Merrill Lynch Account Types

Merrill Lynch offers a variety of brokerage account types to meet different investing needs:

• Individual Brokerage Account: This account is designed for a single owner and allows for general investing with access to a wide range of investment choices, including unlimited $0 online stock and ETF trades.

• Joint Brokerage Account: This account can be opened with up to four owners, allowing them to invest together for general financial goals. It also provides unlimited $0 online stock and ETF trades.

• Custodial Brokerage Account: Set up on behalf of a minor, this account is managed by a parent or guardian. It allows contributions up to annual gift tax limits and is managed until the minor reaches adulthood.

• Trust Account: This account holds assets for beneficiaries and helps protect and preserve wealth by controlling distributions.

• Estate Account: Designed to administer a deceased person's estate, this account allows easier access to the deceased's funds and helps separate personal from estate assets, potentially reducing tax obligations.

Merrill Lynch Broker Account Opening Process

Opening a Merrill Lynch brokerage account is a straightforward process, typically completed online in less than 15 minutes. Here are the steps involved:

• Select Account Type: Visit the Merrill Lynch website and choose the type of account you want to open (Individual, Joint, or Custodial).

• Provide Personal Information: Fill in your personal details, including your name, address, Social Security number, and date of birth.

• Employment and Financial Information: Disclose your employment status, annual income, household net worth, and trading experience level.

• Account Details: Decide whether to apply for margin trading and whether to add check-writing or a deferred debit card to your account.

• Review and Submit: Review all entered information, agree to the terms and conditions, and submit your application.

Once submitted, you will receive a confirmation message with your account number, and you can start funding your account to begin investing.