In a move that has shaken the financial industry, a team of six financial advisors in Florham Park, N.J. has left Merrill Lynch to build an independent registered investment advisory firm. The team, which has a combined $1.6 billion in assets under management, is led by veteran advisor, John K. Ross. The new firm will be backed by Dynasty Financial Partners, a leading provider of wealth management and technology solutions for independent advisors.
Merrill Lynch, which is owned by Bank of America, has long been known for its high-quality research and customer support. However, the departure of the six-person team has raised questions about the firm's ability to retain top talent in the face of increased competition from independent firms.
According to Bankrate, Merrill Edge is one of the best online brokers for investors who want access to high-quality research and unlimited free stock and ETF trades. Merrill Edge also offers real-time market data and in-person customer support at Bank of America branches.
One of the key benefits of Merrill Edge is its research offerings. The firm has a team of over 300 analysts who provide coverage on over 3,500 companies. The research covers a wide range of sectors and includes both fundamental and technical analysis.
Merrill Edge is also known for its free trades. The firm offers unlimited free trades on stocks and ETFs for clients who maintain a balance of at least $50,000 or who make at least 15 trades per quarter. For clients who do not meet these requirements, the fee is $6.95 per trade.
In addition to its online platform, Merrill Edge also offers in-person customer support at Bank of America branches. Clients can meet with financial advisors to discuss their investment goals and get advice on how to create a personalized investment plan.
Another benefit of Merrill Edge is its ATM fee reimbursement program. The firm will reimburse clients for up to $200 per year in ATM fees charged by other banks.
Despite these perks, Merrill Edge has faced some criticism. Some clients have reported that the platform can be slow and difficult to navigate. Others have expressed frustration with the customer service, citing long wait times and unresponsive representatives.
According to a recent announcement, Chemed Corporation will deliver a presentation at the Bank of America Merrill Lynch 2023 Health Care Conference. This conference is a key event for investors who are interested in the healthcare sector. The presentation will provide an overview of Chemed's business and its growth prospects.
Merrill Lynch is part of Bank of America's Global Wealth division, which includes its brokerage and private bank. According to recent reports, the division's profit margin has slumped to 23%. This is a significant drop from the 28% margin the division posted in the second quarter of 2020.
In conclusion, Merrill Edge is a top online broker that offers high-quality research, unlimited free trades, and in-person customer support. However, the recent departure of the six-person team from Merrill Lynch highlights the challenges the firm faces in retaining top talent in a competitive industry. Despite these challenges, Merrill Edge remains a popular choice for investors who are looking for a full-service online brokerage.
