Merrill Edge Solo 401(k)
A retirement plan for your owner-only small business.
Overview
Merrill Edge, part of Bank of America, offers a Solo 401(k) plan designed for owner-only businesses. The plan allows for high contribution limits, with the option for both pre-tax and Roth salary deferrals. It also includes a loan provision, providing access to funds if needed. However, the plan comes with setup and ongoing administrative fees.
✨ Key Features
- Pre-tax and Roth contribution options
- Loan provision available
- Investment in mutual funds and model portfolios
- Integration with Bank of America accounts
🎯 Key Differentiators
- Integration with Bank of America's ecosystem
- Loan option available
- Guided investment options through model portfolios
Unique Value: Offers a Solo 401(k) with a loan feature and seamless integration for Bank of America customers, providing a consolidated view of their finances.
🎯 Use Cases (3)
✅ Best For
- A sole proprietor seeking a Solo 401(k) with a loan feature from a major financial institution
- Bank of America clients who want to consolidate their financial accounts
💡 Check With Vendor
Verify these considerations match your specific requirements:
- Investors looking for a no-fee Solo 401(k) plan
- Individuals who want to invest in alternative assets like real estate or cryptocurrency
🏆 Alternatives
Charges fees that many other brokerage Solo 401(k)s do not, making it a less cost-effective option for those who are not heavily invested in the Bank of America ecosystem.
💻 Platforms
🔌 Integrations
🛟 Support Options
- ✓ Email Support
- ✓ Live Chat
- ✓ Phone Support
- ✓ Dedicated Support (NA tier)
🔒 Compliance & Security
💰 Pricing
Free tier: NA
📊 Market Info
Customers: NA
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