Guides › Financial Advisor Fees
Updated October 3, 2026. Quick answer: Fidelity has the lower published fee at $500,000: $6,250 a year, versus up to $8,750 a year (the published maximum Merrill Lynch Fee, which the firm says is negotiable, before any Style Manager Fee or PAS Manager Fee added to the Program Fee; Style Manager Rates generally range from 0.00% to 0.65%) 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 each firm charges, side by side
| Account balance | Fidelity (annual fee) | Merrill Lynch (annual fee) |
|---|---|---|
| $250,000 | $3,750 | Up to $4,375 |
| $500,000 | $6,250 | Up to $8,750 |
| $1,000,000 | $11,750 | Up to $17,500 |
| $2,000,000 | $20,750 | Up to $35,000 |
Fidelity discloses a tiered schedule starting at 1.50% (capped at $6,250) (Fidelity Wealth Services Form ADV Part 2A Brochure (Strategic Advisers LLC), March 30, 2026); Merrill Lynch discloses a published maximum rate of 1.75%, which the firm says is negotiable (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
Fidelity Wealth Management (Fidelity Wealth Services Form ADV Part 2A Brochure (Strategic Advisers LLC), March 30, 2026): The brochure’s Annual Advisory Fee Schedule for Program Accounts lists these Gross Advisory Fee rates for Wealth Management and Private Wealth Management. If Average Daily Assets total $500,000 or less, the rate is 1.50% (up to a maximum of $6,250). If Average Daily Assets total more than $500,000, the rate is 1.25% on the first $500,000, 1.10% on the next $500,000 or portion thereof, 0.90% on the next $1,000,000 or portion thereof, 0.70% on the next $3,000,000 or portion thereof, and 0.50% on Average Daily Assets in excess of $5,000,000.
This is the Gross Advisory Fee; Fidelity applies a Credit Amount that can lower the Net Advisory Fee a client actually pays, which is not quantified in the public schedule.
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 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
The median ria charges roughly 1.0% of assets under management annually (the benchmark). At $500,000, Fidelity runs $6,250 a year and Merrill Lynch runs up to $8,750 a year (the published maximum): a difference of $2,500 a year between those figures at that balance.
Want the full breakdown for either firm on its own? Read the Fidelity 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 Fidelity or the Merrill Lynch transfer-out fee ($75 to $95 depending on the account) and the rest of 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.
Fidelity runs $6,250 a year at $500,000. See what else is available.
If you are in the U.S. and 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 Fidelity and Merrill Lynch with another adviser.
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 for a qualifying submitted form, 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
- Fidelity Wealth Services Form ADV Part 2A Brochure (Strategic Advisers LLC) (March 30, 2026): https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/FWS-program-fundamentals.pdf
- SEC Investment Adviser Public Disclosure, Strategic Advisers LLC (CRD #104555): https://adviserinfo.sec.gov/firm/summary/104555
- 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 October 3, 2026, re-pairing figures already archived and independently verified for Fidelity 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.