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Updated September 19, 2026. Quick answer: J.P. Morgan is less expensive at $500,000: $10,000 a year, versus $15,000 a year for Mercer, computed from each firm’s own SEC-filed fee disclosure. At $1,000,000 it is the other way round, $20,000 versus $15,000. At $2,000,000 it is the other way round, $40,000 versus $21,000. 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 | J.P. Morgan (annual fee) | Mercer (annual fee) |
|---|---|---|
| $250,000 | $5,000 | $15,000 |
| $500,000 | $10,000 | $15,000 |
| $1,000,000 | $20,000 | $15,000 |
| $2,000,000 | $40,000 | $21,000 |
J.P. Morgan discloses a maximum, individually negotiated rate of 2.0% (J.P. Morgan Securities LLC Wrap Fee Program Brochure, Form ADV Part 2A Appendix 1, June 30, 2026); Mercer discloses a tiered schedule starting at 1.10% (Mercer Global Advisors Inc. Form ADV Part 2A Client Brochure (Custom Wealth / Wealth Management schedule), March 30, 2026).
What the fee includes, in each firm’s own words
J.P. Morgan Advisors (J.P. Morgan Securities LLC Wrap Fee Program Brochure, Form ADV Part 2A Appendix 1, June 30, 2026): “The maximum annual rate for JPMS’ component of the Fee is 2.00% for all Programs except for: CBP, which has a maximum annual rate for JPMS’ component of the Fee of 0.70%.”
J.P. Morgan Advisors discloses a flat 2.00% maximum JPMS-component rate for its main programs (Portfolio Advisor, Portfolio Manager, STRATIS, UMA, ICS), not a public breakpoint table. In STRATIS strategies, an additional Portfolio Manager fee (up to 0.75%) and Model Portfolio Provider fee (up to 0.38%) can stack on top of the 2.00%, and the smaller Customized Bond Portfolios program caps at 0.70% instead.
Mercer Advisors (Mercer Global Advisors Inc. Form ADV Part 2A Client Brochure (Custom Wealth / Wealth Management schedule), March 30, 2026): “WEALTH MANAGEMENT TIERED ADVISORY FEES, PERCENTAGE OF ASSETS MANAGED: First $1,000,000, 1.10%; Next $1,000,000, 1.00%; Next $3,000,000, 0.90%; Next $5,000,000, 0.75%; Over $10,000,000, 0.50%. Minimum Fee, $15,000.”
Mercer’s Custom Wealth tier carries a $15,000 annual minimum fee. The raw percentage math at $250,000, $500,000 and $1,000,000 (roughly $2,750 to $11,000) is overridden by that floor, so the actual billed fee at each of those balances is the flat $15,000 minimum; the percentage schedule only governs once assets are large enough to exceed it, which happens above roughly $1,360,000.
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, J.P. Morgan runs $10,000 a year and Mercer runs $15,000 a year: a difference of $5,000 a year at that balance.
Want the full breakdown for either firm on its own? Read the J.P. Morgan fee page or the Mercer 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 J.P. Morgan, or read the general mechanics of switching financial advisors.
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- J.P. Morgan Securities LLC Wrap Fee Program Brochure, Form ADV Part 2A Appendix 1 (June 30, 2026): https://www.jpmorgan.com/content/dam/jpm/securities/documents/adv/jpma-wrap-fee-program-brochure.pdf
- SEC Investment Adviser Public Disclosure, J.P. Morgan Securities LLC (CRD #79): https://adviserinfo.sec.gov/firm/summary/79
- Mercer Global Advisors Inc. Form ADV Part 2A Client Brochure (Custom Wealth / Wealth Management schedule) (March 30, 2026): https://www.merceradvisors.com/disclosures/
- SEC Investment Adviser Public Disclosure, Mercer Global Advisors Inc. (CRD #147363): https://adviserinfo.sec.gov/firm/summary/147363
Methodology. This page was built September 19, 2026, re-pairing figures already archived and independently verified for J.P. Morgan and Mercer 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.