Since Merrill Lynch effectively shut down as what we all knew it to be in 2008, I've noticed that it truly re-invented itself as a brand. Most people I know have a Bank of America general account for private banking. Now the Merrill Edge investment side is offering open enrollment for its online trading account. The advertisement is $6.95 to open an account with no minimum account balance. In this way, it claims to be lower than Schwab or Etrade. Has anyone tried the Merrill Edge approach to investing? Merrill has fallen off of the radar in a lot of ways, but they seem to be coming back rather aggressive. I still can't believe it has now been almost ten years since the fallout with all of the major investment banking companies. If you have any feedback or tips on these, I would appreciate hearing your thoughts. Thanks in advance.
I don't have any direct experience with Merrill Edge myself. I'm not a big fan of Bank of America, and although they basically saved ML, they nearly died themselves. The best thing you could probably do is do a little homework on several other online brokers to compare. Then maybe call each company and ask a rep why you should do business with them instead of any of the handful of others you are considering - see if there are any advantages you were unaware of of any one of them vs the others.
I personally make it a point to avoid any association with Bank of America. From what I have heard they make it a practice to rip off their customers by high ATM withdrawal fees, and excessive fees on several of their accounts. This is the problem with this bank. Please correct me if I am wrong.
Sandy, FWIW I prefer to have a brokerage firm with a local brick-and-mortar storefront. Rather than depend upon the vagularities of the USPO and a mailroom, I find it easier to use the local office for completing the various account paperwork requiring signatures and other paperwork that comes along from time to time. And a sit down with a CFP in person, for me, is better than on a phone. Search Google Maps with the phrase "brokerage offices near me" and see what shows up. Here Fidelity, Schwab and Scottrade pop up; ML is nowhere to be found in a 30-mile radius. HTH. YMMV.
I would also be inclined to go with an online broker with a physical presence in the market as well. Can you imagine trying to sort out issues if there are no offices you can visit? On the subject of fees, the market is very competitive but at the end of the day you get what you pay for - there has to be a balance between standard of service and cost.
