Merrill Lynch, Pierce, Fenner & Smith Inc

CRD#7691
Investment Advisor Firm

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Learn more about Merrill Lynch, Pierce, Fenner & Smith Inc

  • Overview
  • By the Numbers
  • Products and Services
  • Fee Structure
  • Types of Clients
  • Disclosures
  • State Registrations
  • Office Locations
  • Firm Advisors

    • 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.

    • Find a firm that offers this service

      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

    • Find one of the 21% of firms that offer this fee type

      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
    Roger Glasgow
    Chevy Chase, MD
    Gregory Lutfy
    Middletown, NY
    Anne Schnuriger
    Summit, NJ
    Monica Timmons
    Temecula, CA
    Judith Wuntch
    Houston, TX
    Wilhelmina Lo
    Los Angeles, CA
    Daniel King
    Jacksonville, FL
    Kristin Richards
    Pennington, NJ

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    The content in this profile was updated by SmartAsset on 4/16/2023. All advisor details come from publicly available data, and we cannot guarantee the accuracy of the content. We are unable to make individual profile updates. If you want your profile removed temporarily or permanently, please contact profile-compliance@smartasset.com.

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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.