If you don’t recognize the name Merrill Edge, you’ll likely recognize the name Merrill Lynch, as that was what this broker was named previously before rebranding. Merrill Edge is the wealth management and investing branch of Bank of America, and its sister investment firm is Bank of America Securities.
Merrill Edge has excellent research tools and free trading for certain products. This broker targets more casual investors (as opposed to Interactive Brokers and other firms that target fast-paced, experienced investors). It also targets Bank of America customers, who will appreciate how their accounts and ME accounts integrate.
Merrill Edge has its cons—namely, if you’re an advanced trader, you’ll find that there are not a lot of securities on offer. Casual investors shouldn’t find that problematic. Another highlight of this broker, discussed below, is the customer support. You can walk into 2,500 Bank of America locations to get help with your Merrill Edge account.