Guides › Financial Advisor Fees
Updated October 3, 2026. Quick answer: MassMutual has the lower published fee at $500,000: up to $10,350 a year (the sum of the firm’s published maximum fee components), versus $13,750 a year for Raymond James, 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 each firm charges, side by side
| Account balance | MassMutual (annual fee) | Raymond James (annual fee) |
|---|---|---|
| $250,000 | Up to $5,175 | $6,875 |
| $500,000 | Up to $10,350 | $13,750 |
| $1,000,000 | Up to $20,700 | $27,500 |
| $2,000,000 | Up to $41,400 | $50,000 |
MassMutual discloses published fee components that sum to a maximum of 2.07% (MML Investors Services, LLC, MMLIS Wealth Management Services Portfolio Solutions Programs Wrap Fee Brochure (Form ADV Part 2A Appendix 1), July 10, 2026); Raymond James discloses a tiered schedule starting at 2.75% (Raymond James & Associates, Inc. Wrap Fee Program Brochure, Form ADV Part 2A Appendix 1, “Maximum Fee Schedule for AMS Managed and IAR Managed Programs”, June 26, 2026).
What the fee includes, in each firm’s own words
MassMutual (MML Investors Services, LLC, MMLIS Wealth Management Services Portfolio Solutions Programs Wrap Fee Brochure (Form ADV Part 2A Appendix 1), July 10, 2026): “The Client Fee includes an Execution, Clearing and Custody Fee of 0.06%, a negotiable Advisory Fee up to a maximum of 1.54%, and any applicable fees to Strategists. … Strategist Fees range from 0.05% to 0.47%.”
MMLIS’s Client Fee for the Portfolio Solutions Programs is built from three disclosed components rather than one published schedule: a fixed 0.06% Execution/Clearing/Custody Fee, a negotiable Advisory Fee capped at 1.54% of AUM, and a Strategist Fee ranging 0.05%-0.47% depending on which asset-allocation model/strategist is selected (or 0% if none). The dollar figures on this page apply that 2.07% maximum to each balance, as the most a client could be charged. A client’s actual fee would typically be lower depending on the negotiated Advisory Fee and the Strategist Fee of the specific model chosen.
Raymond James (Raymond James & Associates, Inc. Wrap Fee Program Brochure, Form ADV Part 2A Appendix 1, “Maximum Fee Schedule for AMS Managed and IAR Managed Programs”, June 26, 2026): “We maintain a fee schedule (“maximum fee schedule”) that outlines the maximum fee rates that can be charged to clients at specific asset-level breakpoints. We calculate maximum Fees on a retroactive basis instead of on an incremental basis. As the aggregated Relationship Value reaches each higher asset tier, or “breakpoint,” the applicable Fee is reduced and assessed retroactively to the first dollar of your account assets. RJCS Equity/Balanced, Schedule A: Up to $1M, 2.75%; $1M-$2M, 2.50%; $2M-$5M, 2.25%; $5M-$10M, 2.00%; $10M+, 1.75%.”
Raymond James’s Consulting Services (RJCS) flagship program is a breakpoint schedule, not a marginal one: your entire account is billed at a single rate, based on which asset-level bracket the whole balance falls into, applied retroactively to the first dollar. The brochure publishes two rate columns for Equity/Balanced accounts, Schedule A and Schedule B, without specifying the eligibility difference between them in the sections reviewed this session; this page uses Schedule A, the higher, first-listed of the two, so the figures shown are a maximum, not a guaranteed rate. Applying each bracket boundary as inclusive of its own labeled ceiling (so a $1,000,000 account is billed at the “Up to $1M” rate and a $2,000,000 account at the “$1M-$2M” rate): $250,000 and $500,000 both fall in the “Up to $1M” bracket at 2.75%; $1,000,000 stays in that same bracket; $2,000,000 falls in the “$1M-$2M” bracket at 2.50%.
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, MassMutual runs up to $10,350 a year (the published maximum) and Raymond James runs $13,750 a year: a difference of $3,400 a year between those figures at that balance.
Want the full breakdown for either firm on its own? Read the MassMutual fee page or the Raymond James fee page for the complete tier table and source citations.
Comparing these two against a full move? Read the general mechanics of switching financial advisors, or use a dated termination letter once you decide.
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MassMutual runs up to $10,350 a year (the published maximum) at $500,000. See what else is available.
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Answer againSources
- MML Investors Services, LLC, MMLIS Wealth Management Services Portfolio Solutions Programs Wrap Fee Brochure (Form ADV Part 2A Appendix 1) (July 10, 2026): https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1051357
- SEC Investment Adviser Public Disclosure, MML Investors Services, LLC (CRD #10409): https://adviserinfo.sec.gov/firm/summary/10409
- Raymond James & Associates, Inc. Wrap Fee Program Brochure, Form ADV Part 2A Appendix 1, “Maximum Fee Schedule for AMS Managed and IAR Managed Programs” (June 26, 2026): https://www.raymondjames.com/legal-disclosures
- SEC Investment Adviser Public Disclosure, Raymond James & Associates, Inc. (CRD #705): https://adviserinfo.sec.gov/firm/summary/705
Methodology. This page was built October 3, 2026, re-pairing figures already archived and independently verified for MassMutual and Raymond James 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.