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Important information about your choices and our relationship

We believe that the better informed you are, the better decisions you can make about what's right for you.

You have choices in how we work together, including if you receive advice and how you manage your account and pay for our services.
We provide key resources and information to help you make informed decisions about your investments, taking into account the types of relationships you can have with us. You can review the applicable materials below to help you understand your options and how we charge for advice, services and solutions.
The Client Relationship Summary (PDF) (Form CRS) provides an overview of the types of services you receive. It covers summary information about fees, costs and conflicts of interest, and provides you with information about us and our relationship. It covers both our brokerage and investment advisory programs and offerings.

Related information

Information about each type of relationship:

  Merrill Edge®
Self-Directed		 Investment advisory services Merrill Advisory Center
  Brokerage Merrill Guided Investing (Online)Footnote 1 Merrill Guided Investing with AdvisorFootnote 1 & Merrill Edge Advisory AccountFootnote 3 Brokerage (available to certain eligible clients only)
What type of services do I receive? Access to guided tools, research and market information, trade execution Advice and guidance, ongoing portfolio management and monitoring Advice and guidance from an advisor, ongoing portfolio management and monitoring Access to investment recommendations from an advisor, trade execution and research
Who makes the investment decisions? You make the day-to-day investment and trading decisions Investment portfolios are managed by Merrill investment professionalsFootnote 2 Investment portfolios are managed by Merrill investment professionalsFootnote 2 You make the day-to-day investment and trading decisions
How do I pay for these services?
Fees based on individual transactions and/or other sales charges
An annual fee based on a percentage of the assets in your account
An annual fee based on a percentage of the assets in your account
Merrill Guided Investing with Advisor fees and pricing
Fees based on individual transactions and/or other sales charges
Merrill Advisory Center account and service fees (PDF)
Where do I find more information?
Terms of Service (PDF)
Merrill Guided Investing Program Brochure (PDF)
Merrill Guided Investing with Advisor Program Brochure (PDF)
Merrill Guided Investing with Advisor client agreement (PDF)
Merrill Edge Advisory Account (MEAA) Program Brochure (PDF)
Best Interest Disclosure Statement (PDF)

Helpful resources:

For more information

If you have any questions about the Form CRS or the Best Interest Disclosure Statement, please contact us at 888.MLINVEST (888.654.6837)
Footnote 
Please review the applicable Merrill Guided Investing Program Brochure (PDF) or Merrill Guided Investing with Advisor Program Brochure (PDF) for information including the program fee, rebalancing, and the details of the investment advisory program. Your recommended investment strategy will be based solely on the information you provide to us for this specific investment goal and is separate from any other advisory program offered with us. If there are multiple owners on this account, the information you provide should reflect the views and circumstances of all owners on the account. If you are the fiduciary of this account for the benefit of the account owner or account holder (e.g., trustee for a trust or custodian for an UTMA), please keep in mind that these assets will be invested for the benefit of the account owner or account holder. Merrill Guided Investing is offered with and without an advisor. Merrill, Merrill Lynch, and/or Merrill Edge investment advisory programs are offered by Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S") and Managed Account Advisors LLC ("MAA") an affiliate of MLPF&S. MLPF&S and MAA are registered investment advisers. Investment adviser registration does not imply a certain level of skill or training.
Footnote 
The Chief Investment Office (CIO) develops the investment strategies for Merrill Guided Investing and Merrill Guided Investing with Advisor, including providing its recommendations of ETFs, mutual funds and related asset allocations. Managed Account Advisors LLC (MAA), Merrill's affiliate, is the overlay portfolio manager responsible for implementing the Merrill Guided Investing strategies for client accounts, including facilitating the purchase & sale of ETFs and mutual funds in client accounts and updating account asset allocations when the CIO's recommendations change while also implementing any applicable individual client or firm restriction(s).

You may also be able to obtain the same or similar services or types of investments through other programs and services, both investment advisory and brokerage, offered by Merrill; these may be available at lower or higher fees than charged by the Program. The services that you receive by investing through Merrill Guided Investing or Merrill Guided Investing with Advisor will be different from the services you receive through other programs. You may also be able to obtain some or all of these types of services from other firms, and if they are available, the fees associated with them may be lower or higher than the fees we charge.
Footnote 3 The Merrill Edge Advisory Account Program is sponsored by MLPF&S and Managed Account Advisors (MAA), an affiliate of MLPF&S. MLPF&S and MAA are registered investment advisers. Investment Adviser registration does not imply a certain level of skill or training. Please review the disclosure brochure for a full description of services and fees.

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Investment products offered through Merrill Lynch, Pierce, Fenner & Smith Incorporated, and insurance and annuity products offered through Merrill Lynch Life Agency Inc.:
Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value
Are Not Deposits Are Not Insured by Any Federal Government Agency Are Not a Condition to Any Banking Service or Activity

Investing in securities involves risks, and there is always the potential of losing money when you invest in securities.

Asset allocation, diversification, and rebalancing do not ensure a profit or protect against loss in declining markets.
The performance data contained herein represents past performance which does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance information current to the most recent month end, please contact us.

Net Asset Value (NAV) returns are based on the prior-day closing NAV value at 4 p.m. ET. NAV returns assume the reinvestment of all dividend and capital gain distributions at NAV when paid.

Market price returns are based on the prior-day closing market price, which is the average of the midpoint bid-ask prices at 4 p.m. ET. Market price returns do not represent the returns an investor would receive if shares were traded at other times.

Returns include fees and applicable loads. Since Inception returns are provided for funds with less than 10 years of history and are as of the fund's inception date. 10 year returns are provided for funds with greater than 10 years of history.

Before investing consider carefully the investment objectives, risks, and charges and expenses of the fund, including management fees, other expenses and special risks. This and other information may be found in each fund's prospectus or summary prospectus, if available. Always read the prospectus or summary prospectus carefully before you invest or send money. Prospectuses can be obtained by contacting us.

Mutual Funds and Exchange Traded Funds: Expense Ratio – Gross Expense Ratio is the total annual operating expense (before waivers or reimbursements) from the fund's most recent prospectus. You should also review the fund's detailed annual fund operating expenses which are provided in the fund's prospectus.

Closed End Funds: Expense Ratio – Gross Expense Ratio is the ratio of the fund's total annual operating expense (before waivers or reimbursements) to average net assets as of the date of the fund's most recent annual report. You should also review the fund's detailed annual operating expenses disclosed by the fund in its annual reports, semi-annual reports, and other public filings.

This material is not intended as a recommendation, offer or solicitation for the purchase or sale of any security or investment strategy. Merrill offers a broad range of brokerage, investment advisory and other services. Additional information is available in our Client Relationship Summary (Form CRS) (PDF).

Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.
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."). MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC popup and a wholly owned subsidiary of Bank of America Corporation ("BofA Corp.").
Banking products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation ("BofA Corp.").

Merrill Lynch Life Agency Inc. ("MLLA") is a licensed insurance agency and wholly owned subsidiary of BofA Corp.

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