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Merrill Edge: Good or bad order execution?

wasCB14
Super Contributor

Merrill Edge: Good or bad order execution?

I currently use Fidelity and Schwab. I've considered moving some money to BofA to use Merrill Edge at the Platinum Honors level. I would use the account to trade some thinly traded stocks where an order might occasionally be executed over multiple trading days (and incur multiple commissions elsewhere).

 

I understand the fee schedule clearly enough...but how good or bad is Merrill Edge in terms of order execution?

Spend: BofA PR + WWFCR, BBP, Schwab Platinum, CFF+CF, Costco, Discover
Perks: IHG49, Hyatt75, Delta Platinum, "Old" SPG95
SD/AAoA Ballast: Arrival, CFU, DC
Upgrade/downgrade games: BCE, EDP
SUB: JetBlue, Amex Platinum
Mostly earning MRs and cash back as I use up hotel and airline points spread across several programs.
Message 1 of 5
4 REPLIES 4
Revelate
Moderator Emeritus

Re: Merrill Edge: Good or bad order execution?

I don’t know that platform but how would that be reasonably accomplished: limit order and hope for the best and just cancel if the price moves beyond the threshold?



        
Message 2 of 5
wasCB14
Super Contributor

Re: Merrill Edge: Good or bad order execution?


@Revelate wrote:
I don’t know that platform but how would that be reasonably accomplished: limit order and hope for the best and just cancel if the price moves beyond the threshold?

Low limit orders, Good Til Canceled (waiting weeks or months for execution), small bets in each of a few securities, adequate cash to cover orders, and a relatively short average holding period (weeks or months).

 

I can do it well enough at Schwab, and may just continue to do so there for simplicity...even if it means paying commissions and eating into my return a little.

Spend: BofA PR + WWFCR, BBP, Schwab Platinum, CFF+CF, Costco, Discover
Perks: IHG49, Hyatt75, Delta Platinum, "Old" SPG95
SD/AAoA Ballast: Arrival, CFU, DC
Upgrade/downgrade games: BCE, EDP
SUB: JetBlue, Amex Platinum
Mostly earning MRs and cash back as I use up hotel and airline points spread across several programs.
Message 3 of 5
Anonymous
Not applicable

Re: Merrill Edge: Good or bad order execution?

I don't see any BofA cards in your siggy, so if you don't plan to open any, the higher cash back there would not be helpful.

 

Have you considered You Invest? If you bank with Chase your balance counts towards the $75k Sapphire Banking (or higher for CPC), either of which will give unlimited free trades.

Message 4 of 5
wasCB14
Super Contributor

Re: Merrill Edge: Good or bad order execution?


@Anonymous wrote:

I don't see any BofA cards in your siggy, so if you don't plan to open any, the higher cash back there would not be helpful.

 

Have you considered You Invest? If you bank with Chase your balance counts towards the $75k Sapphire Banking (or higher for CPC), either of which will give unlimited free trades.


I may eventually get a Premium Rewards card for 2.625%. But while I hit the BBP $50k cap in 2018, I didn't exceed it by much, and I favor for now the 2.5%+ I get there (Schwab cash floor with airline miles optionality). The Merrill account would mostly be about free trades.

 

I'll consider You Invest. I'll look at reviews. I know You Invest only lets people invest in a limited range of products. While everything I'll be buying in this account would be stock or possibly bonds, I suppose the limited product selection gives me a little concern that their execution system might not be as good as the slightly-more-expensive competition.

Spend: BofA PR + WWFCR, BBP, Schwab Platinum, CFF+CF, Costco, Discover
Perks: IHG49, Hyatt75, Delta Platinum, "Old" SPG95
SD/AAoA Ballast: Arrival, CFU, DC
Upgrade/downgrade games: BCE, EDP
SUB: JetBlue, Amex Platinum
Mostly earning MRs and cash back as I use up hotel and airline points spread across several programs.
Message 5 of 5
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