Individual and joint taxable brokerage accounts.After filling out the questionnaire and choosing a goal, you’ll meet with an advisor to refine your investing goal, discuss your recommended portfolio and adjust your asset allocation. The more expensive service tier gives you direct access to a Merrill investment advisor. You’ll also get details about the likelihood of reaching your goal and the contributions you need to make to reach your goal. If you choose the basic service, the platform generates a recommended portfolio tailored to your situation and goals. Whichever you choose, you’ll get to see your recommended asset allocation but not the specific funds that make up your portfolio. The platform offers two service tiers: A basic “online” service and an “online with an advisor” service. If you want to pursue multiple goals, you’d need to set up additional accounts, unlike rivals like Betterment that allow you to allocate your balance to as many different investing goals as you like. Unfortunately, with Merrill Guided Investing, you can only choose a single goal for one account.
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You also choose an investing goal for your portfolio, plus a target dollar amount to guide asset allocation. Like most robos, Merrill Guided Investing begins with a questionnaire that asks you for personal information regarding your age, investing time horizon and risk tolerance. Financial advisor access requires a balance of $20,000 and an annual fee of 0.85%, which is among the most expensive fees charged by robo-advisors we have reviewed. While the $1,000 minimum balance isn’t the highest among similar robos, the 0.45% management fee is pretty rich. The platform will even consider any linked external accounts when designing your portfolio’s asset allocation.ĭespite these unique advantages, Merrill Guided Investing charges uncompetitive annual management fees and has high minimums that may deter true beginners. Though you’ll pay a premium above the base product, you’ll be able to consult with the financial experts at Merrill to keep you on track in saving for retirement goals, a college fund or general investment planning.
In addition, the platform might be worth it for investors who have at least $20,000 to deposit and would like to also get access to a financial advisor. Opening different accounts under one banner can make managing your finances more convenient. If you have an existing account with Merrill or Bank of America, you might also take a closer look at Merrill Guided Investing. This means you’ll have the vast experience of a prestigious Wall Street stalwart put to work managing your robo portfolio. For starters, it’s one of the only robos out there to offer some level of active management, providing investment portfolios designed and managed by the experts at Merrill (formerly known as Merrill Lynch). Merrill Guided Investing may appeal to those looking for a sophisticated, premium robo-advisor experience.
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