Guides › Financial Advisor Fees
Updated October 3, 2026. Quick answer: Merrill Lynch has the lower published fee at $500,000: up to $8,750 a year (the published maximum, which the firm says is negotiable), versus up to $12,500 a year (the published maximum, which the firm says is negotiable) for Osaic, computed from each firm’s own SEC-filed fee disclosure. Where a firm publishes only a maximum rate, the figure shown is that maximum, and what you pay may be lower. 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 | Merrill Lynch (annual fee) | Osaic (annual fee) |
|---|---|---|
| $250,000 | Up to $4,375 | Up to $6,250 |
| $500,000 | Up to $8,750 | Up to $12,500 |
| $1,000,000 | Up to $17,500 | Up to $25,000 |
| $2,000,000 | Up to $35,000 | Up to $50,000 |
Merrill Lynch discloses a published maximum rate of 1.75%, which the firm says is negotiable (Merrill Lynch Investment Advisory Program Brochure (Form ADV Part 2A Wrap Fee Program Brochure), June 26, 2026 (IAPB-062026)); Osaic discloses a published maximum rate of 2.5%, which the firm says is negotiable (Osaic Advisory Services, LLC (d/b/a Osaic Advisors) Form ADV Part 2A Brochure, Current as of August 31, 2026).
What the fee includes, in each firm’s own words
Merrill Lynch (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%.”
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.
Osaic (Osaic Advisory Services, LLC (d/b/a Osaic Advisors) Form ADV Part 2A Brochure, Current as of August 31, 2026): “The Ally Account has no minimum account size and advisory fees are negotiable. Advisory fees are billed monthly or quarterly and you have the option of choosing the billing methodology (flat, linear, or tiered); these elections are made on your advisory agreement. Advisory fees are negotiable, but the maximum annual fee allowed, regardless of account size, is 2.50%.”
Checked both Osaic Wealth, Inc. (CRD 23131, the broker-dealer-affiliated entity) and Osaic Advisory Services, LLC (CRD 171070, the corporate RIA sub-brand ‘Osaic Advisors’). Osaic Wealth’s Part 2A repeatedly states each Advisory Representative negotiates his/her own client fee schedule with no firm-wide cap disclosed for its general asset-management programs (only narrow caps for a retirement-plan consulting product and an annuity sub-fee, neither a general AUM schedule). The dollar figures on this page apply that 2.5% maximum to each balance, as the most a client could be charged. This is honestly a ceiling, not a graduated 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, Merrill Lynch runs up to $8,750 a year (the published maximum) and Osaic runs up to $12,500 a year (the published maximum): a difference of $3,750 a year between those figures at that balance.
Want the full breakdown for either firm on its own? Read the Merrill Lynch fee page or the Osaic 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 Merrill Lynch or what it costs to leave Osaic, or read the general mechanics of switching financial advisors.
Find the right next step for your situation
About how much do you have invested? Pick the range that fits; your next step appears immediately below.
Merrill Lynch runs up to $8,750 a year (the published maximum) at $500,000. See what else is available.
If your portfolio is $250,000 or more, this connects you (free, with no obligation to hire anyone) with 2 to 3 vetted advisors.
Before you start, what actually happens. The matching service is run by WiserAdvisor, an independent advisor-matching company. It opens on their site, asks for your ZIP code and a few questions, and matches you with 2 to 3 vetted advisors. It is free to you.
WiserAdvisor states the service is built for portfolios of $250,000 and above. By submitting, you consent to emails, phone calls and text messages from WiserAdvisor and up to three advisors, so expect to be contacted. Clear Money Guide is paid when you complete the form, whether or not you ever hire anyone.
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Before you start, what actually happens. The form is run by Kapitalwise, our advisor-matching partner. Kapitalwise sends your details to advisers who pay for the introduction, so expect calls and texts. Clear Money Guide is paid when you submit the form, whether or not you ever hire anyone. This is free to you and there is no obligation to hire anyone.
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Answer againSources
- 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
- Osaic Advisory Services, LLC (d/b/a Osaic Advisors) Form ADV Part 2A Brochure (Current as of August 31, 2026): https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1056417
- SEC Investment Adviser Public Disclosure, Osaic Advisory Services, LLC d/b/a Osaic Advisors (CRD #171070): https://adviserinfo.sec.gov/firm/summary/171070
Methodology. This page was built October 3, 2026, re-pairing figures already archived and independently verified for Merrill Lynch and Osaic 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.