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 is a financial advisory firm located in New York, New York. The firm controls $1.3 trillion in total assets across 2.8 million customer accounts, making it one of the largest firms in the country by assets under management (AUM). The company has a very large team, including 25,865 financial advisors. Merrill Lynch, Pierce, Fenner & Smith Inc is not a registered broker-dealer, signifying that the firm cannot buy and sell securities for its own accounts as well as its clients' and instead is required to go through a broker-dealer company to do so. Securities are tradable fiscal investments such as bonds, stocks and options.

    Merrill Lynch, Pierce, Fenner & Smith Inc manages 756,412 of the firm's accounts in a discretionary manner. Discretionary management means that an investment advisor has the discretion to make transaction decisions without needing to seek the customer's authorization. The company also administers 2,069,190 non-discretionary accounts totaling $920.0 billion in assets under management. The investment advisory firm oversees an average of $453,001 for each customer account. The typical advisor at Merrill Lynch, Pierce, Fenner & Smith Inc oversees around 109 client accounts.

    Merrill Lynch, Pierce, Fenner & Smith Inc’s main office is at One Bryant Park, New York, New York 10036. It is legally permitted to serve customers across 48 U.S. states and territories.

    Assets Under Management

    $1.3 trillion

    Number of Advisors

    25,865

    Disclosures

    No

    Office Location

    One Bryant Park
    New York, NY 10036

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

    Total Assets Under Management

    $1.3 trillion

    National Average: $9.0 billion
    Total Number of Employees

    34,906

    National Average: 71,771
    Total Number of Accounts

    2,825,602

    National Average: 4,329
    Average Account Size

    $454.4 thousand

    National Average: $2.1 million

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    Products and Services

    Merrill Lynch, Pierce, Fenner & Smith Inc offers multiple services, which can consist of 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. It does sell products or offer services different than investment advice to its customers. It also has a number of financial industry affiliations, including with a broker-dealer or securities dealer, banking or thrift institution, trust company, insurance company or agency, pension consultant, real estate broker or dealer and commodity pool advisor.

    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 47% 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 21% of firms

      Selection of Other Advisors

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

    • Find a firm that offers this service

      Publication of Periodicals

      This is the publication of various financial education materials.

    • Find a firm that offers this service

      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 usually depend on which services the firm provides the client. However, fees charged by Merrill Lynch, Pierce, Fenner & Smith Inc likely include some blend of the following fee structures: asset-based, fixed or commission-based. Wrap fee programs, or the practice of bundling services for a single fee, are provided by the company.

    Available

    • Offered by 70% 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 33% 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 works with a broad range of investors. The firm caters to retail investors, high net worth investors, banking institutions, pension plans, charitable organizations, insurance companies and corporations. Out of its 2,825,602 clients, Merrill Lynch, Pierce, Fenner & Smith Inc's biggest client by number of accounts is retail investors, although it also manages money for 130,548 high-net-worth individuals. The SEC defines a high-net-worth individual as an individual who has at least $750,000 under management or a net worth of more than $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 company's clients are represented by people from outside of the U.S.

    • High-Net-Worth Individuals* - 8.69%
    • Other Individuals - 88.47%
    • Corporations - 2.49%
    • Charitable Organizations - 0.36%

    * 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
    Chandler, AZ
    Regis Rodrigues
    New Caney, TX
    Robert Thomas
    Mckinney, TX
    Lisa Adamonis Pile
    Newport News, VA
    Sharif Charles
    Washington, DC
    Seann Courtney
    New York, NY
    Wayne Ramsey
    Lufkin, TX
    Aaron Solomon
    Nashville, TN
    Jeffrey Inabinet
    Columbia, SC

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    The content in this profile was updated by SmartAsset on 04/01/2022 using publicly available data compiled from the SEC and FINRA. To report any data inconsistencies or errors, please contact profile-compliance@smartasset.com.

    The named financial professional and firm have not reviewed, approved, or endorsed this profile and are not responsible for its accuracy. Profile content is produced by SmartAsset independently of any business relationships that might exist between SmartAsset and the named financial professional and firm, and financial professionals and firms having business relationships with SmartAsset receive no special treatment or consideration in SmartAsset’s profiles.

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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.