Guides › Financial Advisor Fees
Updated September 18, 2026. Quick answer: LPL Financial 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 up to $14,750 a year (the sum of the firm’s published maximum fee components) under its published fee schedule; the minimum to open an account is $10,000 for Model Wealth Portfolios (MWP). 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.
How much does LPL Financial charge?
Per its own current fee brochure, a $500,000 account would run $14,750 a year under LPL Financial’s published fee schedule. The minimum to open an account is $10,000 for Model Wealth Portfolios (MWP).
LPL Financial at a glance
| Fact | What LPL Financial’s own pages say |
|---|---|
| Legal entity | LPL Financial LLC |
| Registration | LPL (referred to as “we” or “us”) is registered with the U.S. Securities and Exchange Commission as a broker-dealer and an investment adviser. |
| Fee on a $500,000 account | Up to $14,750 a year (the sum of the firm’s published maximum fee components), per its own current brochure |
| Minimum to open an account | $10,000 for Model Wealth Portfolios (MWP) |
| Cost to leave (exit fee) | See how to leave LPL Financial |
What LPL Financial’s own fee schedule charges
“Fee Maximums. Fee maximums vary by Program, as indicated below. … MWP: Maximum Advisory Fee 2.35%, Maximum Manager Fee 0.60%, Total Maximum Account Fee 2.95%.”
LPL sets per-program fee ceilings rather than a single published breakpoint table; the figures above use Model Wealth Portfolios, LPL’s flagship managed-account program, at its 2.95% combined maximum. Other LPL programs cap lower (as low as 1.35% for Guided Wealth Portfolios); your actual rate depends on the program and is individually negotiated below the ceiling.
| Account balance | Annual fee |
|---|---|
| $250,000 | $7,375 |
| $500,000 | $14,750 |
| $1,000,000 | $29,500 |
| $2,000,000 | $59,000 |
See the full breakdown, including how the figure is calculated, on LPL Financial’s own fee page.
Is LPL Financial a fiduciary?
LPL (referred to as “we” or “us”) is registered with the U.S. Securities and Exchange Commission as 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. … Your Professional is legally required to act in your best interest and not put his or her interests ahead of your own.”
For brokerage services, we charge a transaction-based fee (sometimes referred to as a commission) every time you buy or sell an investment.
Full detail, including the exact registration type and source: LPL Financial’s fiduciary status, explained.
The minimum to open an account
“MWP: The minimum account value varies depending on the model portfolio(s) selected and the account’s allocation amongst model portfolios. The lowest minimum for a model portfolio is $10,000.”
$10,000 for Model Wealth Portfolios (MWP). See the full minimum-investment breakdown, including what that minimum would cost per year, on LPL Financial’s minimum investment page.
What it costs to leave
A dedicated how-to-leave page for LPL Financial covers the exit costs in full. The general mechanics of switching financial advisors and a dated termination letter apply regardless of firm.
What we would compare it against
Before you decide, run the numbers against another firm using the financial advisor fee comparison, or price the dollar cost of any percentage fee over time with the Financial Advisor Fee Calculator and the Fee Drag Calculator.
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Source: WiserAdvisor’s service descriptionSources
- LPL Financial LLC Program Brochure, Form ADV Part 2A, Item 5 (“Fee Maximums”) (July 1, 2026): https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1050527
- Form CRS (Client Relationship Summary) (Effective March 31, 2026): https://files.brokercheck.finra.org/crs_6413.pdf
- SEC Investment Adviser Public Disclosure, LPL Financial LLC (CRD #6413): https://adviserinfo.sec.gov/firm/summary/6413
- LPL Financial LLC, SEC Form ADV filing: https://reports.adviserinfo.sec.gov/reports/ADV/6413/PDF/6413.pdf
Methodology. This page was built September 18, 2026, drawing directly on LPL Financial’s 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 LPL Financial’s own Form ADV Part 2A and Form CRS. We have not used LPL Financial as a client. LPL Financial did not pay for, review, or influence this content. See our Editorial Policy, Corrections, Affiliate Disclosure, and Disclaimer.
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