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Updated September 18, 2026. Quick answer: Merrill Lynch sets no single minimum for its Investment Advisory Program. Its own brochure states there is generally no minimum asset requirement to participate, while certain Style Manager, PAS Style Manager and TEM Overlay strategies carry their own minimums set out in the applicable Strategy Profile.
The minimum, in the firm’s own words
“There is generally no minimum asset requirement to participate in the Program; however, the PAS Style Manager Strategies, certain Style Manager Strategies and the TEM Overlay Services require minimum investment amounts as reflected in the applicable Strategy Profile or other disclosure documents.”
On waivability: “We reserve the right to terminate any Account that falls below the required minimum asset size as reflected in the applicable Strategy Profile for a Style Manager Strategy”
Minimum investment and what it would cost
| Program | Minimum investment | Annual fee at that minimum | Waivable? |
|---|---|---|---|
| Investment Advisory Program (IAP / MLIAP) | Generally none for the Program; some strategies set their own | Varies with account size | Strategy minimums set by Merrill and the manager at their discretion |
| Source: Merrill Lynch Investment Advisory Program Brochure (Form ADV Part 2A Wrap Fee Program Brochure), June 26, 2026 (IAPB-062026) | |||
Merrill Lynch’s own fee schedule at other balances
| Account balance | Annual fee |
|---|---|
| $250,000 | $4,375 |
| $500,000 | $8,750 |
| $1,000,000 | $17,500 |
| $2,000,000 | $35,000 |
What else to know
Certain investment strategies inside the program, including PAS Style Manager and other Style Manager Strategies, do carry their own minimums, but those figures are not made public in Merrill’s brochure.
What a larger account would cost
The minimum is only the entry point. On a $500,000 account, Merrill Lynch’s own published fee schedule runs up to $8,750 a year (the published maximum, which the firm says is negotiable); see the full dollar breakdown from Merrill Lynch’s own fee disclosure across several account sizes.
Already a client and thinking about the minimum a different way, like whether you could get a better deal elsewhere? See what it costs to leave Merrill Lynch, or read the general mechanics of switching financial advisors.
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- 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 18, 2026, quoting directly from Merrill Lynch’s own current Form ADV Part 2A / wrap-fee brochure, with the source linked above. The annual-fee-at-the-minimum figure applies that same brochure’s own published fee schedule to the disclosed minimum dollar amount; 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 the firm’s own Form ADV Part 2A. See our Editorial Policy, Corrections, Affiliate Disclosure, and Disclaimer.
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