Guides › Financial Advisor Fees
Updated September 19, 2026. Quick answer: Merrill Lynch is less expensive at $500,000: $8,750 a year, versus $14,750 a year for LPL, 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.
More head-to-head fee comparisons: Ameriprise vs LPL Fees, Baird vs LPL Fees and Betterment Premium vs LPL Financial Fees.
What each firm charges, side by side
| Account balance | LPL (annual fee) | Merrill Lynch (annual fee) |
|---|---|---|
| $250,000 | $7,375 | $4,375 |
| $500,000 | $14,750 | $8,750 |
| $1,000,000 | $29,500 | $17,500 |
| $2,000,000 | $59,000 | $35,000 |
LPL discloses a maximum, individually negotiated rate of 2.95% (LPL Financial LLC Program Brochure, Form ADV Part 2A, Item 5 (“Fee Maximums”), July 1, 2026); 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)).
What the fee includes, in each firm’s own words
LPL Financial (LPL Financial LLC Program Brochure, Form ADV Part 2A, Item 5 (“Fee Maximums”), July 1, 2026): “Fee Maximums. Fee maximums vary by Program, as indicated below. … MWP: Maximum Advisory Fee 2.35%, Maximum Manager Fee 0.60%, Total Maximum Account Fee 2.95%.” Model Wealth Portfolios (MWP): 2.35% maximum Advisory Fee plus a 0.60% maximum Manager Fee.
LPL sets per-program fee ceilings rather than a single published breakpoint table; the figures above use Model Wealth Portfolios, LPL’s flagship managed-account program, at its 2.95% combined maximum. Other LPL programs cap lower (as low as 1.35% for Guided Wealth Portfolios); your actual rate depends on the program and is individually negotiated below the ceiling.
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.
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, LPL runs $14,750 a year and Merrill Lynch runs $8,750 a year: a difference of $6,000 a year at that balance.
Want the full breakdown for either firm on its own? Read the LPL fee page or the Merrill Lynch 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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- LPL Financial LLC Program Brochure, Form ADV Part 2A, Item 5 (“Fee Maximums”) (July 1, 2026): https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1050527
- SEC Investment Adviser Public Disclosure, LPL Financial LLC (CRD #6413): https://adviserinfo.sec.gov/firm/summary/6413
- 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
Methodology. This page was built September 19, 2026, re-pairing figures already archived and independently verified for LPL and Merrill Lynch 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.