Merrill Edge
| File:Merrill Edge logo.gif | |
| Company type | Division |
|---|---|
| Industry | Financial services |
| Predecessor | Quick & Reilly Group |
| Founded | June 21, 2010 |
Area served | United States |
Key people | Aron Levine |
| Services | Stockbroker Electronic trading platform Wealth Management Investment portfolios Investment Management Financial Planning |
| AUM | US $500 billion (2025) |
Number of employees | 4,000 |
| Parent | Bank of America |
| Website | www |
Merrill Edge functions as an electronic trading platform and investment advisory provider offering both self-directed and assisted investment solutions. Operating as a subsidiary of Bank of America, it was established in 2010 following the integration of Merrill Lynch with Bank of America. Merrill Edge delivers a diverse array of investment products such as stocks, bonds, ETFs, margin lending, mutual funds, and options.
By 2025, the firm oversees $500 billion in assets on behalf of more than 4 million clients and employs approximately 4,000 advisors distributed throughout bank branches and call center operations. Catering primarily to the mass affluent demographic, its revenue is generated through interest earned on cash and margin balances, transaction commissions, and asset management fees, while deliberately avoiding reliance on payment for order flow.
History
Merrill Edge was introduced on June 21, 2010, as a streamlined brokerage service within Bank of America's retail banking segment. The platform emerged from combining Bank of America's online brokerage, Quick & Reilly, with Merrill Lynch’s research capabilities, investment tools, and customer support centers. At inception, it served around 500,000 clients drawn from Bank of America’s existing customer base.
Its development targeted competition with industry leaders such as Charles Schwab Corporation and Fidelity Investments, emphasizing transparency and investor empowerment to attract younger clients and foster early brand loyalty.
By 2015, assets under management reached $118 billion across 2 million customers, fueled by growth from Bank of America clientele, referrals from Merrill Lynch advisors, and marketing initiatives. To improve client interaction, the company introduced videoconferencing kiosks in select banking locations.
During that period, Merrill Edge employed about 2,500 advisors—1,500 stationed within branches—with Aron Levine managing the branch advisory team. Unlike traditional commission-based brokers, these "financial solution advisors" received fixed salaries. The company also ventured into automated advisory services by launching robo-advisors in February 2017; by the end of that year, assets held in self-directed and robo-advised accounts totaled $177 billion.
In May 2018, both Merrill Lynch and Merrill Edge rolled out ESG-focused model portfolios to address increasing demand for sustainable investment options.
Client assets grew to $223 billion by September 2019. In October that year, Merrill Edge extended unlimited commission-free trades to approximately 6 million Bank of America Preferred Rewards customers, later expanding this benefit to all self-directed accounts by December—reviving its early adoption of zero-commission trading initiated in 2006.
Products
Merrill Edge provides its services through a digital platform that includes both a website and a mobile app. This platform equips clients with educational materials, analytical tools, and market data to support well-informed investment choices. It accommodates both self-managed and advisor-assisted investment portfolios.
Through Merrill Edge’s investment advisory options, clients can connect with financial advisors. The Merrill Guided Investing with an Advisor program offers consultations by phone or in person. Additionally, the platform features Merrill Edge Guided Investing Online, a robo-advisory service that delivers automated portfolio management.
Merrill Edge caters to individual investors, small business owners, and corporate clients by offering a variety of account types. These include individual and joint brokerage accounts, IRAs, Roth IRAs, custodial accounts, as well as 529 plans designed for education savings.
For seasoned investors, Merrill Edge offers MarketPro, an advanced trading interface featuring sophisticated charting, customizable layouts, and live streaming data from leading exchanges such as the NYSE and NASDAQ. MarketPro is accessible at no additional charge on desktop, web, and mobile platforms.
Notably, Merrill Edge does not provide access to certain investment categories. It excludes alternative assets like cryptocurrency, forex, futures trading, international securities, penny stocks, and does not support fractional share transactions.
Furthermore, Merrill Edge includes a cash management account for uninvested funds that accrues interest and offers debit card and check-writing capabilities. Its automatic sweep function transfers idle cash into this account to optimize earnings.
The Difference between Merrill Edge and Merrill
Although both are part of Bank of America, Merrill (formerly Merrill Lynch) and Merrill Edge operate as separate entities. Merrill functions as a comprehensive wealth management firm aimed at high-net-worth individuals and emerging affluent clients, emphasizing long-term advisory relationships. Conversely, Merrill Edge is a discount online brokerage providing commission-free stock and ETF trades without account minimums while granting access to research and tools similar to those available to Merrill clients.
Referrals
Merrill Lynch brokers were directed to refer clients holding less than $250,000 in assets to Merrill Edge, enabling brokers to concentrate on wealthier clientele. Conversely, Merrill Edge referred clients with portfolios exceeding $250,000 back to Merrill Lynch. Since 2015, brokers have not received compensation for managing accounts below the $250,000 threshold. In 2014, Merrill Edge transferred approximately 30,000 customers to Merrill Lynch and U.S. Trust, adding roughly $4 billion in assets under management—equating to about $285,700 per advisor based on a total of 14,000 advisors. However, some clients are reluctant to transfer their accounts due to higher trading fees at Merrill Lynch.
Comparison with Other Online Brokerage Services
Merrill Edge presents a range of competitive benefits, including:
- Commission-free trading for stocks and ETFs.
- Access to exclusive research reports from Bank of America Merrill Lynch, Morningstar, and CFRA.
- Dependable customer support available through Bank of America branch locations.
- Smooth integration with Bank of America's broader banking products.
On the other hand, it also has some significant limitations:
- Elevated charges for broker-assisted trades ($29.95), mutual fund purchases ($19.95), and margin interest rates reaching up to 8.625%.
- Lack of options for trading cryptocurrencies or futures contracts.