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Updated September 23, 2026. Quick answer: E*TRADE Core Portfolios is registered with the SEC as both a broker-dealer and an investment adviser. Per its own current fee brochure, a $500,000 account would run $1,500 a year under its published fee schedule; the minimum to open an account is $500 for Core Portfolios Program (branded “E*TRADE from Morgan Stanley”). Already a client and thinking about leaving? Budget $75.00 for a full outgoing transfer. Is it a fiduciary? Yes, when it is acting as your investment adviser; when the same representative acts as your broker-dealer instead, the applicable standard is best-interest, not fiduciary, and its own Form CRS states representatives can earn commissions in that capacity.
E*TRADE Core Portfolios at a glance
| Fact | What E*TRADE Core Portfolios’ own pages say |
|---|---|
| Legal entity | Morgan Stanley Smith Barney LLC |
| Registration | Morgan Stanley Smith Barney LLC is registered with the Securities and Exchange Commission (“SEC”) as both a broker-dealer and an investment adviser. |
| Fee on a $500,000 account | $1,500 a year, per its own current brochure |
| Minimum to open an account | $500 for Core Portfolios Program (branded “E*TRADE from Morgan Stanley”) |
| Cost to leave (exit fee) | $75.00 for a full outgoing transfer |
What E*TRADE Core Portfolios’ own fee schedule charges
“Advisory Fee – To participate in the Program, you will pay an annualized fee of 0.30% of assets under management (“Advisory Fee”). The Advisory Fee covers (a) our investment advisory and discretionary portfolio management services, (b) the execution of transactions in your account, (c) custody of your account assets, and (d) reporting. This is a wrap fee.”
Flat rate (the brochure states a single 0.30% rate, not ‘up to’ language, distinguishing it from the ceiling-type Access Investing program below): dollar_at = balance x 0.003 at each balance: 250000->750, 500000->1500, 1000000->3000, 2000000->6000. Account minimum is $500 of assets (not a minimum dollar fee). IMPORTANT PROVENANCE NOTE: the account CRD hint (149777) and IAPD-matched name ‘MORGAN STANLEY’ are correct, but the entity is legally ‘Morgan Stanley Smith Barney LLC’ (an IAPD ‘other name’ for CRD 149777, alongside ‘E*TRADE FROM MORGAN STANLEY’). A separate, now-superseded RIA, ‘E*TRADE Capital Management, LLC’ (CRD 42159), formerly ran Core Portfolios at an identical flat 0.30% rate (‘$500 and over 0.30%’) but per its May 20, 2023 brochure (kept in this same source folder as historical evidence) has been winding down since 2023, directing new E*TRADE clients to Morgan Stanley Smith Barney LLC’s own Core Portfolios program (the current, live document cited above, which explicitly references the ‘E*TRADE from Morgan Stanley Client Agreement for Self-Directed Accounts’).
| Account balance | Annual fee |
|---|---|
| $250,000 | $750 |
| $500,000 | $1,500 |
| $1,000,000 | $3,000 |
| $2,000,000 | $6,000 |
See the full breakdown, including how the figure is calculated, on E*TRADE Core Portfolios’ own fee page.
Is E*TRADE Core Portfolios a fiduciary?
Morgan Stanley Smith Barney LLC is registered with the Securities and Exchange Commission (“SEC”) as both a broker-dealer and an investment adviser.
“When we provide you with a recommendation as your broker-dealer or act as your investment adviser, we have to act in your best interest and not put our interest ahead of yours.”
For Full-Service Accounts, your FA’s compensation is based primarily on the fees and commissions that you pay us, as well as additional factors such as their tenure with Morgan Stanley, the amount of assets you have with us, the time and complexity required to meet your needs, the products you invest in or services you receive (which could vary in terms of compensation), and any loans made to you by Morgan Stanley.
Full detail, including the exact registration type and source: E*TRADE Core Portfolios’ fiduciary status, explained.
The minimum to open an account
“Account minimums. To participate in the Program, you must maintain a minimum investment amount of $500 for the life of the account, except as may otherwise be agreed to by MSWM at our … sole discretion. Your account will not be actively managed until the account balance meets this minimum investment amount. If withdrawals cause the account value to fall below $450, we will require that you deposit additional cash into your account to reach the $500 minimum.”
$500 for Core Portfolios Program (branded “E*TRADE from Morgan Stanley”). See the full minimum-investment breakdown, including what that minimum would cost per year, on E*TRADE Core Portfolios’ minimum investment page.
What it costs to leave
E*TRADE Core Portfolios’ own wrap-fee brochure is silent on transfer costs, but E*TRADE’s own live Pricing and Rates page fills the gap: under Special Request Fees, “Account transfers (outgoing): $75 for full transfers.”
Full mechanics, sources, and the ACATS transfer process: how to leave E*TRADE Core Portfolios.
What we would compare it against
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- Form ADV Wrap Fee Program Brochure, Morgan Stanley Smith Barney LLC, Core Portfolios(R) Program (March 30, 2026): https://www.morganstanley.com/content/dam/msdotcom/en/wealth-investmentsolutions/pdfs/adv/ms_core_adv2.pdf
- Morgan Stanley Client Relationship Summary (Morgan Stanley Smith Barney LLC) (Effective January 1, 2023): https://reports.adviserinfo.sec.gov/crs/crs_149777.pdf
- SEC Investment Adviser Public Disclosure, Morgan Stanley Smith Barney LLC (CRD #149777): https://adviserinfo.sec.gov/firm/summary/149777
- Morgan Stanley Smith Barney LLC, SEC Form ADV filing: https://reports.adviserinfo.sec.gov/reports/ADV/149777/PDF/149777.pdf
Methodology. This page was built September 23, 2026, drawing directly on E*TRADE Core Portfolios’ own current fee brochure and Form CRS, both linked above, plus this site’s own already-published fiduciary, minimum-investment, and (where one exists) how-to-leave pages for the same firm, each independently sourced when it was built. Any distinction we could not independently confirm this session is named as an honest gap rather than presented as verified. Nothing here is personalized financial, tax, legal, or investment advice, and it is not a substitute for reading E*TRADE Core Portfolios’ own Form ADV Part 2A and Form CRS. We have not used E*TRADE Core Portfolios as a client. E*TRADE Core Portfolios did not pay for, review, or influence this content. See our Editorial Policy, Corrections, Affiliate Disclosure, and Disclaimer.
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