February 20, 2017 11:49 PM ET

Capital Markets

Company Overview of Merrill Lynch, Pierce, Fenner & Smith Incorporated

Company Overview

Merrill Lynch, Pierce, Fenner & Smith Incorporated offers security brokerage and dealership services. Additionally, it provides investment advisory services. Merrill Lynch, Pierce, Fenner & Smith Incorporated was formerly known as Merrill Lynch Pierce Fenner & Smith, Inc. The firm is based in New York, New York. As of January 1, 2015, Merrill Lynch, Pierce, Fenner & Smith Incorporated operates as a subsidiary of BAC North America Holding Company.

One Bryant Park

New York, NY 10036

United States



Key Executives for Merrill Lynch, Pierce, Fenner & Smith Incorporated

Managing Director of Mid-America Market
Senior Vice President
Vice Chairman of Merrill Lynch Wealth Management
Assistant Vice President of Global Wealth Management
Director of Wealth Management - Minnesota and North Dakota
Compensation as of Fiscal Year 2016.

Merrill Lynch, Pierce, Fenner & Smith Incorporated Key Developments

The Financial Industry Regulatory Authority Fines $2.8 Million to Merrill Lynch, Pierce, Fenner and Smith Inc. for Systemic Reporting, Books and Records, and Related Supervisory Violations

The Financial Industry Regulatory Authority (FINRA) announced that it has fined Merrill Lynch, Pierce, Fenner and Smith Inc. $2.8 million for systemic trade reporting, Order Audit Trail System (OATS) reporting, books and records, and related supervisory violations that occurred over a period of several years. FINRA uses trade reporting and OATS data as an integral part of its automated market surveillance program to detect manipulative activity and other potential violations of FINRA rules and the federal securities laws. FINRA relies on the accuracy of a firm’s books and records to conduct adequate policing of the securities markets. FINRA found that a system configuration error caused Merrill Lynch to, among other things, inaccurately report millions of trades to a FINRA Trade Reporting Facility in which purchases were reported as principal sales and agency crosses. Merrill Lynch also reported millions of trades it was not required to report. In addition, over the course of almost five years, the firm encountered a number of separate system errors that caused it to report millions of inaccurate reportable order events to OATS, including inaccurate timestamps, broker-dealer orders reported as customer orders and a failure to report millions of execution reports. Moreover, FINRA found that, for approximately three years, Merrill Lynch failed to record certain special handling instructions, as well as the correct receipt and route timestamps on order tickets, which caused millions of records to be inaccurate. FINRA also found that the scope of Merrill Lynch’s supervisory system with respect to, among other things, trade reporting, OATS reporting, and books and records, was not reasonably designed. In concluding this settlement, Merrill Lynch neither admitted nor denied the charges, but consented to the entry of FINRA's findings. Investors can obtain more information about, and the disciplinary record of, any FINRA-registered broker or brokerage firm by using FINRA's BrokerCheck.

Bank of America Announces Management Changes in Merrill Lynch Wealth Management

Bank of America announced that John Thiel, current head of Merrill Lynch Wealth Management, has decided to step down from his position and will take on a new role as vice chairman of Global Wealth and Investment Management (GWIM), effective January 1, 2017. Andy Sieg, current head of the company’s Global Wealth and Retirement Solutions division, will succeed Thiel as head of Merrill Lynch Wealth Management, effective January 1, 2017. For the past five years, Sieg has led Global Wealth and Retirement Solutions (GWRS), comprised of the GWIM division’s product organization and retirement business. In addition to his leadership of GWRS, Sieg also currently manages the GWIM Chief Investment Office team together with Keith Banks, president of U.S. Trust, ensuring that Merrill Lynch clients and advisors have a complete range of investment solutions along with the intellectual capital of the entire Bank of America organization to serve clients.

Merrill Lynch Wealth Management Presents at Southern California Investment Forum - Las Vegas, NV, Apr-15-2016

Merrill Lynch Wealth Management Presents at Southern California Investment Forum - Las Vegas, NV, Apr-15-2016 . Venue: Capital Grill, Las Vegas Blvd. (across from Wynn Hotel), Las Vegas, Nevada, United States.

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