Guides › Financial Advisor Fees
Updated October 3, 2026. Quick answer: Fisher Investments has the lower published fee at $500,000: $7,500 a year, versus up to $10,175 a year (the sum of the stated maximum MSWM Fee and the Platform Fee, which the brochure says can be exceeded in special circumstances, with Alternative Investment manager fees on top) for Morgan Stanley, 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 | Fisher Investments (annual fee) | Morgan Stanley (annual fee) |
|---|---|---|
| $250,000 | $3,750 | Up to $5,088 |
| $500,000 | $7,500 | Up to $10,175 |
| $1,000,000 | $12,500 | Up to $20,350 |
| $2,000,000 | $23,750 | Up to $40,700 |
Fisher Investments discloses a tiered schedule starting at 1.25% on the first $1 million, with a flat 1.50% for smaller relationships (Fisher Investments Form ADV Part 2A, “Private Client” Brochure, February 11, 2026); Morgan Stanley discloses published fee components that sum to a maximum of 2.035% (Morgan Stanley Consulting Group Advisor (CGA) Program Wrap Fee Brochure, Form ADV Part 2A Appendix 1, March 30, 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 specified below, the following schedule lays out FI’s private client basic billing rates for one or more aggregated accounts owned by the same client:” For Equity and Blended Accounts the annual management fee is 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 gives a separate schedule for Income Only accounts in excess of $5 million, which this page does not use. “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%.”
Below roughly $900,000 to $1,000,000, Fisher bills a flat 1.50% relationship rate; at or above $1,000,000 the marginal Equity and Blended schedule above applies.
Morgan Stanley (Morgan Stanley Consulting Group Advisor (CGA) Program Wrap Fee Brochure, Form ADV Part 2A Appendix 1, March 30, 2026): “The maximum annual MSWM Fee for CGA accounts is 2.00% of the market value of the eligible assets in the account. … The Platform Fee is a 0.035% annual asset-based fee.” The brochure adds that the Platform Fee is in addition to the MSWM Fee and is non-negotiable, and that it is generally applicable to all CGA accounts except Retirement Accounts covered by Title I of ERISA (for example, certain Simplified Employee Pension accounts and SIMPLE IRAs), 529 plans and accounts Morgan Stanley classifies as institutional. Combined maximum: a 2.00% MSWM Fee plus a 0.035% Platform Fee.
Morgan Stanley discloses only a maximum annual fee for its Consulting Group Advisor program, not a public breakpoint table; the figures above are the stated maximum (2.035% combined) applied flat. Fees are stated as negotiable; the brochure adds that in special circumstances, and with the client’s agreement, the MSWM Fee may be more than the stated maximum annual fee. Alternative Investments also carry fees paid to the manager of the Alternative Investment, in addition to the fees above.
How this compares
The median ria charges roughly 1.0% of assets under management annually (the benchmark). At $500,000, Fisher Investments runs $7,500 a year and Morgan Stanley runs up to $10,175 a year (the stated maximum MSWM Fee plus Platform Fee): a difference of $2,675 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 Morgan Stanley 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 what it costs to leave Morgan Stanley, 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
- Morgan Stanley Consulting Group Advisor (CGA) Program Wrap Fee Brochure, Form ADV Part 2A Appendix 1 (March 30, 2026): https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1033575
- SEC Investment Adviser Public Disclosure, Morgan Stanley Smith Barney LLC (CRD #149777): https://adviserinfo.sec.gov/firm/summary/149777
Methodology. This page was built October 3, 2026, re-pairing figures already archived and independently verified for Fisher Investments and Morgan Stanley 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.