Merrill
recordkeeper502 known aliases resolved via the canonical alias map
Market position · 2024
Plans served2,347-67 YoYRank #11 of mapped providers
Assets under administration$333.7B0.4%Market share · rank #32
Fees received$195MMedian $30,974/planSum across Schedule C direct + indirect
Net wins YoY-51320 won · 371 lostPlan-level switch detection
Plans served · 5-year trajectory
Market-share plans percent annotated. Bar height is raw plan count.
Customer-base shape
What does a typical Merrill plan look like?
Service mix · median fees per plan
Count of plans where Merrill ships each service code, and the median compensation they report under it.
| Service | Plans | Median fees | Distribution |
|---|---|---|---|
Trustee (bank, trust company, or similar financial institution); Sub-transfer agency fees; Investment management; Investment management fees paid indirectly by plan; Non-monetary compensation; Float revenue; Trustee (discretionary); Other services; Distribution (12b-1) fees; Shareholder servicing fees; Direct payment from the plan; Recordkeeping and information management (computing, tabulating, data processing, etc.); Participant communicationCode 15 | 845 | $33,823 | |
Securities brokerage commissions and fees; Investment advisory (plan); Direct payment from the planCode 27 | 752 | $26,602 | |
Other investment fees and expenses; Consulting (pension); Direct payment from the planCode 17 | 261 | $32,151 | |
Securities brokerage; Investment management fees paid indirectly by plan; Investment management; Other investment fees and expenses; Investment advisory (participants); Distribution (12b-1) fees; Investment advisory (plan); Shareholder servicing feesCode 26 | 211 | $20,884 | |
Sub-transfer agency fees; Securities brokerage; Investment managementCode 28 | 64 | $45,751 | |
Sub-transfer agency fees; Shareholder servicing fees; Other investment fees and expenses; Investment management fees paid indirectly by plan; Securities brokerage commissions and feesCode 52 | 52 | $43,689 | |
Other services; Investment advisory (plan); Consulting (general)Code 16 | 42 | $40,788 | |
Trustee (directed); Direct payment from the plan; Custodial (securities)Code 19 | 20 | $30,172 |
Competitor overlap
Percent of Merrill's plans that also list each competitor on Schedule C. High numbers = co-living partners; low numbers = direct displacement targets.
Plans won in 2024
Appeared this year; did not appear last year under Merrill.
| Sponsor | From | Assets |
|---|---|---|
ACCENTURE LLPIL · 720542904-102 | Alight | $21.3B |
THE KROGER CO.OH · 310345740-010 | (new plan) | $11.8B |
BOARD OF TRUSTEES, CALIFORNIA IRONWORKERS FIELD PENSION TRUST FUNCA · 956042866-001 | R.V. Kuhns & Associates, Inc. | $3.3B |
HUBBELL INCORPORATEDCT · 060397030-060 | Charles Schwab | $1.2B |
UNIVERSITY HOSPITALS HEALTH SYSTEMOH · 340714775-333 | Wellington Company LLP | $920M |
SIMON PROPERTY GROUP, L.P.IN · 341755769-002 | Mercer | $598M |
EMPIRE SOUTHWEST LLCAZ · 860894087-002 | Wealth Plan Advisors | $487M |
ADVENTHEALTH BENEFITS ADMINISTRATIVE COMMITTEEFL · 592170012-001 | Fidelity Investments | $332M |
NORTHEAST GEORGIA HEALTH SYSTEM, INC.GA · 581694090-001 | Bank of America | $315M |
SIERRA SPACE CORPORATIONCO · 861752692-001 | Fidelity Investments | $293M |
Plans lost in 2024
Appeared last year under Merrill; not this year.
| Sponsor | To | Assets |
|---|---|---|
PARKER HANNIFIN CORPORATIONOH · 340451060-080 | Legal & General Investment Management America | $3.7B |
UNITED BENEFITS GROUPMO · 010689331-001 | BlackRock | $3.4B |
KPMG LLPNJ · 135565207-016 | WTW | $3.2B |
COADVANTAGE CORPORATIONFL · 273007025-333 | Raymond James Insurance Group | $1.0B |
HUSCH BLACKWELL LLPMO · 261688286-001 | Rubin Brown LLP | $566M |
WEATHERFORD INTERNATIONAL, LLCTX · 042515019-002 | T. Rowe Price | $522M |
BOMBARDIER AEROSPACE (HOLDINGS) USA INC. · 475222722-008 | KPMG | $489M |
EVERSHEDS SUTHERLAND (US) LLPDC · 580619407-001 | Combined Crafts | $401M |
STURDY MEMORIAL HOSPITAL INCMA · 042768252-001 | Mercer | $387M |
COMMUNITY HOSPITAL OF THE MONTEREY PENINSULACA · 940760193-002 | Empower | $339M |
Top plans by assets
Searchable full list lands with the commercial layer.
| Plan | Assets | Participants | Fees | Tenure | Flags |
|---|---|---|---|---|---|
WALMART INC.AR · 710415188-003 | $50.8B | 1,970,230 | $24M | 10y | - |
ACCENTURE LLPIL · 720542904-102 | $21.3B | 112,414 | $478,424 | 1y | - |
THE KROGER CO.OH · 310345740-010 | $11.8B | 411,922 | $2M | 1y | - |
KPMG LLPNJ · 135565207-011 | $10.5B | 55,312 | $2M | 9y | 1 |
SOUTHERN COMPANY SERVICES, INC.GA · 630274273-002 | $9.3B | 35,609 | $2M | 10y | 1 |
AMGEN INC.CA · 953540776-001 | $7.7B | 22,645 | $5M | 10y | - |
CORTEVA AGRISCIENCE, LLCDE · 351781118-002 | $7.0B | 24,519 | $973,422 | 3y | - |
AECOMTX · 611088522-055 | $6.8B | 32,344 | $3M | 10y | 2 |
FISERV SOLUTIONS, LLC.WI · 391833695-004 | $5.1B | 36,649 | $1M | 5y | 1 |
BLACKROCK, INC.NY · 991116001-001 | $4.8B | 14,370 | $10,003 | 2y | 1 |
Flag exposure
85.7%Market: 89.1%
This provider
Market baseline
Share of this provider's plans tripping any deterministic red flag this year. Lower than market baseline = better risk surface.
Aliases resolved (502)
Raw Schedule C names collapsed into Merrill.
- ACTUARIAL MERRILL LYNCH - FAS
- ELLISON, KIBLER&ASSOC MERRILL LYNCH
- FAULK AND WINKLER
- FAULK AND WINKLER, LLC
- FAULKNER KING WENZ PSC
- FAULKNER, KING & WENZ PSC
- FAULKNER, KING AND WENZ, PSC
- FAYEZ SAROFM & CO
- FBA INC
- FBC SERVICES INC DBA FRINGE BENEFIT
- FBO STONESTREET EQUITY, LLC
- FBP INSURANCE SERVICES INC
- FBP INSURANCE SERVICES LLC
- FBP INSURANCE SERVICES, INC.
- FBT
- FBT INVESTMENTS
- FBT INVESTMENTS INC
- FBT INVESTMENTS, INC.
- FC BANK - A DIVISION OF CNB BANK
- FC USA, INC
- FCC
- FCDG MANAGEMENT LLC
- FCE BENEFIT ADMINISTRATORS
- FCE BENEFIT ADMINISTRATORS INC.
- FCE BENEFIT ADMINISTRATORS, INC.
Book composition by plan size
Bars stack to total plans served; segments use the same asset cutoffs as the /plans size filter. Up-and-to-the-right on the bigger segments = moving up-market.
Under $5M$5-50M$50-250M$250M-1B$1B+
Compliance posture vs market
Per-flag share for Merrill's book against the same flag's overall prevalence across all filings. Negative delta = under-indexed (cleaner book); positive = elevated risk surface.
| Flag | Plans flagged | Provider % | Market % | Delta |
|---|---|---|---|---|
| Recently terminated | 45 | 1.92% | 7.76% | -5.84 pp |
| Fidelity bond gap | 143 | 6.09% | 26.94% | -20.85 pp |
| Late contributions | 490 | 20.88% | 1.71% | +19.16 pp |
| Failed to provide benefit | 11 | 0.47% | 0.14% | +0.33 pp |
| Corrective distributions | 638 | 27.18% | 1.76% | +25.43 pp |
| Loss discovered | 2 | 0.09% | 0.00% | +0.08 pp |
New-plan formation share
Share of plans filing for the first time each year that landed with Merrill. Compare to the incumbent market share (3.5%) - higher = winning new business, lower = coasting on existing relationships.
0.0%-3.5 pp vs incumbent
Frequent partners by role
Who else shows up on Merrill's plans most often. Switch tabs by counterparty role - high-overlap names are either referral channels (advisors, auditors) or competitive blocks (other recordkeepers).
| Partner | Shared plans | % of book |
|---|---|---|
| Strategic Advisers | 32 | 1.4% |
| Morningstar Investment Management | 31 | 1.3% |
| Rockefeller Capital Management | 20 | 0.8% |
| CAPTRUST | 19 | 0.8% |
| Mercer | 18 | 0.8% |
| WTW | 17 | 0.7% |
| Loomis Sayles | 16 | 0.7% |
| Milliman | 13 | 0.6% |
| Northwestern Mutual Wealth Management Company | 12 | 0.5% |
| Wilshire Associates | 12 | 0.5% |
Geographic penetration index
(Provider plans in state / state plans) divided by the provider's overall share of the market. Index 1.00 = average; > 1 = over-indexed (winning more than their fair share); < 1 = under-indexed (white space).