Merrill Lynch Wealth Management

If you’re exploring wealth management services that align with your long-term financial goals, you’ll find that many private wealth management firms offer a variety of solutions.

This overview provides an independent look at Merrill Lynch Wealth Management, one of the many firms serving high-net-worth individuals. For those with $5 million or more in liquid assets seeking to better understand investment planning, estate strategies, and tax considerations, our resource library includes helpful educational materials to support informed decision-making.

This article explores Merrill Lynch Wealth Management, including the minimum asset requirements to become a client, the types of wealth advisory services offered through Bank of America, and an overview of Merrill Lynch’s current wealth management offerings.

Merrill Lynch Wealth Management Client Types and Account Minimums

Merrill Lynch Wealth Management does not impose a strict minimum account size across all of its advisory programs. However, many high-net-worth wealth management services typically involve fees that vary by advisor and the type of service provided. Certain programs may require $1 million or more in investable assets to participate.

For those who prefer a more self-directed approach, Merrill Edge offers an online investment platform with tools designed for independent investors.

Investment Philosophy

Merrill Lynch does not require a mandatory minimum balance to open an investment account. However, clients typically need at least $250,000 in investable assets to access personalized wealth advisory services.

Given the breadth of Merrill Lynch’s advisor network, clients may consider engaging with one to learn more about their investment strategies. It’s important to ask whether the advisor uses an active or passive approach and to understand how they approach asset allocation and diversification.

An effective investment plan starts with a clear understanding of the client’s financial position and long-term goals. Advisors can then tailor strategies designed to align with those specific objectives.

Fees Under Merrill Lynch Wealth Management

Merrill Lynch Wealth Management offers different fee schedules based on the program and level of service. The structure varies depending on asset size and whether the account is part of a guided or managed service. Below is an overview of standard fee schedules for select programs:

Merrill Guided Investing Programs

Program name	Annual Fee
Merrill Guided Investing	0.45%
Merrill Guided Investing, with the help of a dedicated advisor	0.85%

Strategic Portfolio Advisor Service Fee Schedule

Asset Value Range	Max Annual Fee (Equity/Balanced/Convertible/REIT)	Max Annual Fee (Fixed Income)
Up to $4.99 million	1.50%	0.70%
$5 million to $9.99 million	1.00%	0.60%
$10 million to $14.99 million	0.85%	0.50%
$15 million to $19.99 million	0.75%	0.45%
$20 million to $24.99 million	0.70%	0.40%
$25 million to $49.99 million	0.60%	0.40%
$50 million or greater	Determined by mutual Agreement	Determined by mutual Agreement

Managed Account Service Fee Schedule

Asset Value Range	Max Annual Fee (Equity/Balanced/Convertible/REIT)	Max Annual Fee (Fixed Income)
UP to $1 million	1.80%	0.65%
$1 million to $1.99 million	1.35%	0.65%
$2 million to $4.99 million	1.35%	0.50%
$5 million to $9.99 million	1.00%	0.45%
$10 million or greater	Determined by mutual agreement	Determined by mutual agreement

These schedules reflect the range of options available based on a client’s asset level and desired service. Prospective clients should review these details carefully and discuss with an advisor to ensure alignment with their financial planning goals.

Merrill Lynch Wealth Management Awards and Recognition

Merrill continues to receive recognition across the wealth management industry. In 2023, Forbes named the most Merrill advisors to its list of “America’s Top Next-Generation Wealth Advisors,” with 383 included in the “Top Next-Gen Best-in-State Wealth Advisors” list. Selection is based on factors such as industry experience, team structure, and assets under management.

That same year, 21 Merrill advisors were featured in Forbes’ “Top 100 Women Financial Advisors,” with 19 of them also appearing on the “Top 100 Financial Advisors” list. Additionally, 34 Merrill teams were named in Barron’s “Top 100 Private Wealth Management Teams,” and 51 Merrill advisors were recognized in Forbes’ “America’s Top Wealth Advisors.”

Minimum Investment for Merrill Lynch Wealth Management Advisor

Merrill Lynch Wealth Management does not require a minimum investment for basic financial advisory services. However, certain strategy plans carry additional costs. A comprehensive investment strategy plan may cost around $5,000, while a customized plan could cost approximately $20,000. These figures may vary by location, with higher costs often seen in regions like New York.

Fees vary based on account size and strategy selection. Merrill also includes what it refers to as a “Style Manager” fee, depending on the chosen portfolio management approach.

When comparing offerings, some high-net-worth investors may also explore fee-only models, where fees are calculated as a percentage of assets under management. This structure can help reduce potential conflicts of interest, as it does not include commissions from product sales.

Is Merrill Lynch Wealth Management Going Out of Business?

Bank of America has clarified that Merrill Lynch Wealth Management is not shutting down. Instead, the company plans to transition the brand name to BofA Securities Inc. as part of a broader initiative to introduce new strategies in the financial services market.

Merrill Lynch Accounts for High-Net-Worth Individuals

While increased wealth can open doors, it also introduces new levels of financial responsibility. Managing a portfolio worth several million dollars requires strategic planning and consistent oversight to preserve and grow that wealth.

Merrill Lynch offers account services tailored to high-net-worth individuals, with a focus on goal-setting and annual advisor reviews. This structure suits clients who prefer a hands-off approach and value having professional advisors manage financial decisions.

Some individuals, however, may prefer a more personalized experience. Boutique wealth management firms often provide greater direct access to advisors, allowing clients to communicate as needed without navigating layers of support. At smaller firms, clients may have the option to speak directly with their advisor—offering a more tailored relationship.

Historically, Merrill Lynch has worked with clients possessing $1 million or more in investable liquid assets, though some advisors may focus on clients with portfolios starting at $10 million. For those seeking a digital solution, Merrill Lynch also offers Merrill Edge, an online investment platform that allows individuals to begin investing with as little as $5,000.

Merrill Lynch Wealth Management: Pros and Cons

Pros

Diverse program offerings

Merrill Lynch provides a broad selection of investment programs suited to different client preferences. Investors can choose from discretionary or non-discretionary accounts, with access to a wide variety of investment options, including traditional securities and alternative assets. Account management may be handled by Merrill advisors or through external third-party managers.

Nationwide accessibility

With nearly 3,000 locations across the United States, Merrill’s extensive physical presence makes in-person meetings with financial advisors widely accessible.

Integrated research support

Merrill clients benefit from research provided by Bank of America Merrill Lynch Global Research. In the 2023 Institutional Investor All-America survey, this research arm was recognized as a leading source among more than 3,500 firms. Merrill operates within the broader Bank of America network, which serves over 57 million clients and maintains a system of 15,000 ATMs.

Digital investment tools

Merrill offers a robo-advisory platform for clients who prefer online investing, charging 0.45% of assets under management. Clients who want digital services with human advisor support can access a hybrid option for 0.85%.

Industry recognition

Merrill advisors consistently appear in industry rankings published by financial outlets such as Forbes and Barron’s.

Cons

Fee transparency may vary

Outside of the Guided Investing program, clients may not receive clear fee details until after selecting a specific advisory service. Most accounts charge a percentage based on assets under management, with additional fees depending on the selected program.

Service availability differs by advisor

Not all Merrill advisors provide access to every service. As a result, clients may need to spend additional time evaluating and selecting an advisor whose offerings match their financial priorities.

Potential for product-based incentives

As with many large firms, Merrill advisors may recommend proprietary products or those that carry higher fees. Advisors affiliated with broker-dealer or insurance licenses may receive compensation for certain sales, which can create conflicts that may not align with client interests.

Third-party referral compensation

Merrill compensates outside parties who refer clients. This compensation is paid from the client’s advisory fee, and clients should be aware of any referral arrangements that could influence advisor recommendations.

Regulatory disclosures

Merrill Lynch has a number of disclosures listed with the U.S. Securities and Exchange Commission (SEC). Prospective clients are encouraged to review these records to understand potential regulatory and legal considerations.

Whether you’re evaluating Merrill Lynch or comparing other private wealth management firms, having clarity on your options is key to making informed decisions.