Guides › Financial Advisor Fees
Updated September 17, 2026. Quick answer: Fidelity is less expensive at $500,000: $6,250 a year, versus $8,250 a year for Northwestern Mutual, computed from each firm’s own SEC-filed fee disclosure. See the full side-by-side table below for $250,000, $1 million and $2 million.
What each firm charges, side by side
| Account balance | Northwestern Mutual (annual fee) | Fidelity (annual fee) |
|---|---|---|
| $250,000 | $4,125 | $3,750 |
| $500,000 | $8,250 | $6,250 |
| $1,000,000 | $16,500 | $11,750 |
| $2,000,000 | $33,000 | $20,750 |
Northwestern Mutual discloses a maximum, individually negotiated rate of 1.65% (Northwestern Mutual Wealth Management Company Private Client Services Disclosure Brochure, September 2026); Fidelity discloses a tiered schedule starting at 1.50% (capped at $6,250) (Fidelity Wealth Services Form ADV Part 2A Brochure (Strategic Advisers LLC), March 30, 2026).
What the fee includes, in each firm’s own words
Northwestern Mutual (Northwestern Mutual Wealth Management Company Private Client Services Disclosure Brochure, September 2026): “NMWMC generally charges an annual Net Advisory Fee of no more than 1.65% on assets in a Private Client Services account. The corresponding annual Gross Advisory Fee is no more than 1.76% before the application of the 0.11% fee offset for proprietary investment management fees discussed below.”
Northwestern Mutual does not publish a public dollar-breakpoint schedule; the tiers on your account are negotiated with your advisor and recorded in a private Statement of Investment Selection. The figures above apply the disclosed 1.65% ceiling as a flat rate; your advisor may offer a lower custom schedule.
Fidelity Wealth Management (Fidelity Wealth Services Form ADV Part 2A Brochure (Strategic Advisers LLC), March 30, 2026): “ANNUAL ADVISORY FEE SCHEDULE FOR PROGRAM ACCOUNTS: Wealth Management and Private Wealth Management. If Average Daily Assets total $500,000 or less: For Average Daily Assets from $0 to $500,000, 1.50% (up to a maximum of $6,250). If Average Daily Assets total more than $500,000: For the first $500,000, 1.25%; for the next $500,000, 1.10%; for the next $1,000,000, 0.90%.”
This is the Gross Advisory Fee; Fidelity applies a Credit Amount that can lower the Net Advisory Fee a client actually pays, which is not quantified in the public schedule. The Northwestern Mutual brochure states a recommended minimum investment of $2,000,000 for a Private Client Services account, and states no waiver of it, so its $250,000, $500,000 and $1,000,000 figures above apply that disclosed 1.65% ceiling to balances below the minimum.
How this compares
Our benchmark of published adviser fee schedules puts the weighted median annual cost near $2,000 to $2,500 on $250,000 (the benchmark). At $500,000, Northwestern Mutual runs $8,250 a year and Fidelity runs $6,250 a year: a difference of $2,000 a year at that balance.
Want the full breakdown for either firm on its own? Read the Northwestern Mutual fee page or the Fidelity fee page for the complete tier table and source citations.
Thinking about leaving one of these firms instead of pricing what you would pay to stay? See what it costs to leave Northwestern Mutual or what it costs to leave Fidelity, or read the general mechanics of switching financial advisors.
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Source: WiserAdvisor’s service descriptionSources
- Northwestern Mutual Wealth Management Company Private Client Services Disclosure Brochure (September 2026): https://www.northwesternmutual.com/assets/pdf/brochures/private-client-services-disclosure.pdf
- FDIC BankFind, Northwestern Mutual Wealth Management Company (FDIC Certificate #57093): https://banks.data.fdic.gov/bankfind-suite/bankfind/details/57093
- 12 CFR Part 9, Fiduciary Activities of National Banks (the OCC regulation governing this class of institution): https://www.govinfo.gov/content/pkg/CFR-2024-title12-vol1/pdf/CFR-2024-title12-vol1-part9.pdf
- Fidelity Wealth Services Form ADV Part 2A Brochure (Strategic Advisers LLC) (March 30, 2026): https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/FWS-program-fundamentals.pdf
- SEC Investment Adviser Public Disclosure, Strategic Advisers LLC (CRD #104555): https://adviserinfo.sec.gov/firm/summary/104555
Methodology. This page was built September 17, 2026, re-pairing figures already archived and independently verified for Northwestern Mutual and Fidelity from each firm’s own SEC-filed disclosure; sources linked above. Nothing here is personalized financial, tax, legal, or investment advice. See our Editorial Policy, Corrections, Affiliate Disclosure, and Disclaimer.
Weighing whether to move ahead? Read the full Fidelity Wealth Management review, including its fiduciary status and what it costs to leave.