Is it true that all FAs with Merrill open CMA accounts for all clients? At $125 each plus additional fees for sub accounts it seem a bit hign. I've been told that that is the fee no matter how big the account is, is that true? How can you tell a 5mm account that they is a fee for that kind of relationship? Doesn't Merrill have a basic account?
The fee is waived if it is in a fee based arrangement. But your
point is a good one. They don’t waive it, they don’t give any of
the fee to the rep (directly), and if you want to waive it the rep eats
it. It is biggest pile of Sh*t at Merrill Lynch.
Just one of the reasons for my recent flood of ACATS from Merrill, whats going on over there?
Nothing new. It has been the policy for ever. Actually we
are growing our retail base very fast and our firms numbers reflect
it. I am seeing alot of success within our team and with most of
We are not, however, without our bad points. The fact you are
bringing in ML accounts is a testimony to your strong relationship
building and sales skills, not so much bad things at ML. Keep up
Sorry for resurrecting this one, but Merrill has a basic account with a 65 dollar annual fee, but it's rarely used (even though it might be better for a client.) The CMA account costs 125, but the CMA money market you can write checks on pays close to CD rates, and they get a lot of check writing with it too.
It's about segmentation. Merrill's not going after the piker investors. They'd be better off opening an account with Ed Jones or E Trade. It's going after big accounts. Someone with 250k really could care less about 125 compared to someone with 2500. Besides, it's better to get what you pay for, and pay as you go a la carte. The fee is only waived if the account is fee based, which is how I prefer to work with my clients anyways, but that fee more than covers the extra features.