Guides › Financial Advisor Fees
Updated September 19, 2026. Quick answer: Vanguard Personal Advisor is less expensive at $500,000: $1,750 a year, versus $8,750 a year for Merrill Lynch, 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 | Merrill Lynch (annual fee) | Vanguard Personal Advisor (annual fee) |
|---|---|---|
| $250,000 | $4,375 | $875 |
| $500,000 | $8,750 | $1,750 |
| $1,000,000 | $17,500 | $3,500 |
| $2,000,000 | $35,000 | $7,000 |
Merrill Lynch discloses a maximum, individually negotiated rate of 1.75% (Merrill Lynch Investment Advisory Program Brochure (Form ADV Part 2A Wrap Fee Program Brochure), June 26, 2026 (IAPB-062026)); Vanguard Personal Advisor discloses a published gross rate of 0.35% (Vanguard Digital Advisor and Vanguard Personal Advisor Brochure (Form ADV Part 2A), 2026-08-20).
What the fee includes, in each firm’s own words
Merrill Lynch (Merrill Lynch Investment Advisory Program Brochure (Form ADV Part 2A Wrap Fee Program Brochure), June 26, 2026 (IAPB-062026)): “We have set the maximum Merrill Lynch Fee Rate for the Program at 1.75%. The Merrill Lynch Fee Rate is negotiable, meaning you and your Advisor may agree to a Merrill Lynch Fee Rate for an Account that is lower than 1.75%.”
Merrill Lynch does not publish a dollar-tiered breakpoint table for its flagship Investment Advisory Program (IAP); it publishes only a maximum, individually negotiated rate of 1.75%. The figures above apply that ceiling as a flat rate; your actual negotiated rate may be lower. If you select a discretionary Style Manager or PAS Manager strategy inside the Program, an additional manager fee (roughly 0.00% to 0.65% or more, depending on strategy) can apply on top of the 1.75% Merrill Lynch Fee.
Vanguard Personal Advisor (Vanguard Digital Advisor and Vanguard Personal Advisor Brochure (Form ADV Part 2A), 2026-08-20): “Personal Advisor’s annual gross advisory fee for Vanguard Brokerage Accounts is 0.35% for its all‐index investment options and 0.40% for the exclusive active/index mix. … Enrollments in Personal Advisor require an aggregate $50,000 balance or greater” All-index investment option (any enrolled balance; $50,000 aggregate minimum to enroll): 0.35%; Active/index mix investment option (any enrolled balance): 0.40%.
Flat (non-tiered) gross advisory fee applied to the entire enrolled Vanguard Brokerage Account balance regardless of balance size: 0.35% for the all-index investment option (used here as the base case) or 0.40% if the active/index mix is elected. Dollar figures = balance x 0.0035. This is Vanguard’s disclosed gross fee before the affiliate-revenue credit that Vanguard also applies (which further lowers the net fee actually charged, per the same brochure); the gross rate is used here because it is the stated contractual rate, not an estimate.
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, Merrill Lynch runs $8,750 a year and Vanguard Personal Advisor runs $1,750 a year: a difference of $7,000 a year at that balance.
Want the full breakdown for either firm on its own? Read the Merrill Lynch fee page or the Vanguard Personal Advisor 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 Merrill Lynch, or read the general mechanics of switching financial advisors.
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- Merrill Lynch Investment Advisory Program Brochure (Form ADV Part 2A Wrap Fee Program Brochure) (June 26, 2026 (IAPB-062026)): https://www.ml.com/solutions/understanding-our-services-and-fees-when-you-work-with-an-advisor.html
- SEC Investment Adviser Public Disclosure, Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD #7691): https://adviserinfo.sec.gov/firm/summary/7691
- Vanguard Digital Advisor and Vanguard Personal Advisor Brochure (Form ADV Part 2A) (2026-08-20): https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1055528
- SEC Investment Adviser Public Disclosure, Vanguard Advisers, Inc. (CRD #106715): https://adviserinfo.sec.gov/firm/summary/106715
Methodology. This page was built September 19, 2026, re-pairing figures already archived and independently verified for Merrill Lynch and Vanguard Personal Advisor 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.
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