Guides › Financial Advisor Fees
Updated September 19, 2026. Quick answer: TIAA Wealth Management is less expensive at $500,000: $4,500 a year, versus $10,175 a year for Morgan Stanley, 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 | Morgan Stanley (annual fee) | TIAA Wealth Management (annual fee) |
|---|---|---|
| $250,000 | $5,088 | $2,250 |
| $500,000 | $10,175 | $4,500 |
| $1,000,000 | $20,350 | $9,000 |
| $2,000,000 | $40,700 | $16,000 |
Morgan Stanley discloses a maximum, individually negotiated rate of 2.035% (Morgan Stanley Consulting Group Advisor (CGA) Program Wrap Fee Brochure, Form ADV Part 2A Appendix 1, March 30, 2026); TIAA Wealth Management discloses a tiered schedule starting at 0.90% (TIAA-CREF Individual & Institutional Services, LLC – Advice & Planning Services – Private Asset Management Disclosure Brochure (Form ADV Part 2A), March 31, 2026).
What the fee includes, in each firm’s own words
Morgan Stanley (Morgan Stanley Consulting Group Advisor (CGA) Program Wrap Fee Brochure, Form ADV Part 2A Appendix 1, March 30, 2026): “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.” 2.00% maximum MSWM Fee plus a non-negotiable 0.035% Platform Fee.
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.
TIAA Wealth Management (TIAA-CREF Individual & Institutional Services, LLC – Advice & Planning Services – Private Asset Management Disclosure Brochure (Form ADV Part 2A), March 31, 2026): “The PAM Fee schedules for the discretionary accounts are provided below. They are subject to change with prior notice to materially impacted clients enrolled in PAM. … PAM Fee Blended Schedule Value Bracket Annual Fee as % First $1,000,000 of market value 0.90% Next $2,000,000 0.70% Next $2,000,000 0.50% Over $5,000,000 0.40%”
Marginal/tax-bracket-style tiers from the PAM Fee Blended Schedule (the Private Asset Management program run by TC Services, TIAA’s high-net-worth wealth-management arm, sub-advised by TIAA Wealth Investment Management LLC). $250k: 250,000 x 0.90% = $2,250. $500k: 500,000 x 0.90% = $4,500. $1M: 1,000,000 x 0.90% = $9,000. $2M: first $1,000,000 x 0.90% = $9,000, plus the next $1,000,000 (of the $1,000,001-$3,000,000 tier) x 0.70% = $7,000, total $16,000. TIAA Wealth Investment Management LLC (CRD 334925, SEC file 801-132296, the WIM sub-adviser entity) has no client-facing fee schedule of its own – it is paid a flat sub-advisory basis-point fee by TC Services/TIAA Trust; the PAM brochure sponsored by TC Services is the entity that actually bills clients and is the correct primary source for a buildable schedule. A separate ‘PAM Fee Exclusively Fixed Income Schedule’ (0.50%/0.35%/0.25%/0.20%/0.15% tiers) applies only to all-fixed-income accounts and was not used here.
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, Morgan Stanley runs $10,175 a year and TIAA Wealth Management runs $4,500 a year: a difference of $5,675 a year at that balance.
Want the full breakdown for either firm on its own? Read the Morgan Stanley fee page or the TIAA Wealth Management 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 Morgan Stanley, or read the general mechanics of switching financial advisors.
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- Morgan Stanley Consulting Group Advisor (CGA) Program Wrap Fee Brochure, Form ADV Part 2A Appendix 1 (March 30, 2026): https://www.morganstanley.com/wealth-investmentsolutions/wrapfeebrochures
- SEC Investment Adviser Public Disclosure, Morgan Stanley Smith Barney LLC (CRD #149777): https://adviserinfo.sec.gov/firm/summary/149777
- TIAA-CREF Individual & Institutional Services, LLC – Advice & Planning Services – Private Asset Management Disclosure Brochure (Form ADV Part 2A) (March 31, 2026): https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1028127
- SEC Investment Adviser Public Disclosure, TIAA-CREF Individual & Institutional Services, LLC (d/b/a Advice & Planning Services, sponsor of the Private Asset Management Program) (CRD #20472): https://adviserinfo.sec.gov/firm/summary/20472
Methodology. This page was built September 19, 2026, re-pairing figures already archived and independently verified for Morgan Stanley and TIAA Wealth Management 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.