Updated 2026-03-20

Merrill vs Morgan Stanley 401(k) Comparison

Compare Merrill Lynch (#8, 8.0/10) and Morgan Stanley at Work (#19, 6.8/10) side by side across fees, ratings, features, and investment options.

Overall Comparison

FeatureMerrillMorgan Stanley
Overall Score8.0/106.8/10
Rank#8#19
AUM$3.0 trillion$6.2 trillion
Participants5 million6 million
Plan Sponsors2,500+15,000+
Founded19141935

Ratings Comparison

CategoryMerrillMorgan Stanley
Fees & Costs3.3/53.0/5
Investment Options4.5/54.5/5
Customer Service4.1/54.1/5
Mobile App4.2/54.0/5

Fee Comparison

Fee TypeMerrillMorgan Stanley
Admin FeesVaries by plan sizeVaries by plan size and services
Expense Ratios0.03% - 1.5%0.03% - 1.5%
Trading Fees$0 - $6.95$0 for stocks/ETFs via E*Trade
Advisory Fees0.45% - 1.5%0.50% - 1.5%

Merrill Strengths

Morgan Stanley Strengths

Rollover, Loans & Withdrawals

FeatureMerrillMorgan Stanley
Rollover PlatformBenefits OnLineMorgan Stanley at Work Portal
Loans AvailableYesYes
Withdrawal MethodsOnline via Benefits OnLine, Phone (888-968-4015), Bank of America branchesOnline via Morgan Stanley portal, Phone (800-869-3326), Through Morgan Stanley financial advisor, Branch office visit
Distribution OptionsLump sum, Partial withdrawal, Installment payments, Rollover to IRALump sum, Partial withdrawal, Systematic withdrawals, 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 Morgan Stanley if you want:

  • Companies with stock plans
  • Employees wanting full brokerage access
  • High-net-worth participants
  • Self-directed traders

Our Verdict: Merrill vs Morgan Stanley

Merrill Lynch wins this comparison with a score of 8.0/10 vs 6.8/10. 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 Morgan Stanley Review

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Merrill vs Morgan Stanley: Complete 401(k) Comparison for 2026

Choosing between Merrill Lynch and Morgan Stanley at Work for your 401(k) is an important decision that affects your retirement savings. Merrill offers bofa integration while Morgan Stanley is known for wealth management. In terms of fees, Merrill charges 0.03% - 1.5% expense ratios compared to Morgan Stanley's 0.03% - 1.5%. Merrill manages $3.0 trillion in assets and serves 5 million participants, while Morgan Stanley has $6.2 trillion AUM and 6 million participants.

Key Differences: Merrill vs Morgan Stanley

When comparing Merrill and Morgan Stanley, consider their core strengths: Merrill excels with bank of america preferred rewards benefits, while Morgan Stanley stands out for access to morgan stanley financial advisors. 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 Morgan Stanley's 4.1/5. For mobile experience, Merrill scores 4.2/5 while Morgan Stanley scores 4.0/5.

Which Provider is Right for You?

Choose Merrill if you prioritize bofa customers. Choose Morgan Stanley if you're looking for companies with stock plans. 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 Morgan Stanley provider pages.

Frequently Asked Questions

Merrill Lynch scores higher in our 2026 rankings with 8.0/10. Merrill is best for bofa customers, while Morgan Stanley is best for companies with stock plans. 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. Morgan Stanley charges 0.03% - 1.5% expense ratios with admin fees of Varies by plan size and services. Merrill's fees rating is 3.3/5 compared to Morgan Stanley's 3.0/5.

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

Merrill offers 401(k) loans. Morgan Stanley 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 Morgan Stanley scores 4.5/5. Both offer target-date funds, index funds, and managed accounts. Merrill's investment options include Mutual Funds, ETFs, Stocks. Morgan Stanley offers Mutual Funds, Target Date Funds, Index Funds.

For small businesses, consider plan minimums and per-participant costs. Merrill is best for bofa customers, advice seekers, large employers, full-service needs. Morgan Stanley is best for companies with stock plans, employees wanting full brokerage access, high-net-worth participants, self-directed traders. Compare admin fees: Merrill charges Varies by plan size vs Morgan Stanley's Varies by plan size and services.

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