Guides › Financial Advisor Fees
Updated October 3, 2026. Quick answer: Charles Schwab has the lower published fee at $500,000: $4,000 a year, versus up to $8,250 a year (the published maximum) for Northwestern Mutual, 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 | Charles Schwab (annual fee) | Northwestern Mutual (annual fee) |
|---|---|---|
| $250,000 | $4,000 | Up to $4,125 |
| $500,000 | $4,000 | Up to $8,250 |
| $1,000,000 | $8,000 | Up to $16,500 |
| $2,000,000 | $15,500 | Up to $33,000 |
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)); Northwestern Mutual discloses a published maximum rate of 1.65% (Northwestern Mutual Wealth Management Company Private Client Services Disclosure Brochure, September 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.
Northwestern Mutual (Northwestern Mutual Wealth Management Company Private Client Services Disclosure Brochure, September 2026): “NMWMC generally charges an annual Net Advisory Fee of no more than 1.65% on assets in a Private Client Services account. The corresponding annual Gross Advisory Fee is no more than 1.76% before the application of the 0.11% fee offset for proprietary investment management fees discussed below.”
Northwestern Mutual does not publish a public dollar-breakpoint schedule; the tiers on your account are negotiated with your advisor and recorded in a private Statement of Investment Selection. The figures above apply the disclosed 1.65% ceiling as a flat rate; your advisor may offer a lower custom schedule.
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 Northwestern Mutual runs up to $8,250 a year (the published maximum): a difference of $4,250 a year between those figures at that balance.
Want the full breakdown for either firm on its own? Read the Charles Schwab fee page or the Northwestern Mutual 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 Northwestern Mutual, 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.
Charles Schwab runs $4,000 a year 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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Compare Charles Schwab and Northwestern Mutual against a fee-based match.
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 is paid when you submit the form, whether or not you ever hire anyone. This is free to you and there is no obligation to hire anyone.
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Answer againSources
- 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
- Northwestern Mutual Wealth Management Company Private Client Services Disclosure Brochure (September 2026): https://www.northwesternmutual.com/assets/pdf/brochures/private-client-services-disclosure.pdf
- SEC Investment Adviser Public Disclosure, Northwestern Mutual Investment Services, LLC (CRD #2881): https://adviserinfo.sec.gov/firm/summary/2881
Methodology. This page was built October 3, 2026, re-pairing figures already archived and independently verified for Charles Schwab and Northwestern Mutual 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.