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 $11,250 a year for Commonwealth Financial Network, computed from each firm’s own SEC-filed fee disclosure. At $2,000,000 it is the other way round, $35,000 versus $30,000. 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 | Commonwealth Financial Network (annual fee) | Merrill Lynch (annual fee) |
|---|---|---|
| $250,000 | $5,625 | Up to $4,375 |
| $500,000 | $11,250 | Up to $8,750 |
| $1,000,000 | $17,500 | Up to $17,500 |
| $2,000,000 | $30,000 | Up to $35,000 |
Commonwealth Financial Network discloses a tiered schedule starting at 2.25% (Commonwealth Financial Network Form ADV Part 2A Brochure, 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
Commonwealth Financial Network (Commonwealth Financial Network Form ADV Part 2A Brochure, March 30, 2026): “PPS Program Fee Schedules Following are the maximum allowable fee schedules for the various PPS programs. PPS Custom Program (Transactions) The maximum allowable annual management fee schedule for a new PPS Custom Program (Transactions) account is: Account Value Maximum Annual Management Fee Greater than or equal to Less than $0 $750,000 2.25% $750,000 $1,000,000 2.00% $1,000,000 $2,000,000 1.75% $2,000,000-1.50%”
This is Commonwealth’s disclosed maximum allowable annual management fee for the PPS Custom Program (Transactions), a whole-balance breakpoint schedule (the single rate for the bracket the account value falls into applies to the entire balance, per the brochure’s own worked breakpoint-schedule example on the preceding page). All Commonwealth advisory program management fees are stated to be negotiable between advisor and client, so this is a maximum, not necessarily what every client pays. 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, Commonwealth Financial Network runs $11,250 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 Commonwealth Financial Network 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 Commonwealth Financial Network or 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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Compare Commonwealth Financial Network and Merrill Lynch 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.
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.
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Answer againSources
- Commonwealth Financial Network Form ADV Part 2A Brochure (March 30, 2026): https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1032557
- SEC Investment Adviser Public Disclosure, Commonwealth Financial Network (CRD #8032): https://adviserinfo.sec.gov/firm/summary/8032
- 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 Commonwealth Financial Network 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.