Introduction
Merrill Edge is a financial platform owned by Bank of America Corp. (BAC). It is a discount broker that provides access to online trading, self-directed and managed investing, brokerage, and related services. It was launched in 2010.
Bank of America, which owns Merrill Edge, has $387 billion in client assets across 3.8 million consumer accounts as of October 2023. Merrill Edge offers more than 2,800 exchange-traded funds (ETFs) and nearly 3,000 mutual funds to its clients. However, the company does not offer a proprietary set of its own funds.
What retirement accounts does Merrill Edge offer?
Merrill Edge offers a variety of retirement accounts, including traditional IRAs and Roth IRAs, 401(k) accounts, Simplified Employee Pension individual retirement accounts (SEP IRAs), inherited IRAs, and more.
What are the fees for a Merrill Edge Roth IRA account?
The fees for a Merrill Edge account vary by category. Roth IRAs in the self-directed program do not have annual fees and do not require a minimum investment. Clients pay a fee of $49.95 to close the account. The Merrill Guided Investing program has an average annual fee of 0.45% and requires a minimum investment of $1,000. Investing with an advisor requires a minimum investment of $20,000 and an annual fee of 0.85%.
Does Merrill Edge allow customers to manage their investments directly online?
Yes. Merrill Edge gives clients the option to manage their retirement accounts themselves or allow Merrill to manage them.
Conclusion
A Roth IRA offers investors certain tax advantages. Roth IRAs are unique in that they are funded with after-tax dollars and are not taxed when funds are withdrawn later. In short, money invested in a Roth IRA can grow tax-free. After opening a Roth IRA, the types of investments selected depend on the investor’s risk tolerance and how much time and effort they have to research various investments. Merrill Edge is one of the options that investors can consider when looking at how to implement a retirement investment strategy.
For investors with little time and energy, the first option may be to allocate part of their funds to a total stock market fund and another part to a total bond fund. These large and diverse funds may also provide a strong foundation for investors who have the additional time and energy to evaluate other investment options, which may be in individual companies or specific market segments, such as small-cap stocks.
Source: https://www.investopedia.com/roth-ira-funds-merrill-edge-5224073
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