Edward Jones vs. Merrill Lynch: which financial advisor is right for you?
This article compares Edward Jones and Merrill Lynch across key factors like fees, account types, and advisory services to help you make an informed decision.
Overview: Edward Jones vs. Merrill Lynch
Edward Jones and Merrill Lynch are both well-established financial advisory firms serving millions of US clients.
While Edward Jones focuses on in-person, relationship-based advising through local branches, Merrill Lynch (now part of Bank of America) offers a tiered advisory model with digital, hybrid, and high-net-worth services.
Edward Jones vs. Merrill Lynch: Financial advisor services
Edward Jones advisory services
Edward Jones focuses on in-person financial planning, emphasizing long-term advisor relationships and holistic support across retirement, insurance, and investment needs, including:
Retirement and investment planning
Insurance and annuity guidance
In-branch, one-on-one advising
Model-based and custom portfolios via Guided Solutions and Advisory Solutions
Edward Jones account options
Select account: A commission-based account with no minimum, ideal for self-directed investors seeking occasional guidance.
Guided solutions fund account: Entry-level managed account using mutual funds and ETFs with advisor collaboration; $5,000 minimum.
Guided solutions flex: Flexible portfolio including stocks, bonds, and funds, with regular advisor input; $25,000–$50,000 minimum.
Advisory solutions fund/UMA models: Prebuilt or fully customized portfolios for affluent investors seeking active, tax-efficient management; $25,000–$1M+ minimum. ($25,000–$1M+)
Merrill Lynch advisory services
Merrill Lynch offers flexible investment solutions, ranging from digital self-service tools to high-touch private wealth advising, backed by Bank of America.
Personalized wealth management
Guided investing with or without an advisor
Self-directed brokerage services through Merrill Edge
Dedicated advisors for HNW clients via Merrill Private Wealth
Merrill Lynch account options:
Merrill Edge: Self-directed, commission-free investing platform with no minimum; ideal for DIY investors.
Merrill guided investing: Digital portfolios starting at $1,000, or $20,000–$50,000 with advisor support.
Wealth management: Personalized advisor-led services for clients with $100K–$1M+ in assets. ($100K–$1M+)
Edward Jones vs. Merrill Lynch: Fees
| Service type | Edward Jones fees | Merrill Lynch fees |
|---|---|---|
| Service type | Edward Jones fees | Merrill Lynch fees |
| Commission-based accounts | 0.75%–5.75% (Select Account) | Varies (applies to some legacy services) |
| Fee-based advisory accounts | 1.35% down to 0.50% (tiered by AUM) | Up to 1.75% (advisor-led); 0.45%–0.85% (guided) |
| Platform/strategy fees | Up to 0.05% extra for UMA/Advisory Solutions | 0.00%–0.65% for managed investments |
| Financial planning fees | Included in fee-based accounts | Included or up to 1.10% (MFSA) |
Key fee differences: Edward Jones vs. Merrill Lynch:
Edward Jones charges tiered advisory fees and separate program or platform fees for certain services, which can make it more expensive for smaller accounts.
Merrill Lynch provides lower entry-level pricing for digital accounts and offers more transparent fee tiers.
Edward Jones is better suited to clients who prioritize in-person support and are comfortable with higher fees.
Merrill Lynch appeals to cost-conscious investors looking for flexibility.
Edward Jones vs. Merrill Lynch: Minimum account sizes
Edward Jones minimums vary by account type:
$0 for select account (commission-based)
$5,000 for guided solutions fund account
$25,000+ for flex and advisory solutions models
$300,000–$1 million+ for UMA high-net-worth portfolios
Merrill Lynch minimums range from:
$1,000 for guided investing (digital)
$20,000–$50,000 for guided investing with advisor
$100,000 for MAS
$1 million+ for private wealth services
Edward Jones vs. Merrill Lynch: Pros and cons
Pros of Edward Jones:
Nationwide branch access and face-to-face advisor relationships
Comprehensive planning, including retirement and insurance
Multiple account types for different client needs
Cons of Edward Jones:
Higher advisory and platform fees
Less advanced technology and digital tools
Limited services for business clients or complex needs
Pros of Merrill Lynch:
Strong digital options for all wealth levels
24/7 customer service and mobile platform
Backed by Bank of America’s infrastructure
Cons of Merrill Lynch:
Not all advisors are fiduciaries
Fewer local offices for in-person meetings
May upsell Bank of America products
Edward Jones vs. Merrill Lynch: Technology & security
Edward Jones is investing heavily in digital tools, including its proprietary “Financial Foundation” platform, but still lags behind its competitors in terms of technology. It prioritizes data privacy and account protection, but has faced regulatory issues in the past.
Merrill Lynch offers stronger digital interfaces, research tools, and mobile access. It provides SIPC protection and Bank of America-grade security infrastructure.
Edward Jones vs. Merrill Lynch: Which is better?
Edward Jones is ideal for clients who prefer personalized, in-person advice and are comfortable paying higher fees for long-term relationships with their advisors.
Merrill Lynch is a better fit for investors who want a mix of digital tools and advisor support, lower entry costs, and flexible service tiers.
Still deciding? Let Unbiased match you with a financial advisor who fits your needs and goals.
Frequently asked questions
How does Merrill Lynch compare to other financial advisory firms?
Read more about our comprehensive reviews of Merrill Lynch.
How does Edward Jones compare to other financial advisory companies?
We’ve compared Edward Jones with other financial advisor companies. Find out more here:
Writers
Our team of writers, who have decades of experience writing about personal finance, including investing and retirement, are here to help you find out what you must know about life’s biggest financial decisions.