Updated 2026-03-20

Merrill vs Lincoln Financial 401(k) Comparison

Compare Merrill Lynch (#8, 8.0/10) and Lincoln Financial (#17, 6.9/10) side by side across fees, ratings, features, and investment options.

Overall Comparison

FeatureMerrillLincoln Financial
Overall Score8.0/106.9/10
Rank#8#17
AUM$3.0 trillion$350 billion
Participants5 million8 million
Plan Sponsors2,500+10,000+
Founded19141905

Ratings Comparison

CategoryMerrillLincoln Financial
Fees & Costs3.3/53.3/5
Investment Options4.5/53.8/5
Customer Service4.1/53.9/5
Mobile App4.2/53.4/5

Fee Comparison

Fee TypeMerrillLincoln Financial
Admin FeesVaries by plan sizeVaries by plan size
Expense Ratios0.03% - 1.5%0.10% - 1.5%
Trading Fees$0 - $6.95Plan dependent
Advisory Fees0.45% - 1.5%0.40% - 1.0%

Merrill Strengths

Lincoln Financial Strengths

Rollover, Loans & Withdrawals

FeatureMerrillLincoln Financial
Rollover PlatformBenefits OnLineLincoln Financial Portal
Loans AvailableYesYes
Withdrawal MethodsOnline via Benefits OnLine, Phone (888-968-4015), Bank of America branchesOnline via Lincoln Financial portal, Phone (800-454-6265), Through plan administrator
Distribution OptionsLump sum, Partial withdrawal, Installment payments, Rollover to IRALump sum, Partial withdrawal, Annuity conversion, Installment payments, 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 Lincoln Financial if you want:

  • Companies wanting guaranteed income options
  • Insurance-focused employers
  • Mid-size to large plans
  • Annuity seekers

Our Verdict: Merrill vs Lincoln Financial

Merrill Lynch wins this comparison with a score of 8.0/10 vs 6.9/10. 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.

Full Merrill Review Full Lincoln Financial Review

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Merrill vs Lincoln Financial: Complete 401(k) Comparison for 2026

Choosing between Merrill Lynch and Lincoln Financial for your 401(k) is an important decision that affects your retirement savings. Merrill offers bofa integration while Lincoln Financial is known for top 10 recordkeeper. In terms of fees, Merrill charges 0.03% - 1.5% expense ratios compared to Lincoln Financial's 0.10% - 1.5%. Merrill manages $3.0 trillion in assets and serves 5 million participants, while Lincoln Financial has $350 billion AUM and 8 million participants.

Key Differences: Merrill vs Lincoln Financial

When comparing Merrill and Lincoln Financial, consider their core strengths: Merrill excels with bank of america preferred rewards benefits, while Lincoln Financial stands out for strong guaranteed income and annuity options. 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 Lincoln Financial's 3.9/5. For mobile experience, Merrill scores 4.2/5 while Lincoln Financial scores 3.4/5.

Which Provider is Right for You?

Choose Merrill if you prioritize bofa customers. Choose Lincoln Financial if you're looking for companies wanting guaranteed income options. 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 Lincoln Financial provider pages.

Frequently Asked Questions

Merrill Lynch scores higher in our 2026 rankings with 8.0/10. Merrill is best for bofa customers, while Lincoln Financial is best for companies wanting guaranteed income options. 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. Lincoln Financial charges 0.10% - 1.5% expense ratios with admin fees of Varies by plan size. Merrill's fees rating is 3.3/5 compared to Lincoln Financial's 3.3/5.

Yes, you can roll over between Merrill and Lincoln Financial. Merrill uses Benefits OnLine for rollovers, while Lincoln Financial uses Lincoln Financial Portal. A direct rollover avoids mandatory tax withholding. Contact your new provider to initiate the transfer.

Merrill offers 401(k) loans. Lincoln Financial 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 Lincoln Financial scores 3.8/5. Both offer target-date funds, index funds, and managed accounts. Merrill's investment options include Mutual Funds, ETFs, Stocks. Lincoln Financial offers Mutual Funds, Target Date Funds, Fixed Annuities.

For small businesses, consider plan minimums and per-participant costs. Merrill is best for bofa customers, advice seekers, large employers, full-service needs. Lincoln Financial is best for companies wanting guaranteed income options, insurance-focused employers, mid-size to large plans, annuity seekers. Compare admin fees: Merrill charges Varies by plan size vs Lincoln Financial's Varies by plan size.

Pavlo Pyskunov

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