Merrill Lynch, Pierce, Fenner & Smith Inc

CRD#7691
Investment Advisor Firm

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Overview

Merrill Lynch, Pierce, Fenner & Smith Inc operates as a financial advisory firm that has its headquarters in New York, New York. The company has $1.1 trillion in assets under management across 2.9 million customer accounts, placing it among the biggest financial advisory firms in the United States by assets under management (AUM). Merrill Lynch, Pierce, Fenner & Smith Inc has a very large group, including 25,573 financial advisors. Merrill Lynch, Pierce, Fenner & Smith Inc is not a registered broker-dealer, meaning the firm is not able to buy and sell securities for its clients' and own accounts and instead has to go through a broker-dealer company to do so. Securities are defined as tradable financial assets such as bonds, options and equities.

Merrill Lynch, Pierce, Fenner & Smith Inc oversees 752,939 of its accounts in a discretionary manner. Discretionary management means that transaction judgments for the client's account are made by a portfolio manager without needing client permission. Merrill Lynch, Pierce, Fenner & Smith Inc also oversees 2,111,295 non-discretionary accounts with a total of $789.0 billion in assets under management. The firm oversees roughly $380,555 in assets for every customer account. The typical advisor at Merrill Lynch, Pierce, Fenner & Smith Inc manages about 112 client accounts.

Merrill Lynch, Pierce, Fenner & Smith Inc's main office is at One Bryant Park, New York, New York 10036. It is allowed to provide services to clients across 48 U.S. states and territories.

Assets Under Management

$1.1 trillion

Number of Advisors

25,573

Disclosures

No

Office Location

One Bryant Park
New York, NY 10036

Merrill Lynch, Pierce, Fenner & Smith Inc by the Numbers

Total Assets Under Management

$1.1 trillion

National Average: $8.6 billion
Total Number of Employees

36,687

National Average: 64
Total Number of Accounts

2,864,234

National Average: 375,227
Average Account Size

$381.8 thousand

National Average: $23.0 thousand
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Products and Services

Merrill Lynch, Pierce, Fenner & Smith Inc provides a number of financial services, including portfolio management for individuals and small businesses, portfolio management for pooled investment vehicles, portfolio management for institutional clients, pension consulting services, selection of other advisers and other services. The firm is engaged in selling products or offering services different than investment advice to its clients. Merrill Lynch, Pierce, Fenner & Smith Inc is also affiliated with one or more other service providers in the financial services industry, including with a broker-dealer or securities dealer, banking or thrift institution, trust company, insurance company or agency, pension consultant and real estate broker or dealer.

Core Advisor Services

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    Financial Planning Services

    This is the process of planning for your financial future, including for events such as retirement, your child's college education or estate succession.

  • Offered by 46% of firms

    Portfolio Management

    This is the selection and management of an investment mix and portfolio strategy for individuals and small businesses.

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    Market Timing Services

    This is the practice of attempting to make short-term profits on investments by buying low and selling high.

Other Services

  • Offered by 20% of firms

    Selection of Other Advisors

    This is the firm's assistance with choosing other advisors to work with who may have different specialties.

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    Publication of Periodicals

    This is the publication of various financial education materials.

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    Educational Seminars/Workshops

    This is the hosting of seminars or workshops to educate investors on financial concepts.

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Fee Structure

Fees for financial advice vary depending on which services are provided. Fee types billed by Merrill Lynch, Pierce, Fenner & Smith Inc most likely are comprised of some blend of the following fee structures: asset-based, fixed or commission-based. Merrill Lynch, Pierce, Fenner & Smith Inc does participate in a wrap fee program, in which the company offers a bundle of services for a comprehensive fee.

Available

  • Offered by 69% of firms

    Percentage of Assets

    Show Explanation

    This fee, which is the most common fee type charged by advisors for portfolio management, is based on the amount of assets you have under management. Also referred to as an asset-based fee, this fee typically ranges from 0.50%-2.00% of AUM annually. You'll typically pay a lower rate the more assets you have under management.

  • Offered by 1% of firms

    Commissions

    Show Explanation

    Occasionally, advisors earn commissions from selling financial products, such as securities or insurance policies, or making certain referrals or transactions. Advisors who earn commissions may be incentivized to make certain recommendations to clients in order to make a commission. Fee-only advisors do not earn commissions, while fee-based advisors may.

  • Offered by 32% of firms

    Fixed

    Show Explanation

    Fixed fees are a one-time, lump sum charged for a specific service, like the creation of a financial plan without subsequent implementation. This can be useful if you only need advice for one specific purpose, rather than a long-term advisor. Fixed fees usually range from $1,000 to $3,000.

Unavailable

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    Hourly

    Show Explanation

    Like a lawyer, a financial advisor may charge you by the hour. This can be helpful if you are only looking for short-term or one-time advice. Rates typically range from $100-$300 per hour, depending on the complexity and level of services needed.

  • Find one of the 26% of firms that offer this fee type

    Performance-based

    Show Explanation

    Advisors only earn performance-based fees if a portfolio outperforms a defined benchmark. This fee may be calculated in a number of ways but most commonly is charged as a percentage of investment profits. Performance-based fees may incentivize advisors to make riskier decisions in order to generate higher returns.

  • Find one of the 0% of firms that offer this fee type

    Subscription

    Show Explanation

    Firms generally charge this fee for educational materials provided, such as a monthly magazine. This can be useful if you want to learn about investing or financial management on your own.

  • Find one of the 10% of firms that offer this fee type

    Other

    Show Explanation

    Firms can sometimes charge customers using non-traditional fee structures. See this firm's Form ADV for more details.

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Types of Clients

Merrill Lynch, Pierce, Fenner & Smith Inc manages money for a number of different customers. The firm caters to retail investors, high net worth investors, banking institutions, investment companies, pooled investment vehicles, pension plans, charitable organizations, state or municipal government entities, other investment advisers, insurance companies and corporations. Out of its 2,864,234 clients, Merrill Lynch, Pierce, Fenner & Smith Inc's largest client type is retail investors, although it also caters to 368,690 high-net-worth individuals. A high-net-worth individual is defined by the SEC as an investor who has at least $750,000 under management or a net worth of at least $1.50 million or who counts as a "qualified purchaser" (a standard met by having at least $5 million in investments). Just 1% of the firm's customers reside abroad.

  • High-Net-Worth Individuals* - 23%
  • Other Individuals - 74.36%
  • Corporations - 2.36%
  • Charitable Organizations - 0.28%

* The U.S. Securities and Exchange Commission (SEC) defines a high-net-worth individual as someone who has at least $750,000 under management.

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Disclosures

Merrill Lynch, Pierce, Fenner & Smith Inc does not have any disclosures.

Please visit its Form ADV for more details.

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Financial Advisors at Merrill Lynch, Pierce, Fenner & Smith Inc

Katelyn Gallagher
Scottsdale, AZ
Steven Crate
Dallas, TX
Suzana Markasevic
New York, NY
Daniel Montesinos
West Jordan, UT
Francis Abella
Napa, CA
Thanh Le
Dallas, TX
Mark Wierda
Jacksonville, FL
Louise Burke
Washington, DC
Richard Buckley
Franklin, MA

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Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the certification marks CFP® and CERTIFIED FINANCIAL PLANNER™ in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.