Merrill Guided Investing Review (2026): Cost, Features, and Who It Suits
Last updated August 2026
Short answer
Merrill's automated investing service, built on Bank of America research, with an optional tier that adds an advisor. It costs Percentage of assets, higher with an advisor (verify current), and on the question that decides most of the day-to-day experience, whether it works with the brokerage account you already have, the answer is: No (holds your money at Merrill). It suits an existing Bank of America customer whose rewards tier makes the pricing competitive and who values everything in one app. Where it falls short: Priced above the cheapest automated services, and the portfolios lean on Merrill's own research and funds. This review is published by Walnut, which competes with Merrill Guided Investing, and is written from public information rather than collected user ratings.
What Merrill Guided Investing is and how it works
A questionnaire sets a goal and risk level, and Merrill invests in model portfolios built by its investment office, rebalancing automatically. A higher-priced tier adds access to a financial advisor. Preferred Rewards status at Bank of America can reduce the fee, which is the main reason existing customers choose it.
In category terms it is hands-off automated investing (robo-advisors), and the AI component specifically automates a research-driven model portfolio. That phrase is worth reading literally: across this market, "AI" covers everything from a rebalancing rule to a conversational assistant, and the products are not interchangeable just because they share the label.
What Merrill Guided Investing does well
- Integrated with Bank of America, including reward tiers that cut the fee
- Portfolios come from a large in-house research operation rather than a pure algorithm
- An advisor tier is available without moving firms
These are real advantages, and if they describe what you want, Merrill Guided Investing is a reasonable choice regardless of what any competitor including us has to say about it.
Where Merrill Guided Investing falls short
Priced above the cheapest automated services, and the portfolios lean on Merrill's own research and funds.
- More expensive than the cheapest automated services unless rewards tiers apply
- Portfolios lean on Merrill's own funds and research, which is a narrower opinion than an open comparison
What Merrill Guided Investing costs
Percentage of assets, higher with an advisor (verify current). Because it is not charged as a percentage of assets, the cost does not scale with your balance. That makes it proportionally cheaper as an account grows and relatively expensive on a small one, which is the opposite of how a robo-advisor fee behaves.
Fees change. The figure above is a guide rather than a quote, and the Merrill Guided Investing pricing breakdown goes into what else you pay on top. Confirm current pricing on Merrill Guided Investing's own site.
How Merrill Guided Investing compares with the alternatives
| Product | Cost | Connects your broker? | Best for |
|---|---|---|---|
| Merrill Guided Investing | Percentage of assets, higher with an advisor (verify current) | No (holds your money at Merrill) | Bank of America customers who want managed portfolios in the same app |
| Betterment | ~0.25%/yr | No (holds your money) | Set-and-forget automated investing |
| Wealthfront | ~0.25%/yr | No (holds your money) | Hands-off investing with planning built in |
| SoFi | Free automated investing | No (holds your money) | Beginners in one money app |
| Schwab Intelligent Portfolios | No advisory fee; ETF expenses apply (verify current) | No (holds your money at Schwab) | Hands-off investing with no advisory fee, if you accept the cash allocation |
Within hands-off automated investing (robo-advisors), the products differ less on capability than the marketing suggests. Cost and whether your money has to move are the two variables that actually change your experience.
Where Walnut fits, and where it does not
To be upfront, since this is our site: the one factual difference worth knowing is that Merrill Guided Investing holds your money in its own account, while Walnut connects the brokerage you already have, read-only by default, and leaves your assets where they are. Walnut is free, with no paid plan and no fee on assets.
Where Walnut is the wrong choice: it will not manage money for you, it is not a registered investment adviser, it does no tax or estate planning, and it needs a brokerage account you already hold. If what you want is delegation rather than analysis, a robo-advisor or a human planner is the better answer and Merrill Guided Investing may well be it. The full self-assessment is on the Walnut review.
The bottom line on Merrill Guided Investing
Merrill Guided Investing: Merrill's automated investing service, built on Bank of America research, with an optional tier that adds an advisor, at percentage of assets, higher with an advisor (verify current). It fits an existing Bank of America customer whose rewards tier makes the pricing competitive and who values everything in one app. The trade-off to accept: Priced above the cheapest automated services, and the portfolios lean on Merrill's own research and funds. If that trade-off is one you are happy with, it is a sound choice.
FAQ
What is Merrill Guided Investing?
Merrill's automated investing service, built on Bank of America research, with an optional tier that adds an advisor. It sits in the hands-off automated investing (robo-advisors) category, costs percentage of assets, higher with an advisor (verify current), and is best suited to bank of America customers who want managed portfolios in the same app.
How much does Merrill Guided Investing cost?
Percentage of assets, higher with an advisor (verify current). Because that is not a percentage of assets, the cost does not scale with your balance the way a robo-advisor fee does, which makes it cheaper proportionally as the account grows and more expensive on a small one. Verify current pricing on Merrill Guided Investing's own site.
Does Merrill Guided Investing connect to my existing brokerage account?
No (holds your money at Merrill). This is the distinction that decides most of the practical experience: a product that holds your money manages it inside its own account, while one that connects to your broker leaves your assets where they are. Neither is better in the abstract, but moving money has tax consequences in a taxable account that connecting does not.
What does the AI in Merrill Guided Investing actually do?
Automates a research-driven model portfolio. That is worth reading literally rather than as marketing, because "AI" spans everything from an automated rebalancing rule to a conversational assistant that reads your holdings. What matters is whether it does the specific job you want done.
What is the biggest drawback of Merrill Guided Investing?
Priced above the cheapest automated services, and the portfolios lean on Merrill's own research and funds. Beyond that: more expensive than the cheapest automated services unless rewards tiers apply.
Who is Merrill Guided Investing best for?
It fits an existing Bank of America customer whose rewards tier makes the pricing competitive and who values everything in one app. If that does not describe you, the mismatch will show up quickly, because Merrill Guided Investing is built around that use case rather than trying to serve everyone.
Merrill Guided Investing vs Betterment: which is better?
They compete in the same category, so the deciding factors are cost and model rather than capability. Merrill Guided Investing costs Percentage of assets, higher with an advisor (verify current) and holds your money itself; Betterment costs ~0.25%/yr. Betterment leads on set-and-forget automated investing. Compare those before assuming they are interchangeable.
Is this an independent review of Merrill Guided Investing?
No. Walnut publishes it and competes with Merrill Guided Investing, so treat it as an informed assessment rather than a neutral one. It is built from public information about the product and carries no star rating, because we have not surveyed Merrill Guided Investing's customers. The strengths listed above are genuine, and the section on where Walnut fits is limited to one factual difference rather than a pitch.
Walnut publishes this page and competes with Merrill Guided Investing, so read it as an informed assessment rather than an independent one. It is built from publicly available information about the product, not from collected user reviews, and it carries no star rating because we have not surveyed Merrill Guided Investing's customers. Pricing, features and availability change; verify current details on Merrill Guided Investing's own site before deciding. Walnut is informational and is not an investment adviser. Nothing here is a recommendation to buy, sell, or hold any security or to use any particular product.