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Updated September 17, 2026. Quick answer: Merrill Lynch discloses a maximum, individually negotiated rate of 1.75% in its Merrill Lynch Investment Advisory Program Brochure (Form ADV Part 2A Wrap Fee Program Brochure) (June 26, 2026 (IAPB-062026)). Converted to dollars, that runs $8,750 a year on a $500,000 account; see the full table below for $250,000, $1 million and $2 million.
Merrill Lynch fee schedule 2026 (published maximum)
This schedule comes from the Merrill Lynch Investment Advisory Program Brochure (Form ADV Part 2A Wrap Fee Program Brochure), dated June 26, 2026, the same filing cited under Sources below.
From the Merrill Lynch Investment Advisory Program Brochure (Form ADV Part 2A Wrap Fee Program Brochure) (June 26, 2026 (IAPB-062026)): “We have set the maximum Merrill Lynch Fee Rate for the Program at 1.75%. The Merrill Lynch Fee Rate is negotiable, meaning you and your Advisor may agree to a Merrill Lynch Fee Rate for an Account that is lower than 1.75%.”
The published ceiling: 1.75% per year, maximum.
What you would pay
| Account balance | Annual fee (dollars) | Effective rate |
|---|---|---|
| $250,000 | $4,375 | 1.75% |
| $500,000 | $8,750 | 1.75% |
| $1,000,000 | $17,500 | 1.75% |
| $2,000,000 | $35,000 | 1.75% |
Merrill Lynch does not publish a dollar-tiered breakpoint table for its flagship Investment Advisory Program (IAP); it publishes only a maximum, individually negotiated rate of 1.75%. The figures above apply that ceiling as a flat rate; your actual negotiated rate may be lower. If you select a discretionary Style Manager or PAS Manager strategy inside the Program, an additional manager fee (roughly 0.00% to 0.65% or more, depending on strategy) can apply on top of the 1.75% Merrill Lynch Fee.
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, Merrill Lynch’s own published rate runs $8,750 a year. Run it at your own balance, and against the other 38 firms we have priced, in the firm fee calculator.
Thinking about leaving Merrill Lynch instead of pricing what you would pay to stay? See what it costs to leave, or read the general mechanics of switching financial advisors.
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Source: WiserAdvisor’s service descriptionSources
- Merrill Lynch Investment Advisory Program Brochure (Form ADV Part 2A Wrap Fee Program Brochure) (June 26, 2026 (IAPB-062026)): https://www.ml.com/solutions/understanding-our-services-and-fees-when-you-work-with-an-advisor.html
- SEC Investment Adviser Public Disclosure, Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD #7691): https://adviserinfo.sec.gov/firm/summary/7691
- Merrill Lynch, Pierce, Fenner & Smith Incorporated, SEC Form ADV filing: https://reports.adviserinfo.sec.gov/reports/ADV/7691/PDF/7691.pdf
Methodology. This page was built September 17, 2026, drawing on Merrill Lynch’s own SEC-filed disclosure and, where cited, its published fee schedule, with sources linked above; any figure 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. See our Editorial Policy, Corrections, Affiliate Disclosure, and Disclaimer.
Is Merrill Lynch a fiduciary? See what its own Form CRS says, and how that compares to what you would pay.
What does it take to open an account? See Merrill Lynch’s minimum investment, straight from its own Form ADV Part 2A brochure.
See how Merrill Lynch compares directly, dollar for dollar: vs Charles Schwab, vs J.P. Morgan.
See how Merrill Lynch compares directly, dollar for dollar: vs Morgan Stanley.
Weighing whether to move ahead? Read the full Merrill Lynch review, including its fiduciary status and what it costs to leave.
See how Merrill Lynch compares directly, dollar for dollar: vs SoFi Invest, vs Vanguard Personal Advisor.
See how Merrill Lynch compares directly, dollar for dollar: vs Lincoln Financial Advisors, vs Mercer Advisors.
Comparing Merrill Lynch against other options? See Merrill Lynch alternatives, including a lower-fee full-service firm, a flat-fee route, and a robo/hybrid.
See how Merrill Lynch compares directly, dollar for dollar: vs LPL.
See how Merrill Lynch compares directly, dollar for dollar: vs Betterment Premium.
See how Merrill Lynch compares directly, dollar for dollar: vs Raymond James, vs Voya Financial Advisors.
How does this compare? See the annual fee on $500,000 at 165 advisory firms, each from the firm’s own filing.
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