Merrill Lynch, Pierce, Fenner & Smith Inc

CRD#7691
Investment Advisor Firm

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Overview

Merrill Lynch, Pierce, Fenner & Smith Inc is a financial advisor firm that has its headquarters in New York, New York. The company oversees $797.3 billion in assets under management across 2.5 million customer accounts, placing it among the largest firms in the nation by assets under management (AUM). Merrill Lynch, Pierce, Fenner & Smith Inc has a very large team of 41,217 employees, including 25,576 financial advisors. Merrill Lynch, Pierce, Fenner & Smith Inc does not act as a registered broker-dealer, meaning the company cannot buy and sell securities for its clients' and own accounts and instead must go through a broker-dealer firm to do so. Securities are defined as tradable financial investments like options, bonds and equities.

Merrill Lynch, Pierce, Fenner & Smith Inc manages some of the firm's accounts in a discretionary manner. Discretionary management signifies that buy and sell decisions for the client's account are made by a portfolio manager without needing to seek the client's consent. The company also manages 1,674,254 non-discretionary accounts totaling $549.0 billion in assets under management. The advisory firm administers an average of $322,379 in assets for every account. The average financial advisor at Merrill Lynch, Pierce, Fenner & Smith Inc manages around 97 client accounts.

The company's headquarters is at One Bryant Park, New York, New York 10036. Merrill Lynch, Pierce, Fenner & Smith Inc is allowed to provide services to investors across 48 U.S. states and territories.

Assets Under Management

$797.3 billion

Number of Advisors

25,576

Disclosures

No

Office Location

One Bryant Park
New York, NY 10036

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

Total Assets Under Management

$797.3 billion

National Average: $3.3 billion
Total Number of Employees

41,217

National Average: 31
Total Number of Accounts

2,472,247

National Average: 1,935
Average Account Size

$322.5 thousand

National Average: $1.7 million

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Products and Services

Merrill Lynch, Pierce, Fenner & Smith Inc provides a variety of services, which can include financial planning services, 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. In the last fiscal year, it provided 1000 of its accounts with financial planning services. Merrill Lynch, Pierce, Fenner & Smith Inc is engaged in selling products or offering services aside from investment advisory services to its customers. It is also affiliated with a number of 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 commodity pool advisor.

Core Advisor Services

  • Offered by 44% of firms

    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 61% 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 23% 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 charged by financial advisors usually vary depending on the financial services offered. However, fee types charged by the company can consist 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 firm.

Available

  • Offered by 72% 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 2% 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 39% 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 35% 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 17% 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 1% 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 12% 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

The company works with a broad range of clients. It caters to retail investors, high net worth investors, banking institutions, pension plans, charitable organizations, insurance companies and corporations. Out of its 2,472,247 accounts, Merrill Lynch, Pierce, Fenner & Smith Inc's biggest client group is retail investors, but it also caters to 62,567 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 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 clients are represented by people from outside of the U.S.

  • High-Net-Worth Individuals* - 4.75%
  • Other Individuals - 91.38%
  • Corporations - 3.5%
  • Charitable Organizations - 0.37%

* 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
Katrina Stump
Portland, OR
Mark Seitzer
Hot Springs National Park, AR
Terence Zagara
Chandler, AZ
Sheldon Stephen
Everett, WA
Robert Dunn
Pennington, NJ
Antonella Barrero
Cincinnati, OH
Ali Abbas
Lake Worth, FL
Ryan Shea
Princeton, NJ

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This content was compiled from the SEC and FINRA