Platform Comparison

Ellevest vs Merrill Edge

Compare Ellevest and Merrill Edge on fees, DRIP, fractional shares and research for dividend investing.

EL

Ellevest

★3

Ellevest discontinued its robo-advisor service in February 2025—existing accounts were transferred to Betterment. Private wealth management continues for $500K+ clients.

Full Review
Higher Rated
ME

Merrill Edge

★4.5

Bank of America's brokerage offering seamless banking integration, solid research tools, and the valuable Preferred Rewards program for qualifying customers.

Full Review

Ellevest vs Merrill Edge: Fees, Minimums & DRIP Compared

FeatureEllevestMerrill Edge
Our Rating3/54.5/5
Trading CommissionsN/A$0
Account MinimumN/A$0
Fractional SharesN/ADRIP only
DRIPN/AFree
Research ToolsAutomatedGood
Best ForHigh-Net-Worth WomenBank of America Customers

Ellevest vs Merrill Edge: Pros and Cons

Ellevest

Pros

  • + Private wealth management still available ($500K+ minimum)
  • + Existing robo clients transitioned to Betterment (solid alternative)
  • + Betterment offers similar features with good reputation
  • + Historical focus on women's financial needs was innovative
  • + Career coaching services continue separately

Cons

  • - Robo-advisor service discontinued February 2025
  • - Regular investors can no longer open new accounts
  • - $500K minimum for remaining wealth management services
  • - Transition to Betterment may not suit all former clients

Merrill Edge

Pros

  • + Commission-free trading on stocks and ETFs
  • + Seamless integration with Bank of America accounts
  • + Selective DRIP—choose which securities reinvest dividends
  • + DRIP supports fractional share reinvestment
  • + Preferred Rewards program offers fee discounts and bonuses

Cons

  • - No direct fractional share purchases (DRIP only)
  • - Mutual fund transaction fees up to $19.95
  • - Low interest rate on uninvested cash
  • - $49.95 full account transfer fee

Which Is Better for Dividend Investors: Ellevest or Merrill Edge?

Choose Ellevest if you...

  • Are in Ellevest's core audience: high-net-worth women

Choose Merrill Edge if you...

  • Are in Merrill Edge's core audience: bank of america customers
  • Prefer a higher-rated overall platform

Want the full breakdown of fees, DRIP, and research tools? Read our Ellevest review and Merrill Edge review.

Compare Other Platforms

Not sure these are the right fit? Explore more comparisons.

Ellevest vs FidelityEllevest vs Charles SchwabEllevest vs M1 FinanceMerrill Edge vs FidelityMerrill Edge vs Charles SchwabMerrill Edge vs M1 Finance
View All Platforms

Investment Disclaimer

Investing involves risk, including possible loss of principal. Past performance does not guarantee future results. This content is for informational purposes only and should not be considered investment advice.