Are Merrill Lynch Advisors Fiduciaries?

“Are Merrill Lynch advisors fiduciaries?” is a question we often hear from individuals seeking a financial advisor who can help guide long-term investment decisions with their best interests in mind.

To help clarify this, we’ll explore how fiduciary standards apply within Merrill Lynch Wealth Management and answer some of the most common questions, including:

• Does Merrill Lynch have fiduciary advisors?
• How do I know if my financial advisor follows a fiduciary standard?
• How are Merrill Lynch advisors compensated?

If you’re considering different advisor models—whether fee-only, fiduciary, or commission-based—understanding these differences can help you make a more informed decision.

Let’s take a closer look

Merrill Lynch Wealth Management: Background

Merrill, a subsidiary of Bank of America, is a well-established financial management firm offering wealth planning and investment services. Known formerly as Merrill Lynch, the firm works with a wide range of clients, including high-net-worth and ultra-high-net-worth individuals. Merrill operates as both a registered investment advisor (RIA) and a broker-dealer, providing clients with access to a mix of advisory services and brokerage solutions. These include discretionary and non-discretionary account management, as well as financial planning and portfolio support.

With a large network of financial advisors, Merrill delivers wealth management support that includes portfolio construction, investment selection, and personalized financial planning. Enrolled clients may expect:

• A dedicated financial advisor supported by a larger team
• A personalized wealth management approach tailored to long-term financial goals
• An ongoing investment strategy that adjusts to life changes and market conditions

While Merrill offers a broad range of services, it’s important to note that other firms also provide comparable solutions. PillarWM Finder offers a platform to explore various private wealth management firms, helping users compare options based on their personal financial priorities.

Are Merrill Lynch Advisors Fiduciaries?

To answer this question, it’s helpful to define the term “fiduciary.” A fiduciary is an advisor who is legally obligated to act in the best interests of their client, prioritizing client needs without conflict or commission-based bias.

Not all financial professionals carry fiduciary obligations. In fact, many large financial institutions operate under both fiduciary and non-fiduciary models, depending on the service being offered.

In Merrill Lynch’s case, not all advisors are fiduciaries. However, Merrill does offer fiduciary-based services through specific programs, such as Merrill Lynch Fiduciary Advisory Services. These programs include designated advisors who provide investment planning and financial management that aligns with fiduciary standards.

In summary: Merrill Lynch does have fiduciary advisors, but not all Merrill advisors are required to meet fiduciary standards. Clients seeking fiduciary financial planning should confirm the designation and scope of fiduciary responsibility when selecting an advisor.

For more help understanding which firms offer fiduciary services—or to compare private wealth management firms near you—consider starting here:

How Do I Know If My Financial Advisor Is a Fiduciary?

Understanding whether your financial advisor is a fiduciary is essential—especially if you’re seeking advice aligned with your best interests. If you’re unsure, here are some key steps and questions that can help clarify a financial advisor’s fiduciary status:

1. Ask Directly—and Get It in Writing
Start with a straightforward question: “Are you a fiduciary at all times when managing my account?” A fiduciary advisor should clearly answer “yes” and be willing to confirm that commitment in writing. Any hesitation or ambiguity could be a sign to proceed with caution.

2. Ask the Right Questions
Beyond the direct question, it’s important to understand the advisor’s structure, compensation, and regulatory standing. Consider asking:

• Is your firm a Registered Investment Advisor (RIA)?
• Do you always act as a fiduciary, or only in certain situations?
• How are you compensated (flat fee, commission, or both)?
• Do you receive third-party payments or incentives?
• What portion of your income comes from product sales versus client fees?
• Are there times when your recommendations might not follow a fiduciary standard?

3. Understand the Firm’s Model
Some firms offer both fiduciary and non-fiduciary services depending on the account type or investment product. Understanding when a fiduciary obligation applies—and when it doesn’t—is key to protecting your interests.

While many financial advisors offer general support, high-net-worth and ultra-high-net-worth individuals often require tailored solutions. That means more than just portfolio management—it includes tax strategy, estate planning, and long-term wealth preservation. Finding the right advisor involves more than checking credentials; it’s about choosing someone who understands your specific financial goals and can build a plan around them.

When evaluating wealth management firms, prioritize transparency, personalization, and alignment with your goals. The right fit isn’t always the largest firm or most recognizable name—it’s the one that works in your best interest and provides a structure that supports your needs.

How Do Financial Advisors Get Paid at Merrill Lynch?

Merrill Lynch offers clients the ability to work one-on-one with a financial advisor in exchange for fees that vary depending on the type of account and advisory relationship. These compensation models typically fall into two categories:

• Asset-based fees for ongoing investment advisory services
• Per-trade fees for brokerage accounts

The structure you choose depends on how you engage with Merrill’s financial advisors and which advisory program you enroll in.

Clients who work with a Financial Advisor, Wealth Management Advisor, or Private Wealth Advisor gain access to a broader range of services. These include comprehensive brokerage solutions, a wide selection of managed investment strategies, and personalized financial planning.

Alternatively, clients who work with a Merrill Financial Solutions Advisor (MFSA) are offered access to select investment programs, such as the Merrill Lynch Investment Advisory Program. This tier typically includes managed investment strategies and limited brokerage options.

Merrill’s compensation structure may include both advisory fees and commissions, depending on the advisor’s role and the client’s account type. Some programs may offer flat-rate fees, while others adjust based on the amount of assets under management.

Understanding how financial advisors are paid helps ensure that you align with an advisor who offers transparent services and fee structures. If you’re evaluating your options and looking to explore fee-based financial planning, consider starting your search here: