Shop and Compare
Every firm registered in the United States must file what is called a Form ADV Part 2 Brochure with the Securities and Exchange Commissions at least annually. This document's intent was to provide an easy way for customers to compare fees and services of different firms. However, these have quickly devolved into complex tomes that few investors have the patience to read. To help you begin your search, we have read these firm's disclosure brochures (in many cases for one of many programs offered) and provided a brief overview of their reported fee structure. We also note which firms are dually registered (which means they can accept commissions from the sale of securities or insurance) in the column “Always Fiduciary.” Many consider the sale of commissioned products to be a potentially worrisome conflict of interest. Dual registered firms are not ALWAYS required to act as a fiduciary.
| Firm | Maximum Fee | Annual Fee on $500,000 | Annual Fee on $1 million | Annual Fee on $2 million | Always Fiduciary |
|---|---|---|---|---|---|
| Ameriprise (Managed Accounts) | 2.17% | NS | NS | NS | NO |
| Edward Jones (Advisory Solutions) | 1.44% | 1.42% | 1.37% | 1.22% | NO |
| Equitable Advisors (AXA Advisors) | 2.50% | NS | NS | NS | NO |
| Financial Engines (Wrap Fee Program | 1.75% | 1.65% | 1.39% | 1.07% | YES |
| Fisher Investments (Private Client) | 1.25% | 1.25% | 1.25% | 1.187% | YES |
| JP Morgan (Wrap Fee Program) | 1.45% | 1.375% | 1.125% | 1.0625% | NO |
| LPL Financial (Guided Wealth) | 1.35% | NS | NS | NS | NO |
| Merrill Lynch (Managed Account) | 1.80% | 1.80% | 1.80% | 1.575% | NO |
| Morgan Stanley (Wrap Fee Program) | 2.00% | NS | NS | NS | NO |
| Raymond James (Various Wrap Fee Programs) | 2.75% | 2.75% | 2.75% | 2.625% | NO |
| Voya Financial Advisors (Wrap Fee Program) | 2.75% | 2.75% | 2.625% | 2.425% | NO |
| Well Fargo (Wrap Fee Programs) | 2.50% | NS | NS | NS | NO |
The fee shown are the maximum fees for any investment program as noted in each firm’s Form ADV, Part 2 as filed with the US Securities and Exchange Commission (SEC) at adviserinfo.sec.gov.
These are the advisory fees charged as a percentage of assets under management (AUM). They do not include the internal fees of any investments used. For example a 1% fee on a $1 million doillar account would mean a $10,000 per year charge, typically drawn annually from assets.
The “Annual Fee” (where shown) is a “blended” fee. For example, Apella Wealth charges 1.0% on the first $1 million of AUM and 0.5% on the next $ 1 million of AUM which puts the total “blended” fee on $2 million AUM at 0.75%.
Information current as of 2/10/2023 from adviserinfo.sec.gov
NS - or “not specified” denotes firms that did not provide fee breakpoints in ADV Part 2 brochure.