Guides › Financial Advisor Fees
Updated September 19, 2026. Quick answer: Northwestern Mutual is less expensive at $500,000: $8,250 a year, versus $14,750 a year for LPL Financial, computed from each firm’s own SEC-filed fee disclosure. 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 | LPL Financial (annual fee) | Northwestern Mutual (annual fee) |
|---|---|---|
| $250,000 | $7,375 | $4,125 |
| $500,000 | $14,750 | $8,250 |
| $1,000,000 | $29,500 | $16,500 |
| $2,000,000 | $59,000 | $33,000 |
LPL Financial discloses a maximum, individually negotiated rate of 2.95% (LPL Financial LLC Program Brochure, Form ADV Part 2A, Item 5 (“Fee Maximums”), July 1, 2026); Northwestern Mutual discloses a maximum, individually negotiated rate of 1.65% (Northwestern Mutual Wealth Management Company Private Client Services Disclosure Brochure, September 2026).
What the fee includes, in each firm’s own words
LPL Financial (LPL Financial LLC Program Brochure, Form ADV Part 2A, Item 5 (“Fee Maximums”), July 1, 2026): “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%.” Model Wealth Portfolios (MWP): 2.35% maximum Advisory Fee plus a 0.60% maximum Manager Fee.
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.
Northwestern Mutual (Northwestern Mutual Wealth Management Company Private Client Services Disclosure Brochure, September 2026): “NMWMC generally charges an annual Net Advisory Fee of no more than 1.65% on assets in a Private Client Services account. The corresponding annual Gross Advisory Fee is no more than 1.76% before the application of the 0.11% fee offset for proprietary investment management fees discussed below.”
Northwestern Mutual does not publish a public dollar-breakpoint schedule; the tiers on your account are negotiated with your advisor and recorded in a private Statement of Investment Selection. The figures above apply the disclosed 1.65% ceiling as a flat rate; your advisor may offer a lower custom schedule.
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, LPL Financial runs $14,750 a year and Northwestern Mutual runs $8,250 a year: a difference of $6,500 a year at that balance.
Want the full breakdown for either firm on its own? Read the LPL Financial fee page or the Northwestern Mutual 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 Northwestern Mutual, or read the general mechanics of switching financial advisors.
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- 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
- SEC Investment Adviser Public Disclosure, LPL Financial LLC (CRD #6413): https://adviserinfo.sec.gov/firm/summary/6413
- Northwestern Mutual Wealth Management Company Private Client Services Disclosure Brochure (September 2026): https://www.northwesternmutual.com/assets/pdf/brochures/private-client-services-disclosure.pdf
- SEC Investment Adviser Public Disclosure, Northwestern Mutual Investment Services, LLC (CRD #2881): https://adviserinfo.sec.gov/firm/summary/2881
Methodology. This page was built September 19, 2026, re-pairing figures already archived and independently verified for LPL Financial and Northwestern Mutual 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.