Clients
Merrill Lynch, Pierce, Fenner & Smith serves 1,838,984 clients, 521,763 of them high-net-worth individuals. The average client has about $969,000 with the firm, and high-net-worth clients hold 69% of its $1781.6 billion in assets.
- Individuals1,269,968 clients18%
- High-net-worth individuals521,763 clients69%
- Pension and profit-sharing plans17,422 clients3%
- Charitable organizations6,759 clients2%
- Corporations and other businesses22,807 clients7%
- OtherInsurance companies, Other0%
Show client breakdownHide client breakdown
| Client type | Clients | Regulatory AUM | Share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 1,269,968 | $313,526,151,491 | 17.6% | $247K |
| High-net-worth individuals | 521,763 | $1,227,514,988,596 | 68.9% | $2.35M |
| Pension and profit-sharing plans | 17,422 | $58,949,419,940 | 3.3% | $3.38M |
| Charitable organizations | 6,759 | $43,032,050,220 | 2.4% | $6.37M |
| Insurance companies | 246 | $5,947,336,753 | 0.3% | $24.2M |
| Corporations and other businesses | 22,807 | $131,162,037,399 | 7.4% | $5.75M |
| Other | 19 | $1,436,187,080 | 0.1% | $75.6M |
| Total | 1,838,984 | $1,781,568,171,479 | 100% | $969K |
- Clients
- 1,269,968
- Regulatory AUM
- $313,526,151,491
- Share
- 17.6%
- Avg. per client
- $247K
- Clients
- 521,763
- Regulatory AUM
- $1,227,514,988,596
- Share
- 68.9%
- Avg. per client
- $2.35M
- Clients
- 17,422
- Regulatory AUM
- $58,949,419,940
- Share
- 3.3%
- Avg. per client
- $3.38M
- Clients
- 6,759
- Regulatory AUM
- $43,032,050,220
- Share
- 2.4%
- Avg. per client
- $6.37M
- Clients
- 246
- Regulatory AUM
- $5,947,336,753
- Share
- 0.3%
- Avg. per client
- $24.2M
- Clients
- 22,807
- Regulatory AUM
- $131,162,037,399
- Share
- 7.4%
- Avg. per client
- $5.75M
- Clients
- 19
- Regulatory AUM
- $1,436,187,080
- Share
- 0.1%
- Avg. per client
- $75.6M
Total
- Clients
- 1,838,984
- Regulatory AUM
- $1,781,568,171,479
- Share
- 100%
- Avg. per client
- $969K
What it does
Merrill Lynch, Pierce, Fenner & Smith provides portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, selecting other managers, educational seminars and other activities. It is paid through a percentage of assets, fixed fees and commissions.
Merrill Lynch, Pierce, Fenner & Smith advises no private funds.
24.8% of assets ($441.30B across 713,174 accounts) are managed with discretion; $1340.27B across 2,540,091 accounts are not. $1743.20B sits in a wrap fee program the firm both sponsors and manages. 1% of clients are outside the U.S., and 16,844 clients received advice without assets under management last fiscal year.
What the accounts hold
- Stocks38%
- Exchange-traded equities37%
- Non-exchange-traded equities1%
- Funds45%
- Pooled vehicles30%
- Registered funds15%
- Bonds13%
- State and local bonds6%
- U.S. government and agency bonds4%
- Investment grade corporate bonds2%
- High-yield corporate bonds1%
- Cash4%
Custodians
Merrill Lynch, Pierce, Fenner & Smith’s client accounts are held mainly at Merrill Lynch, Pierce, Fenner & Smith, with 99% of managed assets. Merrill Lynch, Pierce, Fenner & Smith has custody of $1842.73B for 1,841,665 clients.
- Merrill Lynch, Pierce, Fenner & SmithMerrill Lynch, Pierce, Fenner & Smith Incorporated · New York, NY · $1759.63B99%
- All other custodians$21.94B1%
Ownership and leadership
Bac North America Holding Company owns 75% or more of Merrill Lynch, Pierce, Fenner & Smith, and Eric A Schimpf is its CEO.
- Owns 75% or more of Merrill Lynch, Pierce, Fenner & Smith Incorporated
Bac North America Holding Company
Control person · since January 2015
- Owns 75% or more of Bac North America Holding Company
NB Holdings Corporation
Control person · since October 2008
- Owns 75% or more of NB Holdings Corporation
Bank of America Corporation
Control person · since October 1998
Leadership
- Eric A SchimpfDirector & Chief Executive Officer, State Designated Principal
- Sara Rathbone MooneyChief Financial Officer
- Susan F AxelrodChief Compliance Officer
- Nancy Monir FahmyDirector
- Lindsay Denardo HansState Designated Principal & Director
- David Carleton JR HeatonChief Legal Officer
- Vincent C. SantannaChief Operations Officer & FINOP
- David C TyrieDirector
Staff
- 32,960 employees
- 25,721 in advisory functions
- 25,721 state-registered reps
- 26,599 broker-dealer reps
- 11,262 insurance agents
- 2 soliciting firms
Fees
Merrill Lynch, Pierce, Fenner & Smith is paid through a percentage of assets under management, fixed fees (other than subscription fees) and commissions.
Merrill Lynch, Pierce, Fenner & Smith’s fee rates are not included in this profile. Find its brochure on the SEC’s site.
Offices and registrations
Besides its headquarters, Merrill Lynch, Pierce, Fenner & Smith has 3,910 offices, with 26 listed addresses across 14 states.
California · 4 listed addresses
- 800 E Colorado BLVD, Pasadena
- 520 Newport CTR DR, Newport Beach
- 2049 Century Park E, Los Angeles
- 555 California ST, San Francisco
New York · 4 listed addresses
- One Bryant Park, New YorkHQ
- 225 Liberty ST - 2 World Financial Center, New York
- 75 Rockefeller PLZ, New York
- 300 Broadhollow RD, Melville
New Jersey · 3 listed addresses
- 115 W Century RD, Paramus
- 1100-1800 American Boulevard, Pennington
- 100 Campus DR., Florham Park
Florida · 2 listed addresses
- 701 Brickell Ave, Miami
- 9000 Southside BLVD, Jacksonville
Massachusetts · 2 listed addresses
- 45 Williams ST., Wellesley Hills
- 100 Federal ST, Boston
Texas · 2 listed addresses
- 1 Cowboys Way, Frisco
- 800 Capitol ST, Houston
Washington · 2 listed addresses
- 401 Union ST., Seattle
- 10400 Ne 4th ST., Bellevue
Arizona · 1 listed address
- 2555-2595 West Chandler BLVD, Chandler
District of Columbia · 1 listed address
- 1800 K ST NW, Washington
Georgia · 1 listed address
- 3455 Peachtree RD Ne, Atlanta
Illinois · 1 listed address
- 110 N Wacker DR, Chicago
Maryland · 1 listed address
- 11333 McCormick RD, Hunt Valley
Michigan · 1 listed address
- 39577 Woodward Ave, Bloomfield Hills
North Carolina · 1 listed address
- 620 S Tryon ST, Charlotte
Registration details
- Legal name
- Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Headquarters
- One Bryant Park, New York, NY 10036
- Phone
- 800-637-7455
- Website
- www.merrill.com
- SEC file
- 801-14235
- Structure
- Delaware corporation
- Fiscal year end
- December
This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov
Common questions
How many clients does Merrill Lynch, Pierce, Fenner & Smith have?
Merrill Lynch, Pierce, Fenner & Smith has 1,838,984 clients and manages $1781.6 billion for them, as of September 2026. They include 1,269,968 other individuals, 521,763 high-net-worth individuals and 22,807 corporations and other businesses.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 24 September 2026
What services does Merrill Lynch, Pierce, Fenner & Smith offer?
Merrill Lynch, Pierce, Fenner & Smith provides portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, selecting other managers, educational seminars and other activities.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does Merrill Lynch, Pierce, Fenner & Smith use?
Merrill Lynch, Pierce, Fenner & Smith’s separately managed account assets are held at Merrill Lynch, Pierce, Fenner & Smith Incorporated (New York, NY), with $1,759,628,311,569. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 24 September 2026
How many financial advisors does Merrill Lynch, Pierce, Fenner & Smith have?
Merrill Lynch, Pierce, Fenner & Smith has 25,721 investment adviser representatives registered with state securities authorities, out of 32,960 employees, and 25,721 perform investment advisory functions. 26,599 are registered representatives of a broker-dealer and 11,262 are licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Merrill Lynch, Pierce, Fenner & Smith invest in?
At the end of its last fiscal year, Merrill Lynch, Pierce, Fenner & Smith’s separately managed accounts held 37% exchange-traded equities, 30% pooled vehicles (private funds and similar), 15% registered funds (mutual funds, ETFs, BDCs), 6% state and local bonds, 4% U.S. government and agency bonds, 4% cash and equivalents, 2% investment grade corporate bonds, 1% non-exchange-traded equities and 1% high-yield corporate bonds. It advises no private funds of its own.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Merrill Lynch, Pierce, Fenner & Smith?
Merrill Lynch, Pierce, Fenner & Smith is owned through a chain of holding companies by Bank of America Corporation. Its direct owner is Bac North America Holding Company (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 24 September 2026
How does Merrill Lynch, Pierce, Fenner & Smith get paid?
Merrill Lynch, Pierce, Fenner & Smith is paid through a percentage of assets under management, fixed fees and commissions. Its Form ADV lists no performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file