Neither is universally “better” – it depends on what you need.
Charles Schwab tends to appeal to self-directed investors and those who want low-cost trading, a wide range of no-fee index funds and ETFs, and strong online/mobile tools. It’s often praised for transparent, low fees across the board.
Merrill Lynch, backed by Bank of America, tends to suit people who want dedicated financial advisors, wealth management, and integration with Bank of America banking products. Its full-service advisory model usually comes with higher fees.
If you’re a hands-on investor focused on low costs, Schwab often fits better. If you want personalized guidance and don’t mind paying for it, Merrill Lynch may suit you more. I’m not a financial advisor, so consider your goals and consulting a professional before deciding.