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So I guess Bank Of America owns Merrill Lynch now and I'm wondering if they're any good to invest with. I keep getting prompts online to invest with them, but I wanted to see if anyone on here has had any good or bad experiences.
Basically, I have a sum of cash sitting in a money market account making almost no interest. I would be a passive investor looking for a long-term low-risk diversified fund that I could plop money into every month.
Look at what other brokers charge.
Sounds like you might be more a Vanguard mutual fund or ETF investor. Vanguard will also give you some help as will most discount brokers. Google discount brokers.
Ultimately, there's a point where you must create an account and put some cash in it. How do you tell if you can trust someone or some website? I've looked at Vanguard before, but once I got to the point where it needed money, I'm like, wait a minute. How do I know this website is not a scam?
Ultimately, there's a point where you must create an account and put some cash in it. How do you tell if you can trust someone or some website? I've looked at Vanguard before, but once I got to the point where it needed money, I'm like, wait a minute. How do I know this website is not a scam?
You go by reputation. Since Vanguard has an excellent reputation and is the largest provider of mutual funds in the world (along with the second largest provider of ETFs in the world) it's unlikely that they would consider running a scam that would risk hurting their brand.
I personally like Fidelity Investments. However, I've taken a look over at ML occasionally.
Merrill is ok & I not knowing how much money we're talking about but I suspect a newer advisor would contact you & the employees at the bank will be chopping at the bit to make the referral to wealth management.
Now typically Merrill does not like to mess with small accounts, in fact they prefer $1MIL & I know a group that doesn't really want under $5MIL. Not saying a new advisor would not like your business.
It depends on how much money you have sitting around, Fidelity gives bonus money for opening new accounts or putting more money into existing accounts. I like Fidelity and I sure as heck like free money. https://rewards.fidelity.com/offers/depositbonus
Deposit Amount $50,000+ $100,000+ $250,000+ $500,000+ $1,000,000+
Deposit Bonus Earned $200 $300 $600 $1200 $2500
Merrill is ok & I not knowing how much money we're talking about but I suspect a newer advisor would contact you & the employees at the bank will be chopping at the bit to make the referral to wealth management.
Now typically Merrill does not like to mess with small accounts, in fact they prefer $1MIL & I know a group that doesn't really want under $5MIL. Not saying a new advisor would not like your business.
It depends what ml line we are talking about Merrill edge, wealth management, pbig
Most advisors don't avg anywhere near 1mm relationships though
That's why the turnover is high and they are always looking for "new" advisors.
Turnover isn't high in general, it's high for rookies with three years or less experience because it's difficult to get people to give you their money, not for anything I listed in my previous post
So I guess Bank Of America owns Merrill Lynch now and I'm wondering if they're any good to invest with. I keep getting prompts online to invest with them, but I wanted to see if anyone on here has had any good or bad experiences.
Basically, I have a sum of cash sitting in a money market account making almost no interest. I would be a passive investor looking for a long-term low-risk diversified fund that I could plop money into every month.
We have our retirement money with ML and are very happy with the performance and the responsiveness of the ML folks over a 5 year period.
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