Guides › Financial Advisor Fees
Updated September 19, 2026. Quick answer: Charles Schwab is less expensive at $500,000: $4,000 a year, versus $10,175 a year for Morgan Stanley, 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.
More head-to-head fee comparisons: Betterment Premium vs Morgan Stanley Fees.
For a closer look at each firm on its own: Charles Schwab Review (2026) and Morgan Stanley Review (2026).
What each firm charges, side by side
| Account balance | Charles Schwab (annual fee) | Morgan Stanley (annual fee) |
|---|---|---|
| $250,000 | $4,000 | $5,088 |
| $500,000 | $4,000 | $10,175 |
| $1,000,000 | $8,000 | $20,350 |
| $2,000,000 | $15,500 | $40,700 |
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)); Morgan Stanley discloses a maximum, individually negotiated rate 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
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.
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 Platform Fee is in addition to the MSWM Fee, is non-negotiable and is generally applicable to all CGA accounts.” 2.00% maximum MSWM Fee plus a non-negotiable 0.035% Platform Fee.
Morgan Stanley discloses only a maximum negotiated rate for its flagship Consulting Group Advisor program, not a public breakpoint table; the figures above are the disclosed ceiling (2.035% combined) applied flat. Fees are stated as negotiable and often lower.
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, Charles Schwab runs $4,000 a year and Morgan Stanley runs $10,175 a year: a difference of $6,175 a year at that balance.
Want the full breakdown for either firm on its own? Read the Charles Schwab 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 Charles Schwab or what it costs to leave Morgan Stanley, or read the general mechanics of switching financial advisors.
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- 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
- Morgan Stanley Consulting Group Advisor (CGA) Program Wrap Fee Brochure, Form ADV Part 2A Appendix 1 (March 30, 2026): https://www.morganstanley.com/wealth-investmentsolutions/wrapfeebrochures
- SEC Investment Adviser Public Disclosure, Morgan Stanley Smith Barney LLC (CRD #149777): https://adviserinfo.sec.gov/firm/summary/149777
Methodology. This page was built September 19, 2026, re-pairing figures already archived and independently verified for Charles Schwab 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.