MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
Compensation Model
Compensation type disclosed on SEC Form ADV Item 5C. Filed 46171. Specific fee percentages are available in this firm's Form ADV Part 2A brochure at adviserinfo.sec.gov.
Conflict of Interest Analysis
Broker-Dealer Affiliated: Yes
This firm is affiliated with a broker-dealer, which means they may earn commissions on product sales — creating a potential conflict between their revenue and your best interest.
Insurance Licensed: No
Not insurance licensed. Cannot sell you annuity or insurance products directly.
Custody of Client Assets: Yes
This firm has direct custody of client assets, rather than using an independent custodian. This is a higher-risk arrangement that requires additional regulatory safeguards.
Proprietary Products: No
Uses only third-party investment products. No proprietary product conflicts.
Regulatory & Disciplinary History
101 regulatory action(s), 165 customer complaint(s)/arbitration(s), 2 financial judgment(s)/lien(s), 3 termination(s) from a firm disclosed on Form ADV Item 11.
ResolvedTotal complaints on record: 165
Complaint ratio: 0.64 per 100 clients
Industry average is approximately 0.15 complaints per 100 clients. A ratio above 0.30 is considered elevated.
Firm Details
| Legal Name | MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED |
| CRD Number | #7691 |
| SEC Registered | Yes |
| Registration Date | 1978-12-08 |
| States Registered | NY |
| Assets Under Management | $1781.6B |
| Number of Clients | 25,721 |
| Employees | 32960 |
| Compensation Type | commission |
| Last ADV Filing | 46171 |
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Frequently Asked Questions
Is MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED a fiduciary?
No. MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED is not registered as an RIA and is not legally bound by the fiduciary standard.
How does MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED charge clients?
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED uses a commission compensation model. They also earn commissions on product sales, which may create conflicts of interest. Full fee details are in their Form ADV Part 2A brochure at adviserinfo.sec.gov.
Does MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED have any complaints?
Yes. MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED has 165 complaint(s) on record. Their complaint ratio is 0.64 per 100 clients (industry average: ~0.15).
How does MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED compare to other advisors in NEW YORK?
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED has a Red Flag Score of 20/100. There are 1970 registered advisory firms in NEW YORK. Use our city page to compare firms side by side.
Where does this data come from?
All information is sourced from SEC Form ADV public filings (mandatory regulatory disclosures) and FINRA BrokerCheck records. Last updated: 2026-06-24. We do not accept payment from financial advisors.
Data source: SEC Form ADV (Parts 1 and 2A) filed with the Investment Adviser Registration Depository (IARD). Filing date: 46171. Last data refresh: 2026-06-24. AdvisorRanked does not verify the accuracy of SEC filings. This is not financial advice.