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 advisor company headquartered in New York, New York. The company manages $962.1 billion in assets across 2.5 million customer accounts, making it one of the biggest investment advisory firms in the United States by assets under management (AUM). The company has a very large group of 36,383 employees, of which 26,968 are financial advisors. Merrill Lynch, Pierce, Fenner & Smith Inc is not a registered broker-dealer, meaning it is not able to buy and sell securities for its accounts and those of its customers and instead must go through a broker-dealer firm to do so. Securities are tradable financial assets such as options, bonds and stocks.

Merrill Lynch, Pierce, Fenner & Smith Inc administers 778,387 of the firm's accounts in a discretionary manner. Discretionary management signifies that a portfolio manager has the discretion to make buy and sell choices without requiring client approval. The firm also has 1,750,782 non-discretionary accounts with a total of $672.9 billion in assets under management. The advisory firm's average account size is $380,383. The average advisor at Merrill Lynch, Pierce, Fenner & Smith Inc oversees around 94 client accounts.

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

Assets Under Management

$962.1 billion

Number of Advisors

26,968

Disclosures

No

Office Location

One Bryant Park
New York, NY 10036

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

Total Assets Under Management

$962.1 billion

National Average: $3.7 billion
Total Number of Employees

36,383

National Average: 29
Total Number of Accounts

2,529,169

National Average: 2,073
Average Account Size

$380.4 thousand

National Average: $1.8 million

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Products and Services

Merrill Lynch, Pierce, Fenner & Smith Inc provides multiple 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 financial year, the company provided 101-250 of its clients with financial planning services. It does sell products or offer services apart from investment advice to its customers. It 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 commodity pool advisor.

Core Advisor Services

  • Offered by 45% 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 62% 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

Financial advisory fees are based on which services the firm provides the client. However, fee types billed by the company may include any combination of the following fee types: asset-based, fixed or commission-based. Wrap fee programs, or the practice of bundling services for a single fee, are provided by Merrill Lynch, Pierce, Fenner & Smith Inc.

Available

  • Offered by 74% 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 40% 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 firm manages money for a number of different clients. It works with retail investors, high net worth investors, banking institutions, pension plans, charitable organizations, insurance companies and corporations. Out of its 2,529,169 clients, Merrill Lynch, Pierce, Fenner & Smith Inc's largest client by number of accounts is retail investors, although it also caters to 90,134 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 its clients are represented by non-U.S. persons.

  • High-Net-Worth Individuals* - 6.72%
  • Other Individuals - 90.29%
  • Corporations - 2.62%
  • 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
Jacob Church
Henderson, NV
Ryan Harrison
Pennington, NJ
Aniello Iazzetta
Concord, CA
Chor-Shing Chan
New York, NY
Jeffrey Petersen
Vero Beach, FL
Michael Mason
Holly Springs, NC
Rayan Hamze
Chandler, AZ
Kenneth Lutz
Reno, NV

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This content was compiled from the SEC and FINRA