Guides › Financial Advisor Fees
Updated October 3, 2026. Quick answer: Merrill Lynch has the lower published fee at $500,000: up to $8,750 a year (the published maximum, which the firm says is negotiable), versus $11,875 a year for Cetera, 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 | Cetera (annual fee) | Merrill Lynch (annual fee) |
|---|---|---|
| $250,000 | $6,250 | Up to $4,375 |
| $500,000 | $11,875 | Up to $8,750 |
| $1,000,000 | $20,625 | Up to $17,500 |
| $2,000,000 | $35,625 | Up to $35,000 |
Cetera discloses a tiered schedule starting at 2.50% (Cetera Investment Advisers LLC Form ADV Part 2A Brochure, August 12, 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
Cetera (Cetera Investment Advisers LLC Form ADV Part 2A Brochure, August 12, 2026): “Preferred Asset Management Program Advisory Fee Schedules Preferred Fee Schedule Account Size Maximum Annual Fee First $0-$250,000 2.50% Next $250,001-$500,000 2.25% Next $500,001-$1,000,000 1.75% Next $1,000,001-$2,500,000 1.50% Next $2,500,001-$5,000,000 1.25% Next $5,000,001-Over 1.00%”
This is the maximum allowable fee schedule for Cetera’s Preferred Asset Management Program (used as the representative program; Cetera discloses several similar programs, Prime, Premier, xMA, with slightly different max rates). It is a marginal/tiered schedule like a tax bracket: each dollar slice is billed at its own bracket’s rate and the amounts are summed. Advisor may charge less; this is the stated maximum. The dollar figures in the table apply the schedule’s rates to each balance.
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 flagship Investment Advisory Program (IAP); it publishes only a maximum, individually negotiated rate of 1.75%. The figures above apply that ceiling as a flat rate; your actual negotiated 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, Cetera runs $11,875 a year and Merrill Lynch runs up to $8,750 a year (the published maximum): a difference of $3,125 a year between those figures at that balance.
Want the full breakdown for either firm on its own? Read the Cetera 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 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.
Merrill Lynch runs up to $8,750 a year (the published maximum) at $500,000. See what else is available.
If 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 is paid when you complete the form, whether or not you ever hire anyone.
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Answer againSources
- Cetera Investment Advisers LLC Form ADV Part 2A Brochure (August 12, 2026): https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1054832
- SEC Investment Adviser Public Disclosure, Cetera Investment Advisers LLC (CRD #105644): https://adviserinfo.sec.gov/firm/summary/105644
- 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 Cetera 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.