{
  "crd_number": 7691,
  "slug": "merrill-lynch-pierce-fenner-and-smith-incorporated-new-york-ny-7691",
  "primary_business_name": "MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED",
  "legal_name": "MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED",
  "dbas": [],
  "city": "New York",
  "state": "NY",
  "country": "United States",
  "cbsa_code": "35620",
  "metro": {
    "cbsa_code": "35620",
    "common_name": "New York",
    "msa_name": "New York-Newark-Jersey City, NY-NJ",
    "path": "/advisors/ny/new-york"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "1978-12-08",
  "years_registered": 47,
  "period": "2026-10-01",
  "filing_date": "2026-09-24",
  "carried_forward": false,
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  "raum_non_discretionary": 1340266100323.0,
  "raum_band": "over_5b",
  "raum_band_label": "Over $5 billion",
  "total_employees": 32960,
  "advisory_employees": 25721,
  "client_count_bucket": null,
  "clients_by_type": {
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      "raum": 1436187080.0,
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      "description": "TRIBAL NATIONS"
    },
    "charitable": {
      "raum": 43032050220.0,
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    "individuals": {
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    "banking_thrift": {
      "raum": 0.0,
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    "state_municipal": {
      "raum": 0.0,
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    },
    "insurance_companies": {
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    },
    "investment_companies": {
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    },
    "pension_profit_sharing": {
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      "count": 17422
    },
    "other_investment_advisers": {
      "raum": 0.0,
      "count": 0
    },
    "high_net_worth_individuals": {
      "raum": 1227514988596.0,
      "count": 521763
    },
    "pooled_investment_vehicles": {
      "raum": 0.0,
      "count": 0
    },
    "corporations_other_businesses": {
      "raum": 131162037399.0,
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  },
  "compensation_types": [
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    "portfolio_management_individuals",
    "selection_of_other_advisers"
  ],
  "wrap_fee_participant": true,
  "disclosure_yes_count": 20,
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    "DC",
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    "FL",
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    "KS",
    "KY",
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    "ME",
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    "NC",
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    "OH",
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    "TN",
    "TX",
    "UT",
    "VA",
    "VI",
    "VT",
    "WA",
    "WI",
    "WV",
    "WY"
  ],
  "websites": [
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    "https://bettermoneyhabits.bankofamerica.com/en/retirement",
    "https://bofaml.com",
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    "https://business.bankofamerica.com",
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    "https://elementsetn.com",
    "https://facebook.com/BofAPrivateBank",
    "https://facebook.com/mlwm",
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    "https://healthaccounts.bankofamerica.com",
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    "https://instagram.com/BofAPrivateBank",
    "https://instagram.com/Merrill",
    "https://institute.bankofamerica.com",
    "https://international.ml.com",
    "https://linkedin.com/COMPANY/BANK-OF-AMERICA-BUSINESS",
    "https://linkedin.com/COMPANY/BANK-OF-AMERICA-MERRILL-LYNCH",
    "https://linkedin.com/COMPANY/BANK-OF-AMERICA-PRIVATE-BANK",
    "https://merrill.com",
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    "https://merrilledge.com/GUIDED-INVESTING",
    "https://merrilledge.com/small-business/401k",
    "https://merrillhomeloans.com",
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    "https://privatebank.bankofamerica.com",
    "https://promo.bankofamerica.com",
    "https://promotions.bankofamerica.com",
    "https://twitter.com/BOFAPRIVATEBANK",
    "https://twitter.com/BOFA_BUSINESS",
    "https://twitter.com/MERRILLEDGE",
    "https://twitter.com/MERRILLLYNCH",
    "https://utility.bankofamerica.com",
    "https://youtube.com/BANKOFAMERICAPRIVATEBANK",
    "https://youtube.com/BOFAML",
    "https://youtube.com/MERRILLLYNCH"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/7691",
  "disclosure_items": [
    {
      "item": "11.A(1)",
      "question": "In the past ten years, has the firm or an advisory affiliate been convicted of, or pleaded guilty or no contest to, a felony?"
    },
    {
      "item": "11.A(2)",
      "question": "In the past ten years, has the firm or an advisory affiliate been charged with a felony?"
    },
    {
      "item": "11.B(1)",
      "question": "In the past ten years, has the firm or an advisory affiliate been convicted of, or pleaded guilty or no contest to, a misdemeanor involving investments or an investment-related business, fraud, false statements or omissions, wrongful taking of property, bribery, perjury, forgery, counterfeiting, extortion, or a conspiracy to commit any of these?"
    },
    {
      "item": "11.B(2)",
      "question": "In the past ten years, has the firm or an advisory affiliate been charged with one of the misdemeanors listed in 11.B(1)?"
    },
    {
      "item": "11.C(1)",
      "question": "Has the SEC or the CFTC ever found that the firm or an advisory affiliate made a false statement or omission?"
    },
    {
      "item": "11.C(2)",
      "question": "Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?"
    },
    {
      "item": "11.C(4)",
      "question": "Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?"
    },
    {
      "item": "11.C(5)",
      "question": "Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?"
    },
    {
      "item": "11.D(1)",
      "question": "Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate made a false statement or omission, or was dishonest, unfair, or unethical?"
    },
    {
      "item": "11.D(2)",
      "question": "Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?"
    },
    {
      "item": "11.D(3)",
      "question": "Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was a cause of an investment-related business having its authorization to do business denied, suspended, revoked, or restricted?"
    },
    {
      "item": "11.D(4)",
      "question": "In the past ten years, has another federal regulator, a state regulator, or a foreign financial regulator entered an order against the firm or an advisory affiliate in connection with investment-related activity?"
    },
    {
      "item": "11.D(5)",
      "question": "Has another federal regulator, a state regulator, or a foreign financial regulator ever denied, suspended, or revoked the registration or license of the firm or an advisory affiliate, prevented either by order from associating with an investment-related business, or restricted either one's activity?"
    },
    {
      "item": "11.E(2)",
      "question": "Has a self-regulatory organization or a commodities exchange ever found that the firm or an advisory affiliate was involved in a violation of its rules, other than a minor rule violation under a plan the SEC approved?"
    },
    {
      "item": "11.E(4)",
      "question": "Has a self-regulatory organization or a commodities exchange ever disciplined the firm or an advisory affiliate by expelling or suspending it from membership, barring or suspending it from association with other members, or otherwise restricting its activities?"
    },
    {
      "item": "11.F",
      "question": "Has an authorization to act as an attorney, accountant, or federal contractor granted to the firm or an advisory affiliate ever been revoked or suspended?"
    },
    {
      "item": "11.G",
      "question": "Is the firm or an advisory affiliate now the subject of a regulatory proceeding that could result in a yes answer to any part of 11.C, 11.D, or 11.E?"
    },
    {
      "item": "11.H(1)(a)",
      "question": "In the past ten years, has a domestic or foreign court issued an injunction against the firm or an advisory affiliate in connection with investment-related activity?"
    },
    {
      "item": "11.H(1)(b)",
      "question": "Has a domestic or foreign court ever found that the firm or an advisory affiliate was involved in a violation of investment-related statutes or regulations?"
    },
    {
      "item": "11.H(2)",
      "question": "Is the firm or an advisory affiliate now the subject of a civil proceeding that could result in a yes answer to any part of 11.H(1)?"
    }
  ],
  "city_as_filed": "NEW YORK",
  "url": "https://advisorcensus.com/firm/merrill-lynch-pierce-fenner-and-smith-incorporated-new-york-ny-7691",
  "display_name": "Merrill Lynch, Pierce, Fenner & Smith Incorporated",
  "summary": "Merrill Lynch, Pierce, Fenner & Smith Incorporated is an SEC-registered investment advisory firm in New York, NY, registered since 1978, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated September 24, 2026.",
  "citation": "AdvisorCensus. Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD 7691): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Fixed fees (other than subscription fees)",
    "Commissions"
  ],
  "advisory_activity_labels": [
    "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 advisers (including private fund managers)",
    "Educational seminars/workshops",
    "Other"
  ],
  "quick_answers": [
    {
      "q": "How is Merrill Lynch, Pierce, Fenner & Smith Incorporated compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Merrill Lynch, Pierce, Fenner & Smith Incorporated reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); commissions. The amounts are in Item 5 of its Form ADV Part 2A brochure."
    },
    {
      "q": "Where is Merrill Lynch, Pierce, Fenner & Smith Incorporated located?",
      "a": "Merrill Lynch, Pierce, Fenner & Smith Incorporated's principal office is in New York, NY, according to its Form ADV; the October 2026 filing also lists 24 other offices (Schedule D, Section 1.F)."
    },
    {
      "q": "Is Merrill Lynch, Pierce, Fenner & Smith Incorporated registered with the SEC or a state?",
      "a": "Merrill Lynch, Pierce, Fenner & Smith Incorporated is an SEC-registered investment advisory firm, registered since 1978. Status as filed: Approved. CRD 7691."
    },
    {
      "q": "How much does Merrill Lynch, Pierce, Fenner & Smith Incorporated manage?",
      "a": "Merrill Lynch, Pierce, Fenner & Smith Incorporated reports $1,781,568,171,479 in regulatory assets under management in its Form ADV filing dated September 24, 2026 (25% discretionary)."
    },
    {
      "q": "How have Merrill Lynch, Pierce, Fenner & Smith Incorporated's assets and staff changed since 2021?",
      "a": "In the Form ADV data for Merrill Lynch, Pierce, Fenner & Smith Incorporated: Regulatory assets under management: $1,084,543,561,669 in the October 2021 data and $1,781,568,171,479 in the October 2026 data, up 64%. Total employees: 36,025 in October 2021 and 32,960 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Merrill Lynch, Pierce, Fenner & Smith Incorporated serve?",
      "a": "By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (1,269,968); high net worth individuals (521,763); corporations or other businesses not listed above (22,807)."
    },
    {
      "q": "Which custodians does Merrill Lynch, Pierce, Fenner & Smith Incorporated use?",
      "a": "Merrill Lynch, Pierce, Fenner & Smith Incorporated's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Merrill Lynch, Pierce, Fenner & Smith Incorporated (affiliated with the firm) as a custodian holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Merrill Lynch, Pierce, Fenner & Smith Incorporated report any disciplinary disclosures?",
      "a": "Reports 20 disclosure items on Form ADV Item 11: yes answers to 4 questions about criminal matters, 13 questions about regulatory matters, and 3 questions about civil court matters (11.A(1), 11.A(2), 11.B(1), 11.B(2), 11.C(1), 11.C(2), 11.C(4), 11.C(5), 11.D(1), 11.D(2), 11.D(3), 11.D(4), 11.D(5), 11.E(2), 11.E(4), 11.F, 11.G, 11.H(1)(a), 11.H(1)(b), 11.H(2)). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/7691"
    },
    {
      "q": "What changed in Merrill Lynch, Pierce, Fenner & Smith Incorporated's recent Form ADV filings?",
      "a": "In the September 2026 filing data: Updated its list of owners and control persons (Schedule A)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 1084543561669.0,
      "total_employees": 36025,
      "filing_date": "2021-09-23"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 1283837699073.0,
      "total_employees": 34906,
      "filing_date": "2022-09-30"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 1093689238206.0,
      "total_employees": 36687,
      "filing_date": "2023-08-28"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 1271593679276.0,
      "total_employees": 34934,
      "filing_date": "2024-09-30"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 1511090925436.0,
      "total_employees": 33689,
      "filing_date": "2025-07-28"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 1781568171479.0,
      "total_employees": 32960,
      "filing_date": "2026-09-24"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-09-01",
      "period_label": "September 2026",
      "notes": [
        "Updated its list of owners and control persons (Schedule A)."
      ]
    },
    {
      "period": "2026-08-01",
      "period_label": "August 2026",
      "notes": [
        "Updated its list of owners and control persons (Schedule A)."
      ]
    },
    {
      "period": "2026-06-01",
      "period_label": "June 2026",
      "notes": [
        "Updated its list of owners and control persons (Schedule A)."
      ]
    },
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Employees performing advisory functions went from 25753 to 25721.",
        "Regulatory assets under management went from $1,511,090,925,436 to $1,781,568,171,479 (+18%).",
        "Changed its office addresses in Jacksonville, FL.",
        "Added an office in Florham Park, NJ.",
        "Added an office in Seattle, WA.",
        "Added an office in Wellesley Hills, MA.",
        "No longer lists an office in New York, NY.",
        "No longer lists an office in Rolling Meadows, IL."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [
    {
      "name": "Merrill Lynch, Pierce, Fenner & Smith Incorporated",
      "name_as_filed": "MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED",
      "affiliated": true
    }
  ],
  "custodians_note": "Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.",
  "markdown_url": "https://advisorcensus.com/firm/merrill-lynch-pierce-fenner-and-smith-incorporated-new-york-ny-7691.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 1269968,
      "fewer_than_5": false,
      "raum": 313526151491.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 521763,
      "fewer_than_5": false,
      "raum": 1227514988596.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 17422,
      "fewer_than_5": false,
      "raum": 58949419940.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 6759,
      "fewer_than_5": false,
      "raum": 43032050220.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 246,
      "fewer_than_5": false,
      "raum": 5947336753.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 22807,
      "fewer_than_5": false,
      "raum": 131162037399.0
    },
    {
      "type": "other",
      "label": "Other",
      "count": 19,
      "fewer_than_5": false,
      "raum": 1436187080.0
    }
  ],
  "disclosure_line": "Reports 20 disclosure items on Form ADV Item 11.",
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/7691",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}