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 located at One Bryant Park, New York, NY. The firm employs 26,251 financial advisors to manage client portfolios and provide financial guidance. Merrill Lynch, Pierce, Fenner & Smith Inc is a registered broker-dealer.

    Merrill Lynch, Pierce, Fenner & Smith Inc oversees $1.3 trillion in assets under management across 2,911,578 accounts, of which 730,188 are discretionary and 2,181,390 are non-discretionary. The services offered include portfolio management for individuals and small businesses, portfolio management for institutional clients, pension consulting services, selection of other advisers, educational seminars, and other services. The firm caters to retail investors, high net worth investors, banking institutions, pension plans, charitable organizations, state or municipal government entities, insurance companies, and corporations, with retail investors being the largest client type by accounts. The fee structure at Merrill Lynch, Pierce, Fenner & Smith Inc includes asset-based, fixed, and commission-based fees. The firm has 411,703 high net worth clients and maintains affiliations 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.

    Merrill Lynch, Pierce, Fenner & Smith Inc is registered in the states of Alabama, Alaska, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming.

    Assets Under Management

    $1.3 trillion

    Number of Advisors

    26,251

    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: $8.6 billion
    Total Number of Employees

    34,934

    National Average: 64
    Total Number of Accounts

    2,911,578

    National Average: 375,227
    Average Account Size

    $436.7 thousand

    National Average: $23.0 thousand
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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 institutional clients, pension consulting services, selection of other advisers, educational seminars, and other services. However, Merrill Lynch, Pierce, Fenner & Smith Inc did not provide financial planning services to any of its customers in the previous fiscal year. The Firm does sell products or offer services aside from investment advisory services to its customers.

    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.

    • Find a firm that offers this service

      Publication of Periodicals

      This is the publication of various financial education materials.

    • Offered by 6% of firms

      Educational Seminars/Workshops

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

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    Fee Structure

    A financial advisor's fees typically depend on which services the firm provides the client. Fees billed by Merrill Lynch, Pierce, Fenner & Smith Inc most 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 Merrill Lynch, Pierce, Fenner & Smith Inc.

    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

    The company does business with a broad range of clients. It works with retail investors, high net worth investors, banking institutions, pension plans, charitable organizations, state or municipal government entities, insurance companies, and corporations. Out of its 8 clients, Merrill Lynch, Pierce, Fenner & Smith Inc's largest client group by number of accounts is high net worth investors, but it also manages money for 411703 high-net-worth individuals. A high-net-worth individual is defined by the SEC as an individual who has at least $750,000 in AUM or a net worth of more than $1,50 million or who is considered a "qualified purchaser" (a standard met by having at least $5 million in investments).

    • High-Net-Worth Individuals* - 25.19%
    • Other Individuals - 72.21%
    • Corporations - 2.33%
    • Charitable Organizations - 0.27%

    * 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
    David Filosa
    New York, NY
    Stacy Lampros
    Cleveland, OH
    David Cummins
    Forest Hills, NY
    Keven Johnson
    Charlotte, NC
    Kenneth Dorris
    Fort Worth, TX
    James Little
    Florham Park, NJ
    Philip Weyhe
    New York, NY
    Gary Gordon
    Birmingham, AL

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    The content in this profile was updated by SmartAsset on 6/19/2024. 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.