Guides › Financial Advisor Fees
Updated October 3, 2026. Quick answer: TIAA Wealth Management’s Private Asset Management schedule is lower at $500,000: $4,500 a year (the brochure says the program generally is deemed appropriate for clients with at least $1,000,000 in investable assets, and its fee excludes trade commissions and fixed income spread), versus $7,500 a year for Fisher Investments, 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 | Fisher Investments (annual fee) | TIAA Wealth Management (annual fee) |
|---|---|---|
| $250,000 | $3,750 | $2,250 |
| $500,000 | $7,500 | $4,500 |
| $1,000,000 | $12,500 | $9,000 |
| $2,000,000 | $23,750 | $16,000 |
Fisher Investments discloses a tiered Equity and Blended schedule starting at 1.25% on the first $1 million, with a flat 1.50% annual rate for smaller relationships it accepts at its discretion (Fisher Investments Form ADV Part 2A, “Private Client” Brochure, February 11, 2026); TIAA Wealth Management 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
Fisher Investments (Fisher Investments Form ADV Part 2A, “Private Client” Brochure, February 11, 2026): While at times FI may negotiate rates other than those specified, FI’s private client basic billing rates for Equity and Blended Accounts, applied to one or more aggregated accounts owned by the same client, are an Annual Management Fee of 1.25% on the first $1 million, 1.125% on the next $4 million and 1.000% on additional amounts over $5 million. The brochure continues: “FI typically targets clients with at least $1,000,000 in investable assets but will accept smaller client relationships at FI’s discretion which will be billed at an annual rate of 1.50%. Clients with managed assets that fall below $900,000 due to withdrawal will be billed at the annual rate of 1.50%.”
Fisher typically targets relationships of at least $1,000,000; smaller relationships it accepts at its discretion are billed at a flat 1.50% annual rate, as are clients whose managed assets fall below $900,000 due to withdrawal. For a relationship billed on the Equity and Blended schedule, the first $1 million is charged 1.25% and each further bracket is charged at its own rate.
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.” The PAM Fee Blended Schedule is 0.90% on the first $1,000,000 of market value, 0.70% on the next $2,000,000, 0.50% on the next $2,000,000 and 0.40% over $5,000,000.
This is the PAM Fee Blended Schedule of the Private Asset Management program (“PAM”), sponsored by the Advice & Planning Services division of TIAA-CREF Individual & Institutional Services, LLC (“TC Services”) and sub-advised by TIAA Wealth Investment Management LLC. The first $1,000,000 is billed at 0.90%, so $250,000 costs $2,250, $500,000 costs $4,500 and $1,000,000 costs $9,000. At $2,000,000 the first $1,000,000 costs $9,000 and the next $1,000,000 is billed at 0.70%, or $7,000, for a total of $16,000. The PAM Fee does not include equity trade commissions or fixed income spread, or the fees and expenses inherent in the underlying securities, and the brochure says the program generally is deemed appropriate for clients with at least $1,000,000 in investable assets, so the $250,000 and $500,000 rows are below that level.TIAA Wealth Investment Management LLC is paid asset-based fees of 3.75 basis points by TC Services for its sub-advisory work on PAM; TC Services, which sponsors PAM, is the entity that bills clients, so its Private Asset Management brochure is the source for the schedule on this page. That brochure also lists a separate PAM Fee Exclusively Fixed Income Schedule (0.50% on the first $1,000,000, then 0.35%, 0.25%, 0.20% and 0.15% over $10,000,000) beside the Blended Schedule; the figures above use the Blended Schedule.
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, Fisher Investments runs $7,500 a year and TIAA Wealth Management’s Private Asset Management schedule comes to $4,500 a year before equity trade commissions and fixed income spread: a difference of up to $3,000 a year between those figures at that balance.
Want the full breakdown for either firm on its own? Read the Fisher Investments 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 Fisher Investments, or read the general mechanics of switching financial advisors.
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- Fisher Investments Form ADV Part 2A, “Private Client” Brochure (February 11, 2026): https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1008280
- SEC Investment Adviser Public Disclosure, Fisher Asset Management, LLC, doing business as Fisher Investments (CRD #107342): https://adviserinfo.sec.gov/firm/summary/107342
- 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 Fisher Investments 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.