Updated 2026-03-20
Merrill vs Vestwell 401(k) Comparison
Compare Merrill Lynch (#8, 8.0/10) and Vestwell (#21, 6.5/10) side by side across fees, ratings, features, and investment options.
Overall Comparison
| Feature | Merrill | Vestwell |
|---|---|---|
| Overall Score | 8.0/10 | 6.5/10 |
| Rank | #8 | #21 |
| AUM | $3.0 trillion | $30 billion |
| Participants | 5 million | 300,000 |
| Plan Sponsors | 2,500+ | 25,000+ |
| Founded | 1914 | 2016 |
Ratings Comparison
| Category | Merrill | Vestwell |
|---|---|---|
| Fees & Costs | 3.3/5 | 3.6/5 |
| Investment Options | 4.5/5 | 3.8/5 |
| Customer Service | 4.1/5 | 3.6/5 |
| Mobile App | 4.2/5 | 3.5/5 |
Fee Comparison
| Fee Type | Merrill | Vestwell |
|---|---|---|
| Admin Fees | Varies by plan size | Set by advisor/distributor |
| Expense Ratios | 0.03% - 1.5% | 0.03% - 1.0% |
| Trading Fees | $0 - $6.95 | $0 |
| Advisory Fees | 0.45% - 1.5% | Set by financial advisor |
Merrill Strengths
- Bank of America Preferred Rewards benefits
- Strong advisory and guidance services
- complete financial planning
- Wide investment selection
Vestwell Strengths
- Modern API-first technology platform
- White-label options for advisors
- Open architecture investment lineup
- Integrates with 100+ payroll providers
Rollover, Loans & Withdrawals
| Feature | Merrill | Vestwell |
|---|---|---|
| Rollover Platform | Benefits OnLine | Vestwell Portal |
| Loans Available | Yes | Yes |
| Withdrawal Methods | Online via Benefits OnLine, Phone (888-968-4015), Bank of America branches | Through financial advisor, Plan administrator portal, Phone support |
| Distribution Options | Lump sum, Partial withdrawal, Installment payments, Rollover to IRA | Lump sum, Partial withdrawal, 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 Vestwell if you want:
- Financial advisors
- Payroll companies
- Institutional distributors
- State IRA mandate compliance
Our Verdict: Merrill vs Vestwell
Merrill Lynch wins this comparison with a score of 8.0/10 vs 6.5/10. 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.
Other Popular Comparisons
Compare these 401(k) providers head-to-head
Vanguard vs VestwellCompare these 401(k) providers head-to-head
Schwab vs VestwellCompare these 401(k) providers head-to-head
Empower vs VestwellCompare these 401(k) providers head-to-head
T. Rowe Price vs VestwellCompare these 401(k) providers head-to-head
Principal vs VestwellCompare these 401(k) providers head-to-head
Merrill vs Vestwell: Complete 401(k) Comparison for 2026
Choosing between Merrill Lynch and Vestwell for your 401(k) is an important decision that affects your retirement savings. Merrill offers bofa integration while Vestwell is known for white label. In terms of fees, Merrill charges 0.03% - 1.5% expense ratios compared to Vestwell's 0.03% - 1.0%. Merrill manages $3.0 trillion in assets and serves 5 million participants, while Vestwell has $30 billion AUM and 300,000 participants.
Key Differences: Merrill vs Vestwell
When comparing Merrill and Vestwell, consider their core strengths: Merrill excels with bank of america preferred rewards benefits, while Vestwell stands out for modern api-first technology platform. 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 Vestwell's 3.6/5. For mobile experience, Merrill scores 4.2/5 while Vestwell scores 3.5/5.
Which Provider is Right for You?
Choose Merrill if you prioritize bofa customers. Choose Vestwell if you're looking for financial advisors. 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 Vestwell provider pages.
Frequently Asked Questions
Merrill Lynch scores higher in our 2026 rankings with 8.0/10. Merrill is best for bofa customers, while Vestwell is best for financial advisors. 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. Vestwell charges 0.03% - 1.0% expense ratios with admin fees of Set by advisor/distributor. Merrill's fees rating is 3.3/5 compared to Vestwell's 3.6/5.
Yes, you can roll over between Merrill and Vestwell. Merrill uses Benefits OnLine for rollovers, while Vestwell uses Vestwell Portal. A direct rollover avoids mandatory tax withholding. Contact your new provider to initiate the transfer.
Merrill offers 401(k) loans. Vestwell 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 Vestwell scores 3.8/5. Both offer target-date funds, index funds, and managed accounts. Merrill's investment options include Mutual Funds, ETFs, Stocks. Vestwell offers Open Architecture, Mutual Funds, Target Date Funds.
For small businesses, consider plan minimums and per-participant costs. Merrill is best for bofa customers, advice seekers, large employers, full-service needs. Vestwell is best for financial advisors, payroll companies, institutional distributors, state ira mandate compliance. Compare admin fees: Merrill charges Varies by plan size vs Vestwell's Set by advisor/distributor.
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