Merrill Lynch Wealth Management Sucks Customer Reviews and Feedback
Merrill, legally Merrill Lynch, Pierce, Fenner & Smith Incorporated and previously branded as Merrill Lynch, is an American investing and wealth management division of Bank of America. Along with BofA Securities, the investment banking arm, both firms engage in prime brokerage and broker-dealer activities. The firm is headquartered in New York City, and once occupied the entire 34 stories of 250 Vesey Street, part of the Brookfield Place complex in Manhattan. Merrill employs over 14,000 financial advisors and manages $2.3 trillion in client assets. The company also operates Merrill Edge, an electronic trading platform.
On April 2018 a costumer wrote for Consumeraffairs about Merril Lynch incompetence service: Soon after Bank of America took over Merrill-Lynch, our agent stop calling us with regular updates. We rarely got him when we tried to contact them. At one point, our account had a lot of Apple stock during the run to 700. We called and requested that he put some trailing stop to protect us should the stock drop. The stock was in the mid 600s at that time. We were assured that it would be taken care of. When Apple's stock dropped to the mid 300s weeks later, we were relieved that we had requested that. We came to find out that the agent never did and the portfolio dropped in value significantly, causing calls on orders and loans, which required the sale of existing stocks to cover. The portfolio was devastated and is worthless today. Their incompetence cost us an over $1,000,000 portfolio and we are still trying to get reparations in court.
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