Updated 2026-03-20
Merrill vs Employee Fiduciary 401(k) Comparison
Compare Merrill Lynch (#8, 8.0/10) and Employee Fiduciary (#24, 6.2/10) side by side across fees, ratings, features, and investment options.
Overall Comparison
| Feature | Merrill | Employee Fiduciary |
|---|---|---|
| Overall Score | 8.0/10 | 6.2/10 |
| Rank | #8 | #24 |
| AUM | $3.0 trillion | $6 billion |
| Participants | 5 million | 80,000 |
| Plan Sponsors | 2,500+ | 3,000+ |
| Founded | 1914 | 2004 |
Ratings Comparison
| Category | Merrill | Employee Fiduciary |
|---|---|---|
| Fees & Costs | 3.3/5 | 4.8/5 |
| Investment Options | 4.5/5 | 3.2/5 |
| Customer Service | 4.1/5 | 4.2/5 |
| Mobile App | 4.2/5 | 2.5/5 |
Fee Comparison
| Fee Type | Merrill | Employee Fiduciary |
|---|---|---|
| Admin Fees | Varies by plan size | $1,500/year + $30/participant |
| Expense Ratios | 0.03% - 1.5% | 0.03% - 0.15% |
| Trading Fees | $0 - $6.95 | $0 |
| Advisory Fees | 0.45% - 1.5% | Included as 3(38) fiduciary |
Merrill Strengths
- Bank of America Preferred Rewards benefits
- Strong advisory and guidance services
- complete financial planning
- Wide investment selection
Employee Fiduciary Strengths
- Full 3(38) investment fiduciary services included
- Among the lowest all-in costs
- Consistently rated best by independent reviewers
- Low-cost Vanguard fund lineup
Rollover, Loans & Withdrawals
| Feature | Merrill | Employee Fiduciary |
|---|---|---|
| Rollover Platform | Benefits OnLine | Employee Fiduciary Portal |
| Loans Available | Yes | Yes |
| Withdrawal Methods | Online via Benefits OnLine, Phone (888-968-4015), Bank of America branches | Phone (877-401-5100), Online portal |
| Distribution Options | Lump sum, Partial withdrawal, Installment payments, Rollover to IRA | Lump sum, Partial withdrawal, Rollover to IRA, Required Minimum Distributions |
Which Should You Choose?
Choose Merrill if you want:
- BofA customers
- Advice seekers
- Large employers
- Full-service needs
Choose Employee Fiduciary if you want:
- Cost-conscious small businesses
- Employers wanting fiduciary protection
- Index fund believers
- Plan sponsors seeking simplicity
Our Verdict: Merrill vs Employee Fiduciary
Merrill Lynch wins this comparison with a score of 8.0/10 vs 6.2/10. Merrill excels with bank of america preferred rewards benefits, 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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Merrill vs Employee Fiduciary: Complete 401(k) Comparison for 2026
Choosing between Merrill Lynch and Employee Fiduciary for your 401(k) is an important decision that affects your retirement savings. Merrill offers bofa integration while Employee Fiduciary is known for 3(38) fiduciary. In terms of fees, Merrill charges 0.03% - 1.5% expense ratios compared to Employee Fiduciary's 0.03% - 0.15%. Merrill manages $3.0 trillion in assets and serves 5 million participants, while Employee Fiduciary has $6 billion AUM and 80,000 participants.
Key Differences: Merrill vs Employee Fiduciary
When comparing Merrill and Employee Fiduciary, consider their core strengths: Merrill excels with bank of america preferred rewards benefits, while Employee Fiduciary stands out for full 3(38) investment fiduciary services included. Both providers offer a wide range of investment options including target-date funds, index funds, and managed accounts. Merrill's customer service rating is 4.1/5 compared to Employee Fiduciary's 4.2/5. For mobile experience, Merrill scores 4.2/5 while Employee Fiduciary scores 2.5/5.
Which Provider is Right for You?
Choose Merrill if you prioritize bofa customers. Choose Employee Fiduciary if you're looking for cost-conscious small businesses. 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 Merrill and Employee Fiduciary provider pages.
Frequently Asked Questions
Merrill Lynch scores higher in our 2026 rankings with 8.0/10. Merrill is best for bofa customers, while Employee Fiduciary is best for cost-conscious small businesses. The right choice depends on your employer's plan and your priorities.
Merrill charges expense ratios of 0.03% - 1.5% with admin fees of Varies by plan size. Employee Fiduciary charges 0.03% - 0.15% expense ratios with admin fees of $1,500/year + $30/participant. Merrill's fees rating is 3.3/5 compared to Employee Fiduciary's 4.8/5.
Yes, you can roll over between Merrill and Employee Fiduciary. Merrill uses Benefits OnLine for rollovers, while Employee Fiduciary uses Employee Fiduciary Portal. A direct rollover avoids mandatory tax withholding. Contact your new provider to initiate the transfer.
Merrill offers 401(k) loans. Employee Fiduciary offers 401(k) loans. Both providers typically allow loans up to 50% of your vested balance or $50,000, whichever is less.
Merrill scores 4.5/5 for investment options, while Employee Fiduciary scores 3.2/5. Both offer target-date funds, index funds, and managed accounts. Merrill's investment options include Mutual Funds, ETFs, Stocks. Employee Fiduciary offers Vanguard Index Funds, Target Date Funds, Bond Funds.
For small businesses, consider plan minimums and per-participant costs. Merrill is best for bofa customers, advice seekers, large employers, full-service needs. Employee Fiduciary is best for cost-conscious small businesses, employers wanting fiduciary protection, index fund believers, plan sponsors seeking simplicity. Compare admin fees: Merrill charges Varies by plan size vs Employee Fiduciary's $1,500/year + $30/participant.
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: 2026-03-20