MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
About MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED is listed in our database based on their SEC registration. They are not a fiduciary, meaning they aren't legally required to act in your best interest. This doesn't make them dishonest, but it means they may recommend products that earn them commissions.
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED has 165 complaints on file (0.64 per 100 clients). This is above the industry average of ~0.15 per 100 clients — a yellow flag worth discussing with them directly. They earn commissions on product sales, creating a potential conflict of interest — always ask what they make from any recommendation.
One thing to watch: they're affiliated with a broker-dealer, which means they can earn commissions beyond their stated fees. Ask them to disclose all compensation in writing. Bottom line: MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED is reasonable to consider, but do your due diligence — ask about fees, read their Form ADV brochure, and get any recommendations in writing.
Questions to Ask Before Hiring MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
“What is your all-in fee, including fund expenses?”
Their disclosed model is commission. Ask for the total cost including underlying fund fees, trading costs, and any platform charges.
“Are you a fiduciary at all times — not just sometimes?”
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED is not registered as a fiduciary. This means they can legally recommend products that benefit them more than you. Ask them to sign a fiduciary pledge in writing.
“How are you compensated when you recommend a specific product?”
This firm earns commissions on product sales. Ask exactly how much they make on each recommendation and whether a no-commission alternative exists.
“Can you explain the 165 complaints on your record?”
Regulatory complaints don't always indicate wrongdoing, but you deserve a direct explanation. Ask what happened and how they've changed their practices since.
“Can I see your Form ADV Part 2A brochure before our next meeting?”
This is the legal disclosure document that details fees, conflicts, and disciplinary history. Every SEC-registered advisor must provide it. Read it before signing anything.
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 per Form ADV Item 9: Yes
SEC Form ADV Item 9 reports that this adviser is deemed to have "custody" of some client assets under Rule 206(4)-2. This is a broad regulatory term that includes situations where client assets sit at an independent qualified custodian (e.g., Schwab, Fidelity) but the adviser has authority to deduct advisory fees, or has a standing letter of authorization on the account. It does not, on its own, mean the adviser physically holds client assets. See the firm's ADV filing on adviserinfo.sec.gov for the specifics.
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 Trust Score of 47/100. 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.