Merrill (officially Merrill Lynch, Pierce, Fenner & Smith Incorporated), previously branded Merrill Lynch, is an American investment management and wealth management division of Bank of America. Along with BofA Securities, the investment banking arm, both firms engage in prime brokerage and broker-dealer activities.

By working with an Advisor, you can access a wide range of investment products in a brokerage account or accounts. Advisors are compensated from the revenue generated from transactions in your brokerage account.

Merrill offers a broad range of brokerage, investment advisory and other services. There are important differences between brokerage and investment advisory services, including the type of advice and assistance provided, the fees charged, and the rights and obligations of the parties.

Merrill offers a broad range of brokerage, investment advisory (including financial planning) and other services. Additional information is available in our Client Relationship Summary (Form CRS) (PDF).

Advisors with Merrill Lynch Wealth Management have received numerous awards for their performance and service in recent years. It placed over 600 advisors on the Forbes list of Best In-State Advisors for 2018, more than any other company.

Investors can trade the following with Merrill Edge, both on the website and MarketPro:

• Stocks long and short.
• OTCBB (penny stocks).
• Thousands of no-load, no transaction fee mutual funds.
• Bonds: corporate, municipal, treasury, CDs.
• Multi-leg options.
• Robo-advisory integrated into the website and mobile app.

One option is the Merrill Lynch Bank Deposit Program, which offers a convenient way to earn interest on cash held in the program along with Federal Deposit Insurance Corporation (FDIC) protection, up to standard limits.

Fee arrangements can vary. Some financial planners and advisors are paid on a retainer or hourly basis. Most fee-only advisors will charge clients based on a percentage of the assets they manage for you. Fees can vary, but they generally average somewhere around 1% of the total value of the investments being managed.

With no account minimums for most types of accounts, Merrill Lynch Wealth Management is available to nearly anyone. It offers a range of options for investors, ranging from automated accounts handled completely by Merrill Lynch itself to accounts managed by a local financial advisor based on a client's preferences.

Working one-on-one with a Merrill advisor, Personal Wealth Analysis can help you easily define and prioritize your goals, take stock of your finances and evaluate tradeoffs to create an easy-to-read, personalized plan that will help you navigate your personal financial journey.

Like its account minimum, Merrill's account management fee is higher than most: 0.45% compared to the more typical robo-advisor fee of around 0.25% or less. That means for a $10,000 account balance, you'll pay $45 a year in fees.

Bottom line: Merrill Edge is an online brokerage best for DIY traders who are already Bank of America customers. It's great for low-cost trading of multiple assets and limited fees. Merrill also offers a robo-advisor option for passive investors called Merrill Guided.