SEC-registered firm
Registration does not mean the SEC approves or recommends the firm, and it does not imply a certain level of skill or training.
Merrill Lynch, Pierce, Fenner & Smith Incorporated
New York, NY
CRD 7691
Firm filing updated September 24, 2026 ·
- $1781.6BAssets
- 1,838,984Clients
- 25,721Advisory staff
- 3,253,265Accounts
Fees and minimums
All fee types on the form
- Percentage of assets under managementYes
- Fixed feesYes
- CommissionsYes
- Hourly chargesNo
- Subscription fees (for a newsletter or periodical)No
- Performance-based feesNo
- OtherNo
Who the firm serves
- Individuals1,269,968
- High net worth individuals521,763
- Corporations or other businesses22,807
- Pension and profit sharing plans17,422
- Charities6,759
- and 1 more246
See the client table
| Client type | Approximate number of clients | Assets |
|---|---|---|
| Individuals (other than high net worth) | 1,269,968 | $313.5 billion |
| High net worth individuals | 521,763 | $1227.5 billion |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 17,422 | $58.9 billion |
| Charitable organizations | 6,759 | $43.0 billion |
| Insurance companies | 246 | $5.9 billion |
| Corporations or other businesses not listed above | 22,807 | $131.2 billion |
| Other: "TRIBAL NATIONS" | 19 | $1.4 billion |
What the client labels mean
Here, "individuals" includes trusts, estates, and IRAs of individuals. A "high net worth individual" is a qualified client or qualified purchaser.
Services
- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses (other than small businesses) or institutional clients
- Pension consulting services
See all 6 services
- Selection of other advisors (including private fund managers)
- Educational seminars/workshops
- Other: "PERFORMANCE MEASUREMENT REPORTS, ALLOCATION MODELING, IPS, RESEARCH REPORTS AND SERVICES, SEE SCHEDULE D"
- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses (other than small businesses) or institutional clients
- Pension consulting services
- Selection of other advisors (including private fund managers)
- Educational seminars/workshops
- Other: "PERFORMANCE MEASUREMENT REPORTS, ALLOCATION MODELING, IPS, RESEARCH REPORTS AND SERVICES, SEE SCHEDULE D"
Assets and accounts
- Regulatory assets$1781.6 billion
- Accounts3,253,265
- Discretionary$441.3 billion · 713,174 accounts
- Non-discretionary$1340.3 billion · 2,540,091 accounts
People
- Employees32,960
- Advisory staff25,721
- Broker-dealer reps26,599
- Licensed insurance agents11,262
Advisors
15,096 advisors with a profile on Advisable
Listed A to Z by last name. Not a ranking.
Registration details
- SEC-registered investment advisor. CRD 7691, SEC file 801-14235.
- Registered with the SEC as an investment advisor (status date on record: December 8, 1978).
Is Merrill Lynch, Pierce, Fenner & Smith Incorporated a fiduciary?
Short answer: Merrill Lynch, Pierce, Fenner & Smith Incorporated is registered with the SEC as an investment advisor.
More detail
Some of its people may also act in other roles, such as for a broker-dealer or as insurance agents, where different rules apply. Details below.
The SEC put it this way in 2019: 'Under federal law, an investment adviser is a fiduciary.'
Some of the firm's people may also act for a broker-dealer: 26,599 staff are broker-dealer representatives, the firm is itself a broker-dealer and the firm has a related broker-dealer. When someone acts for a broker-dealer, a different SEC standard, Regulation Best Interest, applies to their recommendations. Ask which role they are acting in.
11,262 staff are licensed insurance agents, the firm is itself an insurance broker or agent and the firm has a related insurance company or agency.
The firm's Form CRS explains its services, fees and conflicts in plain language: Form CRS.
About this data
Informational only. Advisable Finance is not an investment advisor, does not give investment advice, and does not endorse any advisor.