The company is privately owned, which it believes gives it an edge because it makes decisions based on what is best for its clients rather than having to meet Wall Street earnings targets or be liable to shareholders. Merrill, on the other hand, has been one of the largest and most important players on Wall Street since its inception. Many of its clients have been some of the biggest corporations and high-net-worth individuals in the world. Currently, Merrill seeks to increase its wealth management business by integrating itself further with its parent, Bank of America.
It hopes to create a "one-stop-shop," by offering banking and financial planning all under one roof. In , Merrill also started a discount brokerage service known as Merrill Edge. Merrill did this to capture smaller investors who do not meet the investment minimums to be full-service clients. This service combines "the investment insights of Merrill Lynch plus the convenience of Bank of America banking. Edward Jones and Merrill represent two of the oldest and most established investment firms in the marketplace today.
Prospective brokers and planners looking to get started in the business will find comprehensive training programs at both firms. Edward Jones offers complete back-office support plus a branch office administrator to new hires while Merrill provides an extended training program that offers mentorship from an experienced advisor as well as the backing of a large corporate bank. Bank of America. Edward Jones. Power U. Full-Service Investor Satisfaction Study.
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Key Takeaways Edward Jones and Merrill offer a number of financial services to their clients such as investment management, life and disability insurance, IRAs and CDs, qualified and non-qualified plans, banking services, and comprehensive financial plans.
Edward Jones attempts to take a more personal approach to their clients, with its business model by staffing each office with just two people—a licensed broker and a branch office administrator who handles the administrative tasks.
Merrill Lynch was bought by Bank of America after the financial crisis. Its extremely successful program "Merrill Edge" sought to compete with discount brokers. Bank of America split Merrill Lynch into two entities in Merrill, the wealth-management division of the bank, and Bank of America Securities BofA Securities , which operates the investment banking division.
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Select personalised ads. Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors. Table of Contents Expand. Table of Contents. What Is Edward Jones? Edward Jones Reviews and Complaints. By Kent Thune. Kent Thune has spent more than two decades in the financial services industry and owns Atlantic Capital Investments, an investment advisory firm, in Hilton Head Island, South Carolina. Learn about our editorial policies.
Reviewed by Robert C. Article Reviewed October 26, Learn about our Financial Review Board. Edward Jones and Mutual Fund Fees Edward Jones is a big user of load mutual funds, such as American Funds , that offer a large choice of mostly high-quality funds.
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