Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S" or "Merrill") makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation ("BofA Corp."). Merrill is responsible for ongoing product management and vendor oversight, as well as trading and custodial services of plan assets and monthly transaction statements.įootnote 5 Learn more from the 2022 Bank of America Workplace Benefits report (PDF).įootnote 6 Fees will be deducted from the business account.įootnote 7 Fees will be deducted from each participant's account.įootnote 8 Please consider the advantages and disadvantages of taking a loan before initiating one.įootnote 9 While you can contribute a profit sharing contribution up to 100% of an employee's eligible compensation, you can only deduct up to 25%. Bank of America Corporation, Ascensus and Morningstar Investment Management LLC are not affiliated.įootnote 4 Morningstar Investment Management LLC selects the investments and is responsible for the ongoing monitoring and maintenance of the investments and model portfolios. Educational call center support will be provided by Ascensus. Morningstar Investment Management LLC is a provider of investment management solutions, including investment advisory and retirement plan services. Investment advisory and fiduciary services are provided by Morningstar Investment Management LLC, a registered investment advisor and wholly owned subsidiary of Morningstar, Inc. You should talk to your legal and/or tax advisors before making any financial decisions.įootnote 3 Plan- and participant-level administrative and recordkeeping services for Merrill Small Business 401(k) plans are provided by Ascensus. For more information visit the IRS website popup. Contribution and compensation limits for subsequent years may vary. Amounts for subsequent years may vary.įootnote 2 Contribution and compensation limits are subject to a cost-of-living adjustment annually pursuant to the Internal Revenue Code. Footnote 1 Contribution limits apply for 2023, per tax law cost-of-living adjustment. You should consult your legal and/or tax advisors before making any financial decisions. Read our full Methodology for reviewing online brokers.Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. Live brokerage accounts were also obtained for most of the platforms we reviewed, which our team of expert writers and editors used to perform hands-on testing in order to lend their qualitative point of view. Many of the brokers we reviewed also gave us live demonstrations of their platforms and services, either at their New York City offices or via video conferencing methods. Our team of researchers gathered 2425 data points and weighted 66 criteria based on data collected during extensive research for each of the 25 companies we reviewed. This model weighs key factors like trading technology, range of offerings, mobile app usability, research amenities, educational content, portfolio analysis features, customer support, costs, account amenities, and overall trading experience according to their importance. We then combined this invaluable information with our subject matter expertise to develop the framework for a quantitative ratings model that is at the core of how we compiled our list of the best online broker and trading platform companies. This year, we revamped the review process by conducting an extensive survey of customers that are actively looking to start trading and investing with an online broker. Investopedia is dedicated to providing investors with unbiased, comprehensive reviews and ratings of online brokers.
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