Guides › Financial Advisor Fees
Updated September 19, 2026. Quick answer: Charles Schwab is less expensive at $500,000: $4,000 a year, versus $11,250 a year for Cambridge Investment Research, 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 | Cambridge Investment Research (annual fee) | Charles Schwab (annual fee) |
|---|---|---|
| $250,000 | $5,625 | $4,000 |
| $500,000 | $11,250 | $4,000 |
| $1,000,000 | $22,500 | $8,000 |
| $2,000,000 | $45,000 | $15,500 |
Cambridge Investment Research discloses a maximum, individually negotiated rate of 2.25% (Cambridge Investment Research Advisors, Inc. Form ADV Part 2A Disclosure Brochure, July 2026); Charles Schwab discloses a tiered schedule starting at 0.80% (Charles Schwab & Co., Inc. Disclosure Brochure for the Schwab Wealth Advisory Wrap Fee Program, June 30, 2026 (Standard SWA Fee Schedule effective October 1, 2024)).
What the fee includes, in each firm’s own words
Cambridge Investment Research (Cambridge Investment Research Advisors, Inc. Form ADV Part 2A Disclosure Brochure, July 2026): “The investment advisory fee for accounts managed through the Cambridge Managed Account Platform (“CMAP”) is based on the amount of assets under management, including cash balances deposited in a Federal Deposit Insured Corporation (“FDIC”) insured multi bank program (“Program”). … The investment advisory fee is negotiable and is subject to discounts on a Financial Professional-by-Financial Professional, client-by-client, or account-by-account basis. … The maximum allowable advisory fee that can be charged will not exceed 2.25% of assets under management on an annual basis.” Maximum annual advisory fee (Cambridge Managed Account Platform, Flexible Managed Account Platform, WealthPort Advisor-directed / Team-directed): 2.25%; Maximum annual advisory fee (WealthPort CAAP / UMA programs): 2.15%.
CIRA’s Form ADV does not publish one fixed rate schedule. Advisory fees on its primary managed-account platforms (CMAP, FlexMAP, WealthPort Advisor-directed/Team-directed) are individually negotiated between the client and Financial Professional, subject to a disclosed maximum of 2.25% of AUM annually (WealthPort CAAP/UMA caps at 2.15%). Because there is no standard published tier table, dollar_at applies the disclosed 2.25% ceiling uniformly across all four balances as the maximum a client could legally be charged under this brochure (250000*0.0225=5625; 500000*0.0225=11250; 1000000*0.0225=22500; 2000000*0.0225=45000). Actual fees are typically lower and individually negotiated per client/advisor.
Charles Schwab (Charles Schwab & Co., Inc. Disclosure Brochure for the Schwab Wealth Advisory Wrap Fee Program, June 30, 2026 (Standard SWA Fee Schedule effective October 1, 2024)): “Standard SWA Fee Schedule (effective October 1, 2024): Amounts up to US$1 million, 0.80%; Next US$1 million (more than US$1M up to US$2M), 0.75%; Next US$3 million (more than US$2M up to US$5M), 0.70%; Next US$5 million (more than US$5M up to US$10M), 0.50%; Next US$15 million (more than US$10M up to US$25M), 0.30%; Assets over US$25 million, 0.30% (or less, as negotiated). The SWA Fee is subject to a quarterly minimum, which represents the minimum amount charged for the advisory services provided during a quarter. The quarterly minimum is equal to the lesser of: $1,000, or 1.60% of your total billable assets, calculated on a quarterly basis.”
Schwab Wealth Advisory (SWA) bills a marginal (tiered) schedule, but every account is also subject to a quarterly minimum equal to the lesser of $1,000 or 1.6% of that quarter’s billable assets, which for any balance above about $62,500 works out to a flat $1,000-a-quarter ($4,000-a-year) floor. At $250,000, the marginal schedule alone would compute to $2,000 a year, but the $4,000 floor overrides it, so $4,000 is what is actually billed. At $500,000, the marginal schedule and the floor land on the same number, $4,000, by design: Schwab sets SWA’s own account minimum at $500,000. At $1,000,000 and $2,000,000, the marginal schedule exceeds the floor, so the schedule rate applies directly ($8,000 and $8,000 plus 0.75% on the next $1,000,000, or $15,500). Clients enrolled before October 1, 2024 sit on a different, Grandfathered SWA Fee Schedule; the figures here are for current, Standard enrollees.
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, Cambridge Investment Research runs $11,250 a year and Charles Schwab runs $4,000 a year: a difference of $7,250 a year at that balance.
Want the full breakdown for either firm on its own? Read the Cambridge Investment Research fee page or the Charles Schwab 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 Charles Schwab, or read the general mechanics of switching financial advisors.
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- Cambridge Investment Research Advisors, Inc. Form ADV Part 2A Disclosure Brochure (July 2026): https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1055573
- SEC Investment Adviser Public Disclosure, Cambridge Investment Research Advisors, Inc. (CRD #134139): https://adviserinfo.sec.gov/firm/summary/134139
- Charles Schwab & Co., Inc. Disclosure Brochure for the Schwab Wealth Advisory Wrap Fee Program (June 30, 2026 (Standard SWA Fee Schedule effective October 1, 2024)): https://www.schwab.com/transparency
- SEC Investment Adviser Public Disclosure, Charles Schwab & Co., Inc. (CRD #5393): https://adviserinfo.sec.gov/firm/summary/5393
Methodology. This page was built September 19, 2026, re-pairing figures already archived and independently verified for Cambridge Investment Research and Charles Schwab 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.
Weighing whether to move ahead? Read the full Charles Schwab review, including its fiduciary status and what it costs to leave.