Would anyone happen to know? 1.2m members. I'm literally financially illiterate and this much money scares me into thinking I will flush it all down the drain. Can you help find a similar fund to invest in with my 401k at Merrill Lynch? Bank of America, Merrill, their affiliates, and advisors do not provide legal, tax, or accounting advice. Merrill Lynch does help them but in the end they are the ones presenting and giving advice and it varies wildly with any brokerage firm. A roboadvisor will take care of these decisions for you, but you won't have access to a live person should you have any questions. So the best is to replicate that and alocate a portion of your savings to government bonds (safe, low returns) and another portion into an ETF replicating for instance the S&P 500. Merrill Lynch Wealth Management is among the largest provider of wealth management and investment services for individuals ⦠With over over 17,000 financial advisors and $2.2 trillion in client assets Merrill Lynch is among largest full-service brokerage companies in the U.S. Visit Merrill Edge review ⦠Bank of America menu . I've always turned it down (in favor of IRA) due to the fact that it had an annual 1-2% management fee associated with our advisers managing the portfolio. User account menu. And for Merrill Lynch specific accounts, view your. From my research I don't think there's a Merrill Edge equivalent to VTSAX or VTI. MLPF&S and Managed Account Advisors LLC (âMAAâ) are registered investment advisors. ⦠So my first question: is it a sound decision to now enroll in this 401k offering, after maxing IRA? I bought the place with cash from the LMA then refinanced into a mortgage with Bank of America. Doing all this myself doesn't give me a lot of confidence with the amount involved. Key data includes: annual salary, state of residence, gender and date of birth. I'm currently a Bank of America customer and have had several calls from these guys already. 2. share. Here is the full "available mutual fund list" from my employer: http://pastebin.com/raw.php?i=uETBmcaH. Honestly you have a point. He pointed to how much more quickly Merrill Lynch advisors can now put together presentations for client meetings. My job's 401k is through Merrill Lynch and they automatically enroll you in this "advice access personal manager" which adjusts your portfolio every ⦠Press J to jump to the feed. When I inquired about this, I was told that if I choose "No", I can avoid the management fee, but it will be up to me to choose my funds and re-balance when necessary (which I'm obviously fine with ... ala IRA). This doesn't sound like I should trust them to be honest. How hard is this to take in and learn? Your employer and Merrill Lynch are pleased to offer the Advice Access service through your 401(k) plan. â â Get specific recommendations to improve the likelihood of reaching those goals. they will keep calling you as the bank gives the advisors information on who has large sums of money sitting at the bank.....just an FYI. Why haven't you invested that money already ? level 2. 2. You should consult your legal and/or tax advisors before making any financial decisions. Opinions on Merrill Lynch 401k automatic rebalancing. Log In Sign Up. Join our community, read the PF Wiki, and get on top of your finances! Merrill Lynch, Pierce, Fenner & Smith Incorporated (referred to as Merrill or we) is registered with the Securities and Exchange Commission (SEC) as both a broker-dealer and an investment adviser, and is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC), which is described at . 161k members. Visit. Almost all investment vehicules are made off of bonds and equities and perform below what you can expect due to management fees. Keep in mind switching over to another brokerage from Merrill will cost me 50$ to close the account. Archived. But many people need help making investment decisions. The minute this benefit gets canceled, I'll be severing my ties with ML. r/FinancialCareers. ⦠⦠Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. I don't claim to be making the right move at all here! Communities. 2. ⦠/ Bank of America Merrill Lynch. Being able to do an apples-to-apples comparison with other popular choices is a great starting place to dig in. Merrill Lynch Wealth Management clients with greater than $250,000 in assets with Bank of America and Merrill are not eligible for Preferred Rewards but have access to other benefits through Preferred Rewards for Wealth Management. 75% Upvoted. Bank of America âWhy Bank of America?â How graduates and students should answer this question . Merrill Lynch Wealth Management is a national investment advisory firm with offices in most major and mid-sized U.S. cities. 6 comments. I have six figures just sitting in my checking and it's driving me insane as to what to do with it. Having an advisor isn't for everyone and unfortunately there is more bad than good in our industry, but make sure you do a lot of research on whoever you are considering working with, ask about all fees, what their track record is, if they are acting in a fiduciary capacity, and make sure they have a clean record with the SEC. Advice Access offers participants numerous choices in managing their retirement accounts. So there incentive to actually care is zero. Close. At the time, I was fairly ignorant of financial management. Posted by 5 years ago. IB's commissions are crazy low - you can trade for as little as a $1 per trade. Merrill seems bad for broke boys like me but I do appreciate that I bank with BoA so it's convenient. This is assuming you are comfortable picking your asset allocation, choosing funds, know which ETFs to choose, and know the percentage to allocate to each. Please speak with your Merrill Lynch financial advisor for details. If you want an ivy-league-educated kid to be your servant, and millions of dollars to spare, you can park a few million dollars at a big bank to get a "personal banker," but in return for the favors and free meals, you have to buy terrible investment products. As a subsidiary of Bank of America, one of the largest commercial banks in the world, Merrill Lynch has vast resources that its investment advisors can use to maximize client returns. www.sipc.org. r/Economics. If it was me I would put them in some low cost mutual funds and steer well away from any form of Wealth Management services. Posted by 7 years ago. Yes, you can go online to a roboadvisor or use cheap vanguard funds and probably do just fine. hide. However truth be told below a few millions the optimal allocation of your savings is pretty straightforward. It has 1.81% expense ratio and has underperformed S&P 500. Press question mark to learn the rest of the keyboard shortcuts, http://www.investopedia.com/articles/investing/102014/feeonly-financial-advisers-what-you-need-know.asp?lgl=bt1tn-no-textnote. In terms of will they do a good job and is completely individual. At Merrill, you can choose from one or more programs and services based on your individual objectives, investment style, need for ongoing advice and interest in particular solutions.. In my IRAs, I currently just stick with a simple target retirement fund (VFFVX - Target 2055 Fund). Investment advisor registration does not imply a certain level of skill or training. While you can almost certainly learn to manage this money just fine yourself, if you would feel more comfortable with some assistance, look for a 'fee-only' advisor. This year, however, I see a check box on the enrollment paperwork that says "Do you want us to manage your account for you?" New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. Buy some Index Funds and forget about it. 7.3m members /r/Politics is for news and discussion about U.S. politics. The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. In my opinion, these platforms make sense for younger people who don't have much money, and don't need much help. What is the end goal for this money? I used cash to make my offer more attractive, but ultimately I wanted to take advantage of low rates, so I got the mortgage (30yr @ 2.5%). It's not worth it. and I have the option to select "No". You didn't have to but just know that I am very grateful for this. They also have access to one-on-one guidance and competitive pricing for online trades. save. Through the Merrill Lynch Investment Advisory Program, youâll have access to: A dedicated advisor who gets to know you So there incentive to actually care is zero. Merrill Lynch Life Agency Inc. ("MLLA") is a licensed insurance agency and wholly owned subsidiary of BofA Corp. Trust and fiduciary services are provided by Bank of America, N.A., Member FDIC, or U.S. Trust Company of Delaware. Three good options. Also keep in mind Merrill Lynch people don't make money if you have less the 250K. Learn things on your own, then use index funds. Merrill Lynch is the wealth management division of Bank of America. intra-day holdings, activity, including pending and settled transactions, and access and download up to seven years of statements ⦠card classic compact. When it comes to your success, thereâs only one financial approach that really matters â yours. They probably won't be having my best interests is the feeling I got. At first this seems like a good idea until you realize that Merrill Lynch has hand picked the funds that make up these GoalManager models. Liking option 3 a lot better until I gain confidence doing it on my ⦠Customer support: Investors with Merrill Edge Guided Investing have access to the same customer support that Merrill Edge clients receive: In ⦠I've always turned it down (in favor of IRA) due to the fact that it had an annual 1-2% ⦠My company reimburses me for expenses towards financial planning/wealth management so I keep them around. share. ⦠4 years ago. Delivered in person, on the phone or online, Advice Access recommends an appropriate contribution rate, asset allocation and investment options based on the investment funds in the Avis Budget 401(k) plans. Customized investment advice ⦠Join. This is my portfolio managed by Merrill Lynch. Also keep in mind Merrill Lynch people don't make money if you have less the 250K. Frequently Asked Questions What is Merrill Lynch OnLine? Trust and fiduciary services are provided by Bank of America Private Bank, a division of Bank of America, N.A., Member FDIC, or U.S. Trust Company of Delaware. : Merrill Lynch OnLine is an Internet-based service that provides a 24 x 7 connection to Merrill Lynch, giving you access to your account balances, portfolio holdings, statements, stock quotes, news and research. Appreciate the heads up. I've been a client for 4 years. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. If you are very uncomfortable with investing and fear making a mistake then it might be worth it for you to go to them. Close. Topic on Reddit. Merrill provides products and services to various employers, their employees and other individuals. My employer has offered me an automatically managed Merrill Lynch fund for many years. House? They aren't portfolio managers or do much complex planning. Thatâs why your company offers Advice Access. 5. This material is not intended as a recommendation, offer or solicitation for the purchase or sale of any security or investment strategy. ADVICE ACCESS FOR YOUR 401(k) | 3 How Advice Access works: The power of strong financial management working for your participants Advice Access is a powerful goal-based tool that participants can choose to use on our website at BenefitsOnLine®, at our Call Center through a registered representative, or with a Merrill Lynch financial advisor. One gotcha with this approach is that you only have so long to do the mortgage with ⦠Both are ⦠Retirement. About; Employee profiles; Interview tips; Featured; Donât just write, âI notice you have won nine awards for innovation and excellence from trade publication Treasury Management International, and I admire thatâ. www.sipc.org. Merrill Lynch, Pierce, Fenner & Smith Incorporated (referred to as Merrill or we) is registered with the Securities and Exchange Commission (SEC) as both a broker-dealer and an investment adviser, and is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC), which is described at . My employer has offered me an automatically managed Merrill Lynch fund for many years. Finally Enrolling in Employer's Merrill Lynch 401k - Fund Advice? A couple months? I used to be an advisor at Merrill, and can say avoid the guys in bank branches. Merrill offers a broad range of brokerage, ⦠I met with one of them five weeks ago and the posh office and super expensive suits just gave me a bad vibe all together. Silver hits eight-year high as Reddit frenzy turns to commodities Small investors warned of huge losses after thousands pile in, with some hoping that increasing its price could hurt large investors I recently used a Merrill Lynch LMA to buy a place. Learn things on your own, then use index funds. Find an independent CFP. Retirement. Liking option 3 a lot better until I gain confidence doing it on my own. I will definitely look into this "Betterment" option you mentioned. Merrill, Merrill Lynch, and/or Merrill Edge investment advisory programs are offered by Merrill Lynch, Pierce, Fenner and Smith Incorporated (âMLPF&Sâ). Retirement? If clients want customized financial advice and guidance, they can use Merrill Edge Roadmap to work one-on-one with a Merrill Edge Financial Solutions Advisor. "Wealth Management" will end up costing you a fortune in fees and expense rations, whether it is worth or not is something you have to ask yourself. Looks like you're using new Reddit on an old browser. â â Benefit from an expert retirement strategy. Join. So much useful info presented here. Three good options. Any advice? Focus On High-Net-Worth Individuals and Families. With Advice Access you can: â â Understand if you are on track with your financial goals. They will charge you for your time, but will not be selling you anything so there isn't a conflict of interest there.http://www.investopedia.com/articles/investing/102014/feeonly-financial-advisers-what-you-need-know.asp?lgl=bt1tn-no-textnote. ... Also, if you have any other input here, I'd love to hear it. Finally Enrolling in Employer's Merrill Lynch 401k - Fund Advice. ⦠I since moved over to an independent registered investment advisor, and it's a better platform for clients in my opinion because clients only pay a flat percentage for full investment management, financial planning, and there are no trade commissions. Something else? card. Bank of America Merrill Lynch declined to comment on vendor relationships, but said that âour clients rely on us for world-class planning and advice, and having access to a ⦠I use ⦠Insurance and annuity products are offered through Merrill Lynch Life Agency Inc., a licensed insurance agency and wholly owned subsidiary of Bank of America Corporation. Just buy low-fee ETFs or put the money into some low-fee mutual funds. News and discussion about economics, from the perspective of economists. We believe investors can benefit from our advice, access to the investment insights offered by Merrill, trust and fiduciary services from Bank of America Private Bank and the banking convenience of Bank of America. I am feeling more confident with narrowing down my options now thanks to a few key phrases you mentioned with the track record and fid cap. Clients should consult their legal and/or tax advisors before making any financial decisions. report. I'll skip over the $25k minimum for a pattern day trader as that's already been addressed and you should be very careful, but that said, if you want to day trade I would suggest using a platform such as Interactive Brokers as opposed to Merrill Lynch just from a cost standpoint. It provides specific, personalized recommendations to help you develop a strategy thatâs right for you. r/politics. Report Save. Finally Enrolling in Employer's Merrill Lynch 401k - Fund Advice? You can also go online as there are now good robot advisors (like Betterment). ... That said, I underestimated the stress of being disconnected from my money, and I needed some advice to educate myself and take back control. Your Merrill Lynch Wealth Management Advisor provides you with personalized attention and objective investment advice to help grow and preserve your wealth. Thank you and yes you are also right on the mark. For Advice Access to effectively make savings and investment recommendations, it is critical that you provide key data to Bank of America Merrill Lynch for all eligible employees. The Merrill Lynch online offering provides you with secure access to view balances for your Merrill Lynch, Bank of America, and any external accounts added through our asset aggregation tool. Press question mark to learn the rest of the keyboard shortcuts. Visit . Sounds like you have a good deal with the company and I'd do the same myself. Posts about Merrill Lynch. Posts. Understanding you and your family Your advisor takes the time to learn about what matters most to you and your family when it comes to your finances and your life, because if itâs important to you, itâs important to us. (no employer match, but tax deductible ... goal here is to drastically reduce my 2015 taxable income to start with by maxing out the 401k in the next 3 months), Assuming your answer to that question is "yes", then I could use a little help picking Merrill Lynch fund(s) to invest in. Plan your career in the wide world ⦠Avis Budget, in 2009, implemented the Advice Access service offered by its provider Bank of America Merrill Lynch. As the portfolio composition changes due to varying fund performance within the models, Merril Lynch will "rebalance" automatically on a quarterly basis. Advice Access Take the guesswork out of your retirement planning decisions Your 401(k) plan is a great way to prepare for your financial future. If you are young and don't need that money anytime in the next 10 years then invest it all in ETFs. â¦
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