Guides › Financial Advisor Fees
Updated October 3, 2026. Quick answer: TIAA’s Private Asset Management (PAM) program has the lower published advisory fee at $500,000: $4,500 a year (before equity trade commissions, fixed income spread and fund expenses; the program generally is deemed appropriate for clients with at least $1,000,000 in investable assets), versus up to $8,750 a year (the 1.75% maximum Merrill Lynch Fee, which the firm says is negotiable, before any Style Manager or PAS Manager fee) for Merrill Lynch, computed from each firm’s own SEC-filed fee disclosure. Where a firm publishes only a maximum rate, the figure shown is that maximum, and what you pay may be lower. See the full side-by-side table below for $250,000, $1 million and $2 million.
What fees does Merrill Lynch charge? The Merrill Lynch advisor fees are shown in dollars at four balances on their own page.
What each firm charges, side by side
| Account balance | Merrill Lynch (annual fee) | TIAA Wealth Management (annual fee) |
|---|---|---|
| $250,000 | Up to $4,375 | $2,250 |
| $500,000 | Up to $8,750 | $4,500 |
| $1,000,000 | Up to $17,500 | $9,000 |
| $2,000,000 | Up to $35,000 | $16,000 |
Merrill Lynch discloses a maximum Merrill Lynch Fee Rate of 1.75%, which the firm says is negotiable, before any Style Manager or PAS Manager fee (generally 0.00% to 0.65%) (Merrill Lynch Investment Advisory Program Brochure (Form ADV Part 2A Wrap Fee Program Brochure), June 26, 2026 (IAPB-062026)); TIAA’s Private Asset Management (PAM) program discloses a tiered schedule starting at 0.90% (TIAA-CREF Individual & Institutional Services, LLC, Advice & Planning Services, Private Asset Management Disclosure Brochure (Form ADV Part 2A), March 31, 2026).
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 Investment Advisory Program (IAP); it publishes a maximum Merrill Lynch Fee Rate of 1.75%, which the brochure says is negotiable. The figures above apply that maximum as a flat rate; your actual rate may be lower. If you select a Style Manager or PAS Manager strategy inside the Program, a manager fee is added on top of the 1.75% Merrill Lynch Fee: for Style Manager strategies the brochure says the rates generally range from 0.00% to 0.65%, with prior notice if a rate is higher, and PAS Manager rates are negotiated with the PAS Manager.
TIAA Wealth Management (TIAA-CREF Individual & Institutional Services, LLC, Advice & Planning Services, Private Asset Management Disclosure Brochure (Form ADV Part 2A), March 31, 2026): “The PAM Fee schedules for the discretionary accounts are provided below. They are subject to change with prior notice to materially impacted clients enrolled in PAM. … PAM Fee Blended Schedule Value Bracket Annual Fee as % First $1,000,000 of market value 0.90% Next $2,000,000 0.70% Next $2,000,000 0.50% Over $5,000,000 0.40%”
The figures apply the PAM Fee Blended Schedule marginally: 0.90% on the first $1,000,000, so $2,250 at $250,000, $4,500 at $500,000 and $9,000 at $1,000,000, then 0.70% on the next $2,000,000, so $16,000 at $2,000,000 ($9,000 plus $7,000). PAM is the Private Asset Management program sponsored by the Advice & Planning Services division of TIAA-CREF Individual & Institutional Services, LLC (TC Services), with TIAA Wealth Investment Management LLC as sub-adviser. The PAM Fee does not include equity trade commissions or fixed income spread, which the client bears, and the brochure says TC Services may decide to negotiate fees. A separate PAM Fee Exclusively Fixed Income schedule (0.50% on the first $1,000,000 down to 0.15% over $10,000,000) is listed beside it and is not shown here. The $250,000 and $500,000 rows are below the $1,000,000 level at which the brochure says the program generally is deemed appropriate.
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’s 1.75% maximum Merrill Lynch Fee runs up to $8,750 a year before any manager fee and TIAA’s PAM schedule comes to $4,500 a year before equity trade commissions, fixed income spread and fund expenses: a difference of up to $4,250 a year between those figures at that balance.
Want the full breakdown for either firm on its own? Read the Merrill Lynch fee page or the TIAA Wealth Management 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.
Find the right next step for your situation
About how much do you have invested? Pick the range that fits; your next step appears immediately below.
TIAA Wealth Management runs $4,500 a year at $500,000. See what else is available.
If your portfolio is $250,000 or more, this connects you (free, with no obligation to hire anyone) with 2 to 3 vetted advisors.
Before you start, what actually happens. The matching service is run by WiserAdvisor, an independent advisor-matching company. It opens on their site, asks for your ZIP code and a few questions, and matches you with 2 to 3 vetted advisors. It is free to you.
WiserAdvisor states the service is built for portfolios of $250,000 and above. By submitting, you consent to emails, phone calls and text messages from WiserAdvisor and up to three advisors, so expect to be contacted. Clear Money Guide may earn a referral payment for a qualifying completed form, whether or not you ever hire anyone.
Opens on WiserAdvisor’s site in a new tab.
Compare Merrill Lynch and TIAA Wealth Management against a fee-based match.
Price the destination before you decide. The matching service below introduces you to advisers who pay to meet you.
Before you start, what actually happens. The form is run by Kapitalwise, our advisor-matching partner. Kapitalwise sends your details to advisers who pay for the introduction, so expect calls and texts. Clear Money Guide may earn a referral payment through this service, whether or not you ever hire anyone. This is free to you and there is no obligation to hire anyone.
The Kapitalwise form opens here; you stay on this page.
What happens when you press the button
It asks about nine questions: age, investable assets, location; then your name, email and phone number, and verifies the phone by text. Nothing loads and nothing reaches Kapitalwise until you press the button.
Prefer flat-fee or hourly pricing instead? Compare ranges here.
Answer againSources
- 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
- TIAA-CREF Individual & Institutional Services, LLC, Advice & Planning Services, Private Asset Management Disclosure Brochure (Form ADV Part 2A) (March 31, 2026): https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1028127
- SEC Investment Adviser Public Disclosure, TIAA-CREF Individual & Institutional Services, LLC (d/b/a Advice & Planning Services, sponsor of the Private Asset Management Program) (CRD #20472): https://adviserinfo.sec.gov/firm/summary/20472
Methodology. This page was built October 3, 2026, re-pairing figures already archived and independently verified for Merrill Lynch and TIAA Wealth Management 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.