Merrill Lynch vs. Fidelity (2022): Here’s Why Fidelity is Better!

Someone asks:

I’m a beginner (at investing) and I’m looking into opening an account with an online broker. At the moment I’m leaning toward Fidelity or Merrill Edge.

What do you guys think of Merrill Edge? Compared to other online brokers.

Fidelity vs. Merrill Edge: Here’s Why Fidelity is Better!

Mark H:

I was so lucky. My company uses Fidelity to manage its 401(k) through Fidelity’s NetBenefits. I am retiring next year and wanted to move 1/2 to a Fidelity Rollover IRA. I set up the IRA account online, then called Fidelity. It took 3 minutes to complete the transfer.

The following day, everything was in my money market fund. Now on red days, I buy into 5 funds that I selected. 1/10th of the amount each time.

Eric B:

I have been with Fidelity for a long time and have always been very pleased with their customer service. Both in-person and over the phone. I have called them many times to discuss different financial issues over the years and they have consistently been very helpful.

I recently rolled my 401k over to Ameriprise but still have other accounts with Fidelity.

Sue F:

I recently transferred my retirement account from Merill Edge over to Fidelity. They did everything for me over the phone. It took about a week to complete the transaction. Merill Edge charged $50 for moving out of their platform, but Fidelity took care of the fee for me.

William N:

Fidelity customer service is fantastic. There is no fee for transferring money into Fidelity. They are getting your money and will do anything they can to expedite the transfer.

Mike W:

Honestly, no fee. I signed over a check and sent it to them, and it’s in my 401k. The only fee you would get is if your check isn’t deposited into a 401k within 60 days.

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Diego, a seasoned financial analyst in New York, brings a decade of expertise to guiding financial decisions. As a blogger for, he simplifies finance, offering insights on Fidelity Investments. Beyond numbers, he explores NYC's culture and enjoys capturing moments through his photography.

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