Wealth Manager Fees Compared: What Seven National Firms Publish

Creative Planning, LLC’s firm brochure describes an annual percentage fee for portfolio management, calculated on the quarter-end value of the account and applied quarterly in arrears. The brochure says the fee is calculated “against all assets in the investment account,” including cash, money market funds and the full value of margined assets. Clients with less than $500,000 under management “may be charged a minimum management fee,” disclosed in the client agreement.

What the fee covers. Portfolio management and, for clients with at least $500,000 under management, comprehensive financial planning “as part of the annual percentage-based fee.” The brochure says the firm will occasionally prepare a one-time plan for a fixed fee, with most ranging from $1,500 to $15,000.

What it does not cover. Brokerage and transaction ticket fees charged by the custodian are passed to the client, and fund expenses are separate. Tax preparation, legal and estate work, trust services and insurance are offered through affiliated companies “through separate agreements and compensation arrangements.” The brochure states that wealth managers “do not provide tax or legal services” themselves, that the affiliations present a conflict of interest, and that clients are never obligated to use the affiliates.

Edelman Financial Engines files under the name Financial Engines Advisors L.L.C. Its wrap fee brochure gives the schedule below for wealth planning clients and says that, unless a written agreement provides otherwise, no client receiving discretionary management “will pay a fee more than the 1.75% annual fee.” The fee is based on the average daily balance and deducted quarterly in arrears, and household accounts managed as one relationship are aggregated for the tiers. Assets above $25 million are listed as negotiable.

What the fee covers. Discretionary management in the firm’s asset allocation models, a planner who helps select the model, and trading costs at the program custodians. The brochure says neither the firm nor its planners “earn any additional revenue from Wrap Fee Program accounts beyond the wrap fee.” The firm’s separate Form ADV Part 2A (also dated March 31, 2026) describes a one-time fee of up to $10,000 for developing a financial plan, which it says can be waived in part or in whole.

What it does not cover. The expenses embedded in the mutual funds and ETFs held, plus a list of account charges such as transfer, wire and account-closing fees. The Part 2A says planners “do not provide legal or actionable tax advice” and advises clients to work with an attorney or accountant on those matters. Clients who came from acquired firms or from legacy Financial Engines may be on different rates set out in their own agreements.

Edward Jones is a broker-dealer and an investment adviser with a dozen separate program brochures. The schedule below is for one of them, Advisory Solutions Fund Models, a discretionary program invested in mutual funds and ETFs. The program brochure (as of March 27, 2026) gives only the maximum rates, a Program Fee of up to 1.35% and a Platform Fee of up to 0.05%; the tiers are in the firm’s separate schedule of fees, linked below. Both are charged monthly in arrears on the average daily value of all assets in the account, including cash. The firm’s program page gives the $25,000 minimum.

What the fee covers. Per the brochure: analysis of your investment needs, periodic consultations, selection of investments, performance reporting, custody and transaction execution. Accounts in the same household and branch can be grouped into a “Pricing Group” to reach lower tiers.

What it does not cover. The internal expenses of the funds, including the firm’s affiliated Bridge Builder funds, plus items such as transfer, wire and account termination fees. The brochure says Edward Jones credits back any Rule 12b-1 fees and shareholder accounting revenue it receives on the account, and that it “does not receive revenue sharing on assets held in Advisory Solutions Fund Models accounts.”

On negotiating. The brochure says the fee may be lower than the maximum if Edward Jones or the financial adviser negotiates a lower Program Fee, and notes that advisers who receive a portion of the Program Fee “have a financial incentive not to negotiate” it. Other Edward Jones programs (Guided Solutions, the UMA models and others) and its commission-based brokerage accounts are priced separately and are not shown here.

Fidelity’s managed-account program for individuals is Fidelity Wealth Services, offered through Strategic Advisers LLC as a wrap fee program with three service levels: Fidelity Advisory Services, Wealth Management and Private Wealth Management. The brochure gives a gross advisory fee for each. For Wealth Management and Private Wealth Management accounts totalling $500,000 or less, the rate is 1.50% up to a maximum of $6,250; above $500,000 the tiers below apply. The brochure itself points out that the flat Fidelity Advisory Services rate becomes the higher of the two once balances exceed $1.375 million.

Gross and net. The fee you pay is the gross advisory fee less a “Credit Amount” equal to the fund management and servicing revenue Fidelity retains from the funds in your account. The brochure says the credit “is intended to address the conflicts of interest that arise in selecting investments that generate revenue for Fidelity.” Our table shows the gross figure because the credit depends on the holdings.

What the fee covers and does not. Discretionary management, access to financial planning, and brokerage, clearing and custody through Fidelity affiliates. Not covered: underlying fund expenses, and an additional fee of up to 0.35% (domestic) or 0.40% (foreign) on separately managed account sleeves that use an unaffiliated model provider. A further negotiated fee “can be assessed” for highly complex financial planning.

Who qualifies. The minimum starts at $50,000 per account. Wealth Management clients “must generally qualify for support from a dedicated Fidelity representative.” Private Wealth Management clients must typically invest at least $2 million in the program and have investable assets of at least $10 million.

Fisher Investments’ private client brochure gives one schedule for equity and blended accounts, shown below, and a lower one for income-only accounts above $5 million (starting at 0.75% on the first $5 million). Fees are calculated quarterly on the quarter-end market value, including cash balances, and billed after they are earned. Accounts owned by the same client can be aggregated for the tiers on request.

Minimum. The brochure says the firm “typically targets clients with at least $1,000,000 in investable assets” but will accept smaller relationships at its discretion, billed at 1.50%. It adds that clients whose managed assets fall below $900,000 because of withdrawals are billed at 1.50%.

What the fee covers and does not. Discretionary management of an equity, fixed income or blended account. Not covered: brokerage commissions, other custodian fees, and the expenses of any ETFs or structured notes held. The brochure states that the firm “does not earn any of the foregoing fees.” It also says “a no-cost separate financial plan is offered to some clients” and that the firm has arrangements with outside firms that can provide tax preparation services.

On negotiating. The fee section opens: “While at times FI may negotiate rates other than specified below.” It also says the firm may negotiate fixed rates that apply at all asset levels.

Schwab Wealth Advisory is a wrap fee program that provides non-discretionary advice. The brochure says the program “makes investment recommendations, but does not have authority to make investment decisions or place trades on your behalf.” That is a different service from the discretionary programs elsewhere on this page, and the fee should be read with that in mind.

What the fee is charged on. Billable assets only. The brochure says Schwab “does not charge the SWA Fee on cash or money market fund assets.” There is a quarterly minimum fee equal to the lesser of $1,000 or 1.60% of total billable assets. Clients enrolled before October 1, 2024 may be on a grandfathered schedule that charges 0.30% on all assets above $5 million.

What the fee covers and does not. Covered: “non-discretionary investment advice, financial planning, equity and ETF trade commissions, mutual fund transaction fees and commissions on fixed-income transactions.” Not covered: fund-level expenses and sales charges, short-term redemption fees, options trading fees and certain alternative investment fees.

Minimum and negotiating. The enrollment minimum is $500,000, which Schwab may reduce or waive. The brochure says the schedules “reflect standard pricing, but discounts or negotiated fee arrangements may apply at any asset level.”

Vanguard Advisers, Inc. files separate brochures for its services. Vanguard Personal Advisor combines automated portfolio management with access to financial advisers and charges a single rate rather than tiers: a gross advisory fee of 0.35% a year on brokerage accounts for all-index options, or 0.40% for the active/index mix. The same brochure covers Vanguard Digital Advisor, at 0.20% or 0.25%.

Gross and net. Vanguard reduces the gross fee by the revenue it collects from the Vanguard funds in the account. The brochure says a total-market all-index portfolio “will be credited approximately 0.04%,” for a net advisory fee of about 0.31% in Personal Advisor. The fee is not charged on money market holdings in the settlement fund. Fund expense ratios are paid on top, as they are by every fund shareholder.

Personal Advisor Select. A separate brochure, dated October 22, 2026, describes this service for clients with at least $500,000 of investable assets. Its fee is tiered, starting at 0.30% on assets below $5 million. The brochure adds that in most cases portfolios of $5 million and above are served by an affiliate, Vanguard National Trust Company.

Changes. The Personal Advisor brochure says Vanguard can waive or reduce the gross advisory fee at its discretion and reserves the right to increase it on 30 days’ written notice.