MML Investors Services Review

Pros and Cons of MML Investors Services

Types of Clients

MML Investors offers advisory services to various types of clients. Primarily, however, it serves individuals of both average and high net worth, making up approximately 98.6% of its client base, per its Form ADV. The firm also serves the following institutional clients:

• Banking institutions
• Pension and profit-sharing plans
• Retirement accounts (e.g., SEP, SIMPLE, and traditional IRAs)
• Charitable organizations
• Insurance companies
• Corporations
• Trusts and estates

The account minimums for MMLIS can vary significantly and depend on which service you decide to get. According to the company’s Form CRS, this could stretch from $5,000 for some products to $1 million for high-net-worth clients with complex wealth management needs.

Below is a breakdown of the minimums to expect for MML Investors’ products:

Type of Service	Minimum Investment
Financial planning	N/A
Advisor Select	$5,000
UMA Select Premier	$5,000
Portfolio Solutions	$5,000 to $50,000
SMA Select	$100,000
Wealth Management Services (WMS)	$1 million

Financial Advisor Services

MML Investors has a wide collection of services, including financial planning, investment advisory, and wealth management. The latter two, however, combine for a large portion of the company’s offerings and are available under both discretionary and non-discretionary management styles.

Here is an overview of the firm’s services:

Financial Planning

MMLIS offers a financial planning service to individuals, married and unmarried couples, and entities such as businesses, trusts, and charities for no minimum investment or dollar amount.

In exchange for an annual fee, you’ll work one-on-one with a financial advisor who will review your current situation—including your income and liabilities, savings, and debts—and short- and long-term goals. Then, according to the firm’s Form ADV Part 2A, they’ll help you create a plan based on one or more of the following areas:

• Budgeting
• Building an emergency fund
• Debt management
• Education
• Estate planning
• Investing
• Major purchases
• Retirement
• Risk management
• Taxes
• Business ownership

The firm points out that you’ll carry the duty of implementing your advisor’s plan recommendations. However, the relationship, per the brochure, is intended to be continuous and will include check-ins with your professional at least once a year.

Investment Advisory

Another featured service MML Investors includes is investment advisory. This is either on a discretionary basis, where an advisor wields control over your portfolio and can make trades on your behalf without approval, or a non-discretionary arrangement, requiring you to sign off on all account activity.

MMLIS offers multiple investment management programs. They each have different attributes, investments, and minimums. In general, however, they involve working with an investment advisor representative (IAR) who will help implement a portfolio strategy according to your goals, risk tolerance, and the available investments within the program. In some cases, as noted, they will do this for you on their own; however, consider that IARs will not have discretionary authority in some programs.

Below are some brief details of each offering, according to company’s firm’s Form ADV brochures:

• Advisor Select is a set of programs available on a discretionary or non-discretionary arrangement. Depending on the specific program and professional, the firm says your portfolio might include securities such as:
  • Stocks
  • Bonds
  • Mutual funds
  • Exchange-traded funds (ETFs)
  • Closed-end funds
  • Unit investment trusts (UITs)
  • American Depositary Receipts (ADRs)
  • Certificates of deposit (CDs)
• UMA Select Premier is a discretionary or non-discretionary unified managed account (UMA) program. Investments may include various third-party model portfolios or individual investments or funds (see sub-list above) that align with your circumstances and needs.
• Portfolio Solutions (Standard and Premier) are programs that allow you to invest in mutual fund and ETF portfolio constructions created by either MMLIS’ team of strategists or a third-party company. The Premier version is the same as the standard but offers fixed-income assets and stocks on top of just mutual funds and ETFs.
• SMA Select is a non-discretionary program that lets you choose a separately managed account (SMA) via either MMLIS or a third-party firm. Per the product brochure, the investments within the accounts will include equities and fixed-income investments.

Wealth Management

For a lofty minimum of $1 million, MML Investors Services also offers wealth management services to high-net-worth individuals and organizations. In this arrangement, a financial advisor will work closely with you to ascertain your objectives, investment preferences, and time horizon. Then, they’ll help you craft a tailored portfolio plan, presenting what the company refers to as an “investment proposal.”

Three programs make up MMLIS’ wealth management services—Wealth Advisory, Core Asset Manager, and Destinations. Each is typically available on a discretionary basis, giving your advisor the authority to handle your complex needs. While the programs differ in focus, setup, and securities, they generally involve, as mentioned, a tailored asset allocation according to the investor profile you’ve provided. For more in-depth information, however, we recommend reading the brochure for the company’s wealth services.

Fee Structure

The fees at MML Investors Services vary depending on what you’re receiving. That is, you’ll see different structures and rates for financial planning, investment management, and wealth advisory.

Financial planning from MMLIS includes a flat-fee structure. Fees could fall anywhere between $500 and $25,000 per year depending on factors such as your net worth, number and nuances of needs, location, and more.

For investment advisory, the company charges a percentage of your assets under management (AUM) on a tiered structure where prices go up as your portfolio grows. According to the firm, fees for its portfolio management programs will cap out at 1.54% AUM with an additional 0.06% fee for brokerage services. MML Investors says, however, that fees are negotiable.

Finally, MMLIS’ wealth management uses a tiered wrap-fee structure that encompasses an advisory fee and brokerage costs. Under this arrangement, you’ll pay monthly, and the fees will depend on your AUM.

Investment Philosophy

One of the most important aspects to research before working with any advisory firm—whether it’s for planning or full-on portfolio management—is its investment philosophy. This can help you understand what kind of expertise you might receive and whether it aligns with your preferences. A good way to gain insight into a company’s investment approach is via documents such as Part 2A of its Form ADV, in which they must list this information, and on its website.

According to the present information on its Form ADV documents and website, MML Investors offers services aimed at giving clients a range of options with which they can invest their portfolios. That is, for investment and wealth management, the firm offers multiple programs with various available securities and model portfolios to choose from, ranging from mutual funds and ETFs to individual stocks and fixed-income assets like bonds.

The company also utilizes third-party portfolio models and options. This widens the selections available within each portfolio management program.

Disclosures

MML Investors Services, LLC is an RIA with the SEC, requiring it to file a publicly available Form ADV. Therefore, it must list all past official disciplinary and regulatory actions, including arbitrations and criminal proceedings, it has received and conflicts of interest as disclosures.

According to the FINRA’s BrokerCheck, MMLIS has 30 disclosures. This includes 27 regulatory events, one arbitration, and two bonds.

On its website, MML Investors transparently lists various disclosure documents. You can use these to learn more about the company’s possible conflicts of interest.

Customer Service and Becoming a Client

To contact MML Investors’ customer service, we recommend visiting the contact page on MassMutual’s website. Here, you’ll be able to find phone numbers and links to log in to your account (if applicable) with the firm.

If you’re interested in starting an account with MML Investors Services, the easiest way is to visit MassMutual’s search page for financial professionals. This lets you look up advisors affiliated with the company in your ZIP code or state.

Methodology

This review is based on publicly available information directly from MassMutual’s website and the SEC. Neither the firm nor its representatives have any say on what we’ve included on this page.

Frequently Asked Questions

Is MML Investors a fiduciary?

Due to its registration with the SEC as an investment advisor, MML Investors Services is legally required to uphold a fiduciary duty when working with clients. This means that it must put your best interests first and avoid and disclose conflicts of interest that arise.

Is MassMutual a good financial advisor company?

MassMutual is a top financial services company, ranking just outside the top ten at 11 in a 2024 study by J.D. Power. Its financial advisor arm we’ve discussed in this review, MML Investors Services, has been around for over 40 years and manages more than $70 billion in assets. Therefore, one can comfortably view it as an established firm with extensive resources.

Whether MMLIS is your ideal advisor, though, will ultimately depend on what you want in a company. As mentioned, it offers diverse portfolio management and comprehensive planning options. However, you’ll have to consider whether these fit your needs at the price and minimums you’re looking for.

Are MML Investors’ fees negotiable?

Yes, both MML Investors Services’ portfolio management and financial planning fees are negotiable, according to its Form ADV. The amount you can negotiate, however, will likely vary and depend on your professional and situation.