Updated 2026-03-30
Empower vs Merrill 401(k) Comparison
Compare Empower Retirement (#4, 8.7/10) and Merrill Lynch (#8, 8.0/10) side by side across fees, ratings, features, and investment options.
Overall Comparison
| Feature | Empower | Merrill |
|---|---|---|
| Overall Score | 8.7/10 | 8.0/10 |
| Rank | #4 | #8 |
| AUM | $1.4 trillion | $3.0 trillion |
| Participants | 18 million | 5 million |
| Plan Sponsors | 71,000+ | 2,500+ |
| Founded | 2014 | 1914 |
Ratings Comparison
| Category | Empower | Merrill |
|---|---|---|
| Fees & Costs | 4.3/5 | 3.3/5 |
| Investment Options | 4.2/5 | 4.5/5 |
| Customer Service | 4.3/5 | 4.1/5 |
| Mobile App | 3.8/5 | 4.2/5 |
Fee Comparison
| Fee Type | Empower | Merrill |
|---|---|---|
| Admin Fees | Varies by plan size | Varies by plan size |
| Expense Ratios | 0.03% - 1.0% | 0.03% - 1.5% |
| Trading Fees | Plan dependent | $0 - $6.95 |
| Advisory Fees | 0.25% - 0.89% | 0.45% - 1.5% |
Empower Strengths
- Strong participant education programs
- Excellent plan sponsor tools
- Competitive institutional pricing
- Personal Capital integration for all-in-one planning
Merrill Strengths
- Bank of America Preferred Rewards benefits
- Strong advisory and guidance services
- complete financial planning
- Wide investment selection
Rollover, Loans & Withdrawals
| Feature | Empower | Merrill |
|---|---|---|
| Rollover Platform | Empower.com | Benefits OnLine |
| Loans Available | Yes | Yes |
| Withdrawal Methods | Online via Empower.com, Phone (800-338-4015) | Online via Benefits OnLine, Phone (888-968-4015), Bank of America branches |
| Distribution Options | Lump sum, Partial withdrawal, Installment payments, Annuity purchase, Rollover to IRA | Lump sum, Partial withdrawal, Installment payments, Rollover to IRA |
Which Should You Choose?
Choose Empower if you want:
- Mid to large employers
- Those valuing education
- Managed account seekers
- Income-focused retirees
Choose Merrill if you want:
- BofA customers
- Advice seekers
- Large employers
- Full-service needs
Our Verdict: Empower vs Merrill
Empower Retirement wins this comparison with a score of 8.7/10 vs 8.0/10. Empower excels with strong participant education programs, 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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Empower vs Merrill: Complete 401(k) Comparison for 2026
Choosing between Empower Retirement and Merrill Lynch for your 401(k) is an important decision that affects your retirement savings. Empower offers 2nd largest while Merrill is known for bofa integration. In terms of fees, Empower charges 0.03% - 1.0% expense ratios compared to Merrill's 0.03% - 1.5%. Empower manages $1.4 trillion in assets and serves 18 million participants, while Merrill has $3.0 trillion AUM and 5 million participants.
Key Differences: Empower vs Merrill
When comparing Empower and Merrill, consider their core strengths: Empower excels with strong participant education programs, 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. Empower's customer service rating is 4.3/5 compared to Merrill's 4.1/5. For mobile experience, Empower scores 3.8/5 while Merrill scores 4.2/5.
Which Provider is Right for You?
Choose Empower if you prioritize mid to large employers. 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 Empower and Merrill provider pages.
Frequently Asked Questions
Empower Retirement scores higher in our 2026 rankings with 8.7/10. Empower is best for mid to large employers, while Merrill is best for bofa customers. The right choice depends on your employer's plan and your priorities.
Empower charges expense ratios of 0.03% - 1.0% with admin fees of Varies by plan size. Merrill charges 0.03% - 1.5% expense ratios with admin fees of Varies by plan size. Empower's fees rating is 4.3/5 compared to Merrill's 3.3/5.
Yes, you can roll over between Empower and Merrill. Empower uses Empower.com for rollovers, while Merrill uses Benefits OnLine. A direct rollover avoids mandatory tax withholding. Contact your new provider to initiate the transfer.
Empower 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.
Empower scores 4.2/5 for investment options, while Merrill scores 4.5/5. Both offer target-date funds, index funds, and managed accounts. Empower's investment options include Index Funds, Target Date Funds, Mutual Funds. Merrill offers Mutual Funds, ETFs, Stocks.
For small businesses, consider plan minimums and per-participant costs. Empower is best for mid to large employers, those valuing education, managed account seekers, income-focused retirees. Merrill is best for bofa customers, advice seekers, large employers, full-service needs. Compare admin fees: Empower charges Varies by plan size 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