Ready to cash in on your investments and navigate the selling process on Merrill Edge? Whether you're a seasoned investor or just getting started, understanding the steps involved in selling your assets is crucial for a smooth experience. This comprehensive guide will walk you through everything you need to know, from logging in to executing your trade and understanding the implications. Let's dive in!
Unlocking Your Portfolio: The First Step to Selling
Step 1: Accessing Your Merrill Edge Account
Have you ever logged into your Merrill Edge account before? If not, don't worry! This is the very first and most fundamental step to initiating any trade.
Sub-heading: Online Access
Open your preferred web browser and navigate to the official Merrill Edge website (merrilledge.com or https://www.google.com/search?q=benefits.ml.com if you're selling company stock from an equity award plan).
Locate the "Log In" or "Sign In" button, typically found in the top right corner of the page.
Enter your User ID and Password. If you've opted for two-factor authentication, be prepared to enter the authorization code sent to your registered device.
Tip: For easier future logins on a trusted computer, consider selecting the "Save User ID" option.
Sub-heading: Mobile App Access
Download the Merrill Edge mobile app from your device's app store (available for both iOS and Android).
Launch the app and enter your User ID and Password.
Follow any prompts for biometric authentication (fingerprint, face ID) or two-factor authentication if enabled.
Once successfully logged in, you'll be greeted by your portfolio dashboard, where you can view your current holdings.
Identifying Your Assets for Sale
Step 2: Locating the Investment You Wish to Sell
Now that you're in, it's time to pinpoint the specific investment you intend to sell.
Sub-heading: Navigating Your Portfolio
On your Merrill Edge dashboard, look for sections like "My Accounts," "Portfolio," or "Holdings." The exact terminology might vary slightly.
You'll see a list of your various investments, including stocks, ETFs, mutual funds, bonds, and options.
Scroll through, or use the search bar if available, to find the specific security you want to sell.
Sub-heading: Reviewing Investment Details
Before you sell, it's a good practice to click on the investment's name or ticker symbol to view its detailed information. This will often show you:
Current market price (bid and ask).
Your cost basis (the original price you paid).
Unrealized gain/loss.
Available shares to sell.
This review helps you make an informed decision about the sale.
Placing Your Sell Order
Step 3: Initiating the Sell Order
This is where the actual selling process begins.
Sub-heading: Selecting the "Sell" Option
Once you've identified the investment, you'll typically find a "Sell" or "Trade" button next to it or within its detailed view. Click on this button.
You'll then be redirected to an order entry screen.
Sub-heading: Specifying Quantity
Enter the number of shares or units you wish to sell. You can choose to sell a portion of your holdings or your entire position.
Important Note on Tax Lots: For shares acquired at different times and prices, Merrill Edge may allow you to select specific "tax lots" to sell. This can be beneficial for tax planning, as it allows you to choose which cost basis to apply to the sale (e.g., selling higher-cost shares to minimize capital gains). If you don't specify, Merrill Edge often defaults to a "First-In, First-Out" (FIFO) method, meaning the oldest shares are sold first.
Sub-heading: Choosing an Order Type
This is a critical decision that impacts how your trade is executed. Merrill Edge generally offers the following common order types:
Market Order: This is an order to buy or sell immediately at the best available current market price. While it guarantees execution, it does not guarantee the specific price, especially in fast-moving markets. Use with caution for volatile assets.
Limit Order: This order allows you to specify a maximum price you're willing to pay when buying, or a minimum price you're willing to accept when selling. Your order will only execute if the market price reaches your specified limit or a better price. This gives you more control over the price, but there's no guarantee of execution if your price isn't met.
Stop Order (or Stop-Loss Order): This order becomes a market order once the stock reaches a specified "stop price." For a sell stop order, you set a stop price below the current market price. If the stock falls to or below this price, your stop order triggers and becomes a market order, executing at the next available price. This is often used to limit potential losses.
Stop-Limit Order: This combines features of both stop and limit orders. When the stop price is reached, it triggers a limit order instead of a market order. This means your trade will only execute at your specified limit price or better, even after the stop is triggered. It offers more price control than a simple stop order but carries the risk of non-execution if the price moves past your limit quickly.
Consider your goals and risk tolerance carefully when choosing an order type. If you need to sell quickly, a market order might be suitable. If price is paramount, a limit order is generally preferred.
Reviewing and Confirming Your Trade
Step 4: Reviewing Your Order and Confirming
This is your final chance to ensure everything is correct before sending your order to the market.
Sub-heading: Double-Checking Details
On the review screen, carefully verify all the details of your sell order:
The correct security (ticker symbol and company name).
The number of shares/units to be sold.
The chosen order type (Market, Limit, Stop, Stop-Limit).
If it's a limit or stop order, confirm the price.
The estimated proceeds (this is an estimate and may vary slightly based on execution).
Any associated fees (though Merrill Edge offers $0 online commissions for stocks, ETFs, and options, other fees might apply in specific scenarios, such as mutual fund early redemption fees or wire transfer fees).
Sub-heading: Final Confirmation
If everything looks accurate and you're comfortable with the terms, click the "Place Order" or "Confirm Trade" button.
You should receive an acknowledgment message confirming that your order has been submitted. Keep a record of your order number.
Monitoring Your Sale and Accessing Proceeds
Step 5: Monitoring Your Order Status and Settlement
After placing your order, you'll want to keep an eye on its status.
Sub-heading: Checking Order Status
Merrill Edge typically has an "Order Status" or "Trade History" section within your account.
Here, you can see if your order is "Pending," "Partially Filled," "Filled," or "Cancelled."
For limit or stop orders, if the market conditions haven't met your criteria, the order might remain open until it expires or you cancel it.
Sub-heading: Trade Settlement
Even after your trade is "filled" (executed), the funds are not immediately available for withdrawal. Stock and ETF trades typically "settle" in two business days (T+2). This means the actual transfer of ownership and funds takes two business days.
For example: If you sell shares on a Monday, the funds will generally be settled and available for withdrawal by Wednesday, assuming no holidays.
Sub-heading: Accessing Your Proceeds
Once the trade has settled, the proceeds will be credited to your Merrill Edge brokerage account.
You can then typically:
Reinvest the funds into other securities.
Transfer the funds to a linked Bank of America checking or savings account (often instantly for linked accounts).
Initiate a wire transfer (fees may apply).
Request a check (may take several business days to arrive).
Important Considerations When Selling
Tax Implications: Selling investments can trigger capital gains or losses, which have tax implications. It's highly recommended to consult with a tax advisor to understand how your sales will affect your tax situation. Merrill Edge provides tax documents, like Form 1099-B, that report your sales.
Fees: While Merrill Edge offers $0 online commissions for many trades, be aware of potential fees for:
Broker-assisted trades (if you call a representative to place the order).
Certain mutual fund redemption fees (especially if held for a short period).
Wire transfers.
Options contract fees (per contract charges may apply even with $0 commission).
Market Volatility: In volatile markets, the price at which your market order executes can differ significantly from the last quoted price. Limit orders offer more price control in such situations.
Regulatory Restrictions: Be mindful of any trading restrictions or regulations that might apply to your specific situation, such as those related to insider trading or large block sales.
Frequently Asked Questions (FAQs)
How to Sell Stocks on Merrill Edge?
To sell stocks, log in to your Merrill Edge account, navigate to your portfolio, select the stock you wish to sell, click "Sell," enter the quantity and order type (e.g., Market or Limit), review, and confirm.
How to Sell ETFs on Merrill Edge?
Selling ETFs on Merrill Edge follows the same process as selling stocks. Log in, find the ETF in your holdings, choose "Sell," specify the number of shares and order type, then review and confirm your trade.
How to Sell Mutual Funds on Merrill Edge?
To sell mutual funds, log in to your Merrill Edge account, go to your portfolio, locate the mutual fund, select the "Sell" option, enter the dollar amount or number of shares, and confirm your redemption order. Be aware of potential short-term redemption fees.
How to Check the Status of My Sell Order on Merrill Edge?
You can check your sell order status by logging into your Merrill Edge account and looking for a section typically labeled "Order Status," "Trade History," or "Activity." This will show if your order is pending, filled, or cancelled.
How Long Does it Take for Funds to Settle After Selling on Merrill Edge?
For most stock and ETF sales, funds typically settle in two business days (T+2). This means the proceeds will be available for withdrawal or reinvestment two business days after the trade executes.
How to Withdraw Money After Selling on Merrill Edge?
Once your trade has settled, you can withdraw funds by transferring them to a linked Bank of America account, initiating a wire transfer, or requesting a check through the Merrill Edge platform.
How to Set a Stop-Loss Order on Merrill Edge?
When placing a sell order, select "Stop Order" or "Stop-Loss Order" as your order type. Then, enter your desired "stop price." If the stock's price falls to or below this level, your order will automatically become a market order and execute.
How to Place a Limit Order for Selling on Merrill Edge?
To place a sell limit order, choose "Limit Order" as your order type and then specify the minimum price per share you are willing to accept for the sale. Your order will only execute if the market price reaches or exceeds your specified limit.
How to Sell Company Stock from an Equity Award Plan on Merrill Edge?
If your company stock is held through an equity award plan, you typically access it through Benefits OnLine® (https://www.google.com/search?q=benefits.ml.com). The selling process is similar: log in, select the stock, choose "Sell," specify quantity, and select your distribution method (e.g., direct deposit to your LIIA or check).
How to Contact Merrill Edge Customer Service for Selling Assistance?
You can contact Merrill Edge customer service for assistance with selling by calling their self-directed investing line at 1.877.653.4732. For Merrill Edge Advisory Center support, call 1.888.654.6837.