Updated 2026-03-30
ADP vs Merrill 401(k) Comparison
Compare ADP Retirement Services (#7, 8.1/10) and Merrill Lynch (#8, 8.0/10) side by side across fees, ratings, features, and investment options.
Overall Comparison
| Feature | ADP | Merrill |
|---|---|---|
| Overall Score | 8.1/10 | 8.0/10 |
| Rank | #7 | #8 |
| AUM | $130 billion | $3.0 trillion |
| Participants | 3 million | 5 million |
| Plan Sponsors | 90,000+ | 2,500+ |
| Founded | 1949 | 1914 |
Ratings Comparison
| Category | ADP | Merrill |
|---|---|---|
| Fees & Costs | 3.4/5 | 3.3/5 |
| Investment Options | 3.5/5 | 4.5/5 |
| Customer Service | 4.0/5 | 4.1/5 |
| Mobile App | 3.7/5 | 4.2/5 |
Fee Comparison
| Fee Type | ADP | Merrill |
|---|---|---|
| Admin Fees | $2,000 - $5,000/year base | Varies by plan size |
| Expense Ratios | Varies by investment partner | 0.03% - 1.5% |
| Trading Fees | Plan dependent | $0 - $6.95 |
| Advisory Fees | 0.35% - 0.75% | 0.45% - 1.5% |
ADP Strengths
- Direct payroll integration
- Automatic contribution processing
- Strong compliance support
- Easy setup for ADP payroll clients
Merrill Strengths
- Bank of America Preferred Rewards benefits
- Strong advisory and guidance services
- complete financial planning
- Wide investment selection
Rollover, Loans & Withdrawals
| Feature | ADP | Merrill |
|---|---|---|
| Rollover Platform | ADP Retirement Portal | Benefits OnLine |
| Loans Available | Yes | Yes |
| Withdrawal Methods | Online via ADP portal, Phone (800-695-7526) | Online via Benefits OnLine, Phone (888-968-4015), Bank of America branches |
| Distribution Options | Lump sum, Partial withdrawal, Installment payments, Rollover to IRA | Lump sum, Partial withdrawal, Installment payments, Rollover to IRA |
Which Should You Choose?
Choose ADP if you want:
- ADP payroll users
- Multi-state employers
- HR bundle seekers
- Compliance-focused companies
Choose Merrill if you want:
- BofA customers
- Advice seekers
- Large employers
- Full-service needs
Our Verdict: ADP vs Merrill
ADP Retirement Services wins this comparison with a score of 8.1/10 vs 8.0/10. ADP excels with direct payroll integration, making it the stronger choice for most investors in this matchup. However, the best choice ultimately depends on your specific needs, employer plan availability, and investment preferences.
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ADP vs Merrill: Complete 401(k) Comparison for 2026
Choosing between ADP Retirement Services and Merrill Lynch for your 401(k) is an important decision that affects your retirement savings. ADP offers payroll integration while Merrill is known for bofa integration. In terms of fees, ADP charges Varies by investment partner expense ratios compared to Merrill's 0.03% - 1.5%. ADP manages $130 billion in assets and serves 3 million participants, while Merrill has $3.0 trillion AUM and 5 million participants.
Key Differences: ADP vs Merrill
When comparing ADP and Merrill, consider their core strengths: ADP excels with direct payroll integration, while Merrill stands out for bank of america preferred rewards benefits. Both providers offer a wide range of investment options including target-date funds, index funds, and managed accounts. ADP's customer service rating is 4.0/5 compared to Merrill's 4.1/5. For mobile experience, ADP scores 3.7/5 while Merrill scores 4.2/5.
Which Provider is Right for You?
Choose ADP if you prioritize adp payroll users. Choose Merrill if you're looking for bofa customers. Your decision should also consider your employer's plan availability, fee sensitivity, desired investment options, and customer service expectations. For detailed reviews, visit our individual ADP and Merrill provider pages.
Frequently Asked Questions
ADP Retirement Services scores higher in our 2026 rankings with 8.1/10. ADP is best for adp payroll users, while Merrill is best for bofa customers. The right choice depends on your employer's plan and your priorities.
ADP charges expense ratios of Varies by investment partner with admin fees of $2,000 - $5,000/year base. Merrill charges 0.03% - 1.5% expense ratios with admin fees of Varies by plan size. ADP's fees rating is 3.4/5 compared to Merrill's 3.3/5.
Yes, you can roll over between ADP and Merrill. ADP uses ADP Retirement Portal for rollovers, while Merrill uses Benefits OnLine. A direct rollover avoids mandatory tax withholding. Contact your new provider to initiate the transfer.
ADP offers 401(k) loans. Merrill offers 401(k) loans. Both providers typically allow loans up to 50% of your vested balance or $50,000, whichever is less.
ADP scores 3.5/5 for investment options, while Merrill scores 4.5/5. Both offer target-date funds, index funds, and managed accounts. ADP's investment options include Partner Fund Lineups, Target Date Funds, Stable Value. Merrill offers Mutual Funds, ETFs, Stocks.
For small businesses, consider plan minimums and per-participant costs. ADP is best for adp payroll users, multi-state employers, hr bundle seekers, compliance-focused companies. Merrill is best for bofa customers, advice seekers, large employers, full-service needs. Compare admin fees: ADP charges $2,000 - $5,000/year base vs Merrill's Varies by plan size.
Pavlo Pyskunov
Managing Director & Investment Fund Director
Pavlo Pyskunov analyzes employer-sponsored retirement plans using IRS publications and DOL Form 5500 filings, helping workers maximize their 401(k) savings through data-driven guidance.
Last updated: 2026-03-30