Guides › Financial Advisor Fees
Updated September 19, 2026. Quick answer: Northwestern Mutual is less expensive at $500,000: $8,250 a year, versus $15,000 a year for Mercer Advisors, computed from each firm’s own SEC-filed fee disclosure. At $1,000,000 it is the other way round, $16,500 versus $15,000. At $2,000,000 it is the other way round, $33,000 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 | Mercer Advisors (annual fee) | Northwestern Mutual (annual fee) |
|---|---|---|
| $250,000 | $15,000 | $4,125 |
| $500,000 | $15,000 | $8,250 |
| $1,000,000 | $15,000 | $16,500 |
| $2,000,000 | $21,000 | $33,000 |
Mercer Advisors 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); 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
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.
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, Mercer Advisors runs $15,000 a year and Northwestern Mutual runs $8,250 a year: a difference of $6,750 a year at that balance.
Want the full breakdown for either firm on its own? Read the Mercer Advisors 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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- 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
- 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 Mercer Advisors 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.