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Morgan Stanley Review (2026): Fees, Fiduciary Status, and Minimum

Guides › Financial Advisor Fees

Updated September 18, 2026. Quick answer: Morgan Stanley is registered with the SEC as both a broker-dealer and an investment adviser. Per its own current fee brochure, a $500,000 account would run up to $10,175 a year (the sum of the firm’s published maximum fee components) under its published fee schedule; the minimum to open an account is $10,000 for Consulting Group Advisor (CGA). Already a client and thinking about leaving? Budget $125 per account (partial transfers free). Is it a fiduciary? Yes, when it is acting as your investment adviser; when the same representative acts as your broker-dealer instead, the applicable standard is best-interest, not fiduciary, and its own Form CRS states representatives can earn commissions in that capacity.

Morgan Stanley at a glance

FactWhat Morgan Stanley’s own pages say
Legal entityMorgan Stanley Smith Barney LLC
RegistrationMorgan Stanley Smith Barney LLC (“Morgan Stanley,” “we,” or “us”) is registered as a broker-dealer and an investment adviser with the U.S. Securities and Exchange Commission (SEC).
Fee on a $500,000 accountUp to $10,175 a year (the sum of the firm’s published maximum fee components), per its own current brochure
Minimum to open an account$10,000 for Consulting Group Advisor (CGA)
Cost to leave (exit fee)$125 per account (partial transfers free)

What Morgan Stanley’s own fee schedule charges

“The maximum annual MSWM Fee for CGA accounts is 2.00% of the market value of the eligible assets in the account. … The Platform Fee is a 0.035% annual asset-based fee. The Platform Fee is in addition to the MSWM Fee, is non-negotiable and is generally applicable to all CGA accounts.”

Morgan Stanley discloses only a maximum negotiated rate for its flagship Consulting Group Advisor program, not a public breakpoint table; the figures above are the disclosed ceiling (2.035% combined) applied flat. Fees are stated as negotiable and often lower.

Account balanceAnnual fee
$250,000$5,088
$500,000$10,175
$1,000,000$20,350
$2,000,000$40,700

See the full breakdown, including how the figure is calculated, on Morgan Stanley’s own fee page.

Is Morgan Stanley a fiduciary?

Morgan Stanley Smith Barney LLC (“Morgan Stanley,” “we,” or “us”) is registered as a broker-dealer and an investment adviser with the U.S. Securities and Exchange Commission (SEC).

“When we provide you with a recommendation as your broker-dealer or act as your investment adviser, we have to act in your best interest and not put our interest ahead of yours.”

Full-Service Accounts: You generally pay a commission or markup/markdown (a fee added to or subtracted from the market price) each time you make a trade.

Full detail, including the exact registration type and source: Morgan Stanley’s fiduciary status, explained.

The minimum to open an account

“Account Minimums. The CGA program generally has a minimum account size of $10,000.”

$10,000 for Consulting Group Advisor (CGA). See the full minimum-investment breakdown, including what that minimum would cost per year, on Morgan Stanley’s minimum investment page.

What it costs to leave

A full account transfer is $125 per account ($95 for two specific footnoted channels); a partial transfer is not charged at all.

Full mechanics, sources, and the ACATS transfer process: how to leave Morgan Stanley.

What we would compare it against

Before you decide, run the numbers against another firm using the financial advisor fee comparison, or price the dollar cost of any percentage fee over time with the Financial Advisor Fee Calculator and the Fee Drag Calculator.

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Sources

Methodology. This page was built September 18, 2026, drawing directly on Morgan Stanley’s own current fee brochure and Form CRS, both linked above, plus this site’s own already-published fiduciary, minimum-investment, and (where one exists) how-to-leave pages for the same firm, each independently sourced when it was built. 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 Morgan Stanley’s own Form ADV Part 2A and Form CRS. We have not used Morgan Stanley as a client. Morgan Stanley did not pay for, review, or influence this content. See our Editorial Policy, Corrections, Affiliate Disclosure, and Disclaimer.

Comparing firms? See all 182 advisor firm reviews in one table, with each firm’s type and its fee on a $500,000 account.