Guides › Financial Advisor Fees
Updated September 18, 2026. Quick answer: Thrivent is less expensive at $500,000: $7,750 a year, versus $8,250 a year for Northwestern Mutual, computed from each firm’s own SEC-filed fee disclosure. At $250,000 it is the other way round, $4,250 versus $4,125. 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 | Northwestern Mutual (annual fee) | Thrivent (annual fee) |
|---|---|---|
| $250,000 | $4,125 | $4,250 |
| $500,000 | $8,250 | $7,750 |
| $1,000,000 | $16,500 | $14,500 |
| $2,000,000 | $33,000 | $29,000 |
Northwestern Mutual discloses a maximum, individually negotiated rate of 1.65% (Northwestern Mutual Wealth Management Company Private Client Services Disclosure Brochure, September 2026); Thrivent discloses a tiered schedule of maximum rates, from 2.00% down to 0.90% (Thrivent Investment Management Inc. Managed Accounts Program Brochure, Form ADV Part 2A Appendix 1, July 2026). Both columns here are each firm’s disclosed maximum.
What the fee includes, in each firm’s own words
Northwestern Mutual (Northwestern Mutual Wealth Management Company Private Client Services Disclosure Brochure, September 2026): “NMWMC generally charges an annual Net Advisory Fee of no more than 1.65% on assets in a Private Client Services account. The corresponding annual Gross Advisory Fee is no more than 1.76% before the application of the 0.11% fee offset for proprietary investment management fees discussed below.”
Northwestern Mutual does not publish a public dollar-breakpoint schedule; the tiers on your account are negotiated with your advisor and recorded in a private Statement of Investment Selection. The figures above apply the disclosed 1.65% ceiling as a flat rate; your advisor may offer a lower custom schedule.
Thrivent (Thrivent Investment Management Inc. Managed Accounts Program Brochure, Form ADV Part 2A Appendix 1, July 2026): “You will be charged a Program Fee for each Account in the Program. The Program Fee will not exceed the applicable rate from the following fee schedule(s).” Those maximums are the Advisor, Advisor Guided, SELECT, Income-Focused, Genesis, Shepherd, Impact and Shield schedule; 1.70% from $250,000, 1.55% from $500,000 and 1.45% from $1,000,000.
Thrivent uses a breakpoint schedule: the single rate for your bracket applies to the whole balance, not just the amount above the breakpoint. These are the Maximum Program Fee rates on Thrivent’s Advisor, Advisor Guided, SELECT, Income-Focused, Genesis, Shepherd, Impact and Shield schedule, the one covering the programs open to new investors at the $25,000 minimum; the brochure states the Program Fee is negotiable, so an individual account can be lower. Thrivent’s separate SMA/UMA schedule runs higher, to a 2.50% maximum, and its Advantage schedule is closed to new investors. Optional Dedicated Planning Services is a separate fee component, but the brochure states the sum cannot exceed these same maximums. This is Thrivent Investment Management’s Managed Accounts Program (TIMI); the separate Thrivent Advisor Network channel discloses only a ceiling, not these breakpoints. The Northwestern Mutual brochure states a recommended minimum investment of $2,000,000 for a Private Client Services account, and states no waiver of it, so its $250,000, $500,000 and $1,000,000 figures above apply that disclosed 1.65% ceiling to balances below the minimum.
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, Northwestern Mutual runs $8,250 a year and Thrivent runs $7,750 a year: a difference of $500 a year at that balance. At $250,000 the order reverses, $4,125 for Northwestern Mutual against $4,250 for Thrivent.
Want the full breakdown for either firm on its own? Read the Northwestern Mutual fee page or the Thrivent 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 Northwestern Mutual or what it costs to leave Thrivent, or read the general mechanics of switching financial advisors.
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- Northwestern Mutual Wealth Management Company Private Client Services Disclosure Brochure (September 2026): https://www.northwesternmutual.com/assets/pdf/brochures/private-client-services-disclosure.pdf
- FDIC BankFind, Northwestern Mutual Wealth Management Company (FDIC Certificate #57093): https://banks.data.fdic.gov/bankfind-suite/bankfind/details/57093
- Thrivent Investment Management Inc. Managed Accounts Program Brochure, Form ADV Part 2A Appendix 1 (July 2026): https://www.thrivent.com/files/24839.pdf
- SEC Investment Adviser Public Disclosure, Thrivent Investment Management Inc. (CRD #18387): https://adviserinfo.sec.gov/firm/summary/18387
Methodology. This page was built September 18, 2026, re-pairing figures already archived and independently verified for Northwestern Mutual and Thrivent 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.
Weighing whether to move ahead? Read the full Thrivent review, including its fiduciary status and what it costs to leave.