portfolio option (Merrill Guided Investing), and a full-service wealth management division (Merrill Lynch Wealth Management). Which tier fits you depends on how much help you want, how much you’re investing, and whether you already bank with Bank of America.
How the Three Tiers Work
Merrill’s investing options are structured as a ladder. At the bottom rung, Merrill Edge Self-Directed lets you pick your own stocks, ETFs, and mutual funds with no account minimum and $0 commissions on online stock and ETF trades. You’re managing everything yourself through their online platform.
The middle tier, Merrill Guided Investing, is a managed account. You answer questions about your goals and risk tolerance, and Merrill’s investment professionals build, monitor, and rebalance a portfolio of ETFs for you. The minimum to open one is $1,000 for growth-focused strategies or $50,000 for income-focused strategies. If you want access to a human advisor on top of the automated management, the minimum jumps to $20,000 for growth strategies (income strategies stay at $50,000).
At the top, Merrill Lynch Wealth Management pairs you with a dedicated financial advisor for one-on-one planning. The general minimum is $250,000 in investable assets, and pricing is negotiated individually.
What You’ll Pay in Fees
Merrill Edge Self-Directed charges $0 for online trades of stocks, ETFs, and options (though options carry a $0.65 per-contract fee). If you want a broker to place a trade for you by phone, that costs $29.95 per trade. Mutual fund fees vary: load-waived and no-load, no-transaction-fee funds are free to trade online, while transaction-fee mutual funds cost $19.95 per online trade. Bond trading is free for new issues and Treasuries purchased online, while secondary market corporate and municipal bonds run $1 per bond with a $10 minimum and $250 maximum.
Merrill Guided Investing charges an annual program fee of 0.45% of your account balance, calculated and billed monthly. On a $50,000 portfolio, that works out to roughly $225 per year, or about $19 a month. The version with advisor access charges 0.85% annually, so that same $50,000 portfolio would cost around $425 per year. These fees cover the portfolio management and rebalancing but don’t include the underlying expense ratios of the ETFs in your portfolio.
A few service fees apply across account types. Transferring your full account to another brokerage costs $49.95 for self-directed and Guided Investing accounts, and $75 for Guided Investing with Advisor accounts. Domestic wire transfers are $24.95 for most accounts. Partial transfers are free.
Available Account Types
Through Merrill Edge Self-Directed, you can open individual or joint brokerage accounts, custodial accounts for minors (UTMA/UGMA), trust accounts, estate accounts, and 529 education savings plans. On the retirement side, the platform supports Traditional IRAs, Roth IRAs, SEP IRAs, SIMPLE IRAs, small business 401(k) plans, and individual 401(k) plans. You can also roll over an old employer-sponsored 401(k) into a Merrill IRA.
Merrill Guided Investing supports a narrower set: individual and joint brokerage accounts, custodial accounts, Traditional and Roth IRAs, SEP and SIMPLE IRAs, and 401(k) rollovers. It does not currently offer trust accounts, estate accounts, or 529 plans.
Bank of America Integration
The biggest practical advantage of Merrill is its connection to Bank of America. If you have a Bank of America checking account, your bank and investment balances appear in a single login. Transfers between your checking and brokerage accounts happen quickly, and the combined view makes it easier to track your full financial picture.
The deeper benefit comes through the Preferred Rewards program. If you maintain a three-month combined average daily balance of at least $20,000 across your Bank of America deposit accounts and Merrill investment accounts, you qualify for Gold status. Higher tiers kick in at $50,000 (Platinum), $100,000 (Platinum Honors), and $1 million or more (Diamond Honors). Membership is free and unlocks perks like boosted credit card rewards, reduced mortgage fees, and preferred pricing on Merrill Guided Investing accounts. There’s no fee to join, and once you qualify you keep your tier status for 12 months even if your balance temporarily dips.
The program is changing. Starting May 26, 2026, Preferred Rewards will be renamed BofA Rewards with restructured tiers: Member (under $30,000), Preferred Plus ($30,000 to $100,000), Preferred Honors ($100,000 to $1,000,000), and Premier ($1 million or more). The core idea stays the same, but the balance thresholds are shifting upward for some tiers.
Who Merrill Works Best For
If you already bank with Bank of America, Merrill is worth a serious look simply because of the rewards integration. Keeping your checking, savings, and investment accounts under one roof can push you into a higher rewards tier, and the unified dashboard is genuinely convenient.
For self-directed traders, the $0 commissions on stocks and ETFs match what you’d find at other major brokerages. The platform is straightforward, though more active traders or those who want advanced charting tools may find other platforms more feature-rich.
The Guided Investing tier fills a middle ground between doing everything yourself and paying a full-service advisor. At 0.45% annually, it’s priced in line with other robo-advisory services, and the $1,000 minimum for growth strategies is accessible for newer investors. Adding a human advisor at 0.85% is on the higher side compared to standalone robo-advisors, but competitive for a hybrid model where you get both automated management and personal access.
For investors with $250,000 or more who want comprehensive financial planning, the Merrill Lynch Wealth Management tier provides a dedicated advisor relationship. Pricing at that level is negotiable and depends on the complexity of your financial situation.