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Updated September 19, 2026. Quick answer: Morgan Stanley is less expensive at $500,000: $10,175 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, $20,350 versus $15,000. At $2,000,000 it is the other way round, $40,700 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 | Mercer (annual fee) | Morgan Stanley (annual fee) |
|---|---|---|
| $250,000 | $15,000 | $5,088 |
| $500,000 | $15,000 | $10,175 |
| $1,000,000 | $15,000 | $20,350 |
| $2,000,000 | $21,000 | $40,700 |
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); Morgan Stanley discloses a maximum, individually negotiated rate of 2.035% (Morgan Stanley Consulting Group Advisor (CGA) Program Wrap Fee Brochure, Form ADV Part 2A Appendix 1, March 30, 2026).
What the fee includes, in each firm’s own words
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.
Morgan Stanley (Morgan Stanley Consulting Group Advisor (CGA) Program Wrap Fee Brochure, Form ADV Part 2A Appendix 1, March 30, 2026): “The maximum annual MSWM Fee for CGA accounts is 2.00% of the market value of the eligible assets in the account. … The Platform Fee is a 0.035% annual asset-based fee. The Platform Fee is in addition to the MSWM Fee, is non-negotiable and is generally applicable to all CGA accounts.” 2.00% maximum MSWM Fee plus a non-negotiable 0.035% Platform Fee.
Morgan Stanley discloses only a maximum negotiated rate for its flagship Consulting Group Advisor program, not a public breakpoint table; the figures above are the disclosed ceiling (2.035% combined) applied flat. Fees are stated as negotiable and often lower.
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, Mercer runs $15,000 a year and Morgan Stanley runs $10,175 a year: a difference of $4,825 a year at that balance.
Want the full breakdown for either firm on its own? Read the Mercer fee page or the Morgan Stanley 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 Morgan Stanley, or read the general mechanics of switching financial advisors.
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- 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
- Morgan Stanley Consulting Group Advisor (CGA) Program Wrap Fee Brochure, Form ADV Part 2A Appendix 1 (March 30, 2026): https://www.morganstanley.com/wealth-investmentsolutions/wrapfeebrochures
- SEC Investment Adviser Public Disclosure, Morgan Stanley Smith Barney LLC (CRD #149777): https://adviserinfo.sec.gov/firm/summary/149777
Methodology. This page was built September 19, 2026, re-pairing figures already archived and independently verified for Mercer and Morgan Stanley 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.