Guides › Financial Advisor Fees
Updated September 22, 2026. Quick answer: It depends which hat E*TRADE Core Portfolios is wearing. As your investment adviser, E*TRADE Core Portfolios owes you a fiduciary duty under the Investment Advisers Act of 1940. As your broker-dealer, E*TRADE Core Portfolios owes you Regulation Best Interest, a real and enforceable standard, but not a fiduciary duty. E*TRADE Core Portfolios’ own Form CRS states: “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.”
How it’s registered
From Morgan Stanley Client Relationship Summary (Morgan Stanley Smith Barney LLC) (Effective January 1, 2023): “Morgan Stanley Smith Barney LLC is registered with the Securities and Exchange Commission (“SEC”) as both a broker-dealer and an investment adviser.”
The Form CRS filed under CRD 149777 (effective January 1, 2023) is Morgan Stanley Smith Barney LLC’s entity-level CRS; it does not use the phrase “Core Portfolios” anywhere in its text; no dedicated program-level CRS exists in IAPD for this CRD. It describes “E*TRADE from Morgan Stanley” self-directed brokerage and generic investment advisory wrap-fee programs. Treat the standard-of-conduct and commission language as entity-level, not Core-Portfolios-program-specific.
The standard of conduct, in its own words
“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.”
On commissions: “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.”
Fiduciary status by capacity
| Capacity | Registration | Standard you’re owed | Can earn commissions | Source |
|---|---|---|---|---|
| As your broker-dealer | SEC-registered broker-dealer | Regulation Best Interest (not a fiduciary duty) | Yes | Morgan Stanley Client Relationship Summary (Morgan Stanley Smith Barney LLC), Effective January 1, 2023 |
| As your investment adviser | SEC-registered investment adviser | Fiduciary duty (Investment Advisers Act of 1940) | No (asset-based advisory fee: $1,500 a year, 0.30% on a $500,000 account) | Morgan Stanley Client Relationship Summary (Morgan Stanley Smith Barney LLC), Effective January 1, 2023 |
What this means for what you pay
Fiduciary status is one input, not the whole picture. E*TRADE Core Portfolios discloses a published fee that runs $1,500 a year on a $500,000 account; see the full dollar breakdown from E*TRADE Core Portfolios’ own fee disclosure before deciding whether the standard of conduct here changes your answer.
If the answer above changes your mind about staying, read the general mechanics of switching financial advisors, or use a dated termination letter once you decide.
Compare your next step
Just comparing fees? Keep reading the fee guide.Optional next step
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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. Advisers pay for the introduction. Clear Money Guide is paid when you complete the form, whether or not you ever hire anyone. There is no obligation to hire anyone.
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Source: WiserAdvisor’s service descriptionSources
- 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 22, 2026, quoting directly from E*TRADE Core Portfolios’ own current Form CRS, with the source linked above; 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 the firm’s own Form CRS. See our Editorial Policy, Corrections, Affiliate Disclosure, and Disclaimer.
What does it actually take to open an account? See E*TRADE Core Portfolios’s minimum investment, quoted verbatim from its own Form ADV Part 2A / wrap-fee brochure.
Weighing whether to move ahead? Read the full E*TRADE Core Portfolios review, including its fiduciary status and what it costs to leave.