Guides › Financial Advisor Fees
Updated September 19, 2026. Quick answer: Merrill Lynch is less expensive at $500,000: $8,750 a year, versus $13,750 a year for Voya Financial Advisors, computed from each firm’s own SEC-filed fee disclosure. 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) | Voya Financial Advisors (annual fee) |
|---|---|---|
| $250,000 | $4,375 | $6,875 |
| $500,000 | $8,750 | $13,750 |
| $1,000,000 | $17,500 | $26,250 |
| $2,000,000 | $35,000 | $49,750 |
Merrill Lynch discloses a maximum, individually negotiated rate of 1.75% (Merrill Lynch Investment Advisory Program Brochure (Form ADV Part 2A Wrap Fee Program Brochure), June 26, 2026 (IAPB-062026)); Voya Financial Advisors discloses a tiered schedule starting at 2.75% (Voya Financial Advisors, Inc. Part 2A Appendix 1 of Form ADV: Investor Center Wrap Fee Program Brochure (IC UMA Program), September 16, 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.
Voya Financial Advisors (Voya Financial Advisors, Inc. Part 2A Appendix 1 of Form ADV: Investor Center Wrap Fee Program Brochure (IC UMA Program), September 16, 2026): “Maximum Annual Total Client Fee Portfolio Value From To Annual Total Client Fee First $ 0 – $ 250,000 2.75% Next $ 250,001 – $ 500,000 2.75% Next $ 500,001 – $ 1,000,000 2.50% Next $ 1,000,001 – $ 2,000,000 2.35% Next $ 2,000,001 – $ 5,000,000 2.10% Next $ 5,000,001 – $ 10,000,000 2.05% Next $10,000,001 and over 2.00%”
Marginal/tiered schedule from VFA’s IC UMA Program wrap brochure table: each dollar band is billed only at its own rate (matching the Cambridge/industry convention for ‘Tiered Fee Structure’ presentation with First/Next bands). At $250,000: 250,000 x 2.75% = $6,875. At $500,000: $6,875 (first $250k) + 250,000 x 2.75% = $6,875 = $13,750 (both bands share the 2.75% rate, so this equals 500,000 x 2.75%). At $1,000,000: $13,750 + 500,000 x 2.50% = $12,500 = $26,250. At $2,000,000: $26,250 + 1,000,000 x 2.35% = $23,500 = $49,750.
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 $8,750 a year and Voya Financial Advisors runs $13,750 a year: a difference of $5,000 a year at that balance.
Want the full breakdown for either firm on its own? Read the Merrill Lynch fee page or the Voya Financial Advisors 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 read the general mechanics of switching financial advisors.
Compare your next step
Just comparing fees? Keep reading the fee guide.Optional next step
Explore an adviser match
Compare the services and the full fee before deciding whether to hire anyone.
- No fee to request a match
- No obligation to hire
Expect questions about your situation, your name, email and phone, and phone verification by text. A match is not guaranteed.
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.
Opens here. Nothing loads and nothing reaches Kapitalwise until you press the button.
How our partner relationships workCompare an adviser match before you decide
Ask about the full fee, what it covers and how the adviser is paid. A match is an introduction, not a recommendation from Clear Money Guide.
- Free matching service
- No obligation to hire
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. Advisers pay for the introduction. Clear Money Guide is paid when you complete the form, whether or not you ever hire anyone. There is no obligation to hire anyone.
Continue to WiserAdvisorOpens on WiserAdvisor’s site in a new tab.
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
- Voya Financial Advisors, Inc. Part 2A Appendix 1 of Form ADV: Investor Center Wrap Fee Program Brochure (IC UMA Program) (September 16, 2026): https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1058134
- SEC Investment Adviser Public Disclosure, Voya Financial Advisors, Inc. (CRD #2882): https://adviserinfo.sec.gov/firm/summary/2882
Methodology. This page was built September 19, 2026, re-pairing figures already archived and independently verified for Merrill Lynch and Voya Financial Advisors 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.