Updated July 31, 2026. Quick answer: you can hire anyone you like at $1 million — every minimum is behind you and firms will compete for the account. The real finding is about price. In our own benchmark of published adviser fee schedules the weighted median annual cost at $1 million is $8,750 to $10,000 (0.88% to 1.00%, with a bootstrap interval of $7,500 to $10,000). That is roughly $90,000 across ten years. At that number, the honest comparison is no longer adviser versus no adviser — it is percentage versus flat fee, and the arithmetic starts favouring flat.
The arithmetic that changes at seven figures
The work an adviser does for a $1 million household is not ten times the work for a $100,000 household. Percentage pricing charges as if it were. A flat-fee arrangement charges for the work; a percentage arrangement charges for the balance, and rises every year the market does, with no corresponding increase in service. That is the entire case, and it is a matter of arithmetic rather than opinion — run your own numbers in the break-even calculator. See also whether 1% is worth paying and the fee detail at this balance on advisor fees at $1M and a $1 million portfolio.
Where $1 million does earn a real relationship
Seven figures usually means more moving parts, and moving parts are where advice pays: multiple account types with different tax treatment, a taxable account large enough that gain realisation is a planning decision, Roth conversion windows before required distributions begin, estate documents that are actually load-bearing, and often a concentrated position or a business. Every one of those is a decision problem rather than an investing problem. If none of them applies to you, the case for an ongoing percentage is weak no matter how large the number is — the complexity checklist is the dollar-free version of this test.
Ask for the number in dollars, and negotiate it
$1 million is where fees genuinely become negotiable, and where the rulebook helps: Form ADV Part 2A Item 5.A requires an adviser to provide the fee schedule and to disclose whether the fees are negotiable. Ask for the all-in annual dollar cost on $1 million, including fund expenses and platform fees, and ask what breakpoint applies at $1.5 million. Then negotiate, with the scripts, against the benchmark and the breakpoint ladder.
Neighbouring questions
Retiring with $1 million is a different decision with a different answer. Above this, the service tier changes name and scope: do you need a wealth manager at $2 million and what the two titles actually mean. Below: $500,000. The full ladder: at what net worth.
At $1 million, the fee model matters more than the firm.
Get the all-in dollar number from two or three firms and ask each what is negotiable. The service below matches you with 2 to 3 advisors so there is something to compare.
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.
Compare fees, scope, conflicts, credentials and fiduciary duty before you hire anyone. This is not the only way to find an adviser.
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