Written by Chris Bendtsen
How Much Does a Financial Advisor Cost? What Long Angle Members Pay
How Much Does a Financial Advisor Cost? What Long Angle Members Pay
Members paying a financial advisor on assets average a 0.70% fee, from 0.79% at $2M-$10M to 0.58% at $25M+. Median wealth manager spend: $10,000.
Chris Bendtsen
Research Findings
A financial advisor who charges a percentage of assets costs Long Angle members an average of 0.70% a year, falling from 0.79% at $2 million to $10 million of net worth to 0.67% at $10 million to $25 million and 0.58% above $25 million. The most common single fee is 1.00% to 1.24%, paid by 31% of those respondents, yet 65% pay less than 1%. The median annual spend on a wealth manager was $10,000. The figures come from two Long Angle studies of 233 and 114 respondents, members who chose to answer and aren't a representative sample.
Key Takeaways
- The average fee among respondents paying a percentage of assets was 0.70% a year, stepping down from 0.79% at $2M to $10M of net worth to 0.58% above $25M.
- Among respondents with an AUM-based advisor, 1.00% to 1.24% was the most common fee range, at 31%, but two in three paid less than 1% and a quarter paid under 0.50%.
- The median annual spend on a wealth manager was $10,000, well below what the average rate implies on a whole multimillion-dollar portfolio.
- Only 14% of 2026 respondents had an advisor managing most or all of their assets, and half had no interest in using one.
- Cost was the leading complaint among wealth manager clients, and 44% were considering switching or stopping.
2026 High-Net-Worth Asset Allocation Report
See how high-net-worth investors with an average net worth of $17M are allocating across public equities, private markets, real estate, bonds and cash. Based on benchmark data from 230+ respondents.
Long Angle benchmark data. Two Long Angle benchmark studies and a member poll, read together on what a financial advisor costs and how members pay for advice.
The Average Financial Advisor Fee, by Net Worth
Among respondents to Long Angle's 2026 Asset Allocation study who pay an advisor a percentage of assets, the average fee was 0.70% a year, and it fell as net worth rose.
Average financial advisor fee by net worth
| Net worth | Average AUM fee | Share of all respondents |
|---|---|---|
| $2M - $10M | 0.79% | 48% |
| $10M - $25M | 0.67% | 35% |
| $25M+ | 0.58% | 17% |
| All respondents paying a percentage of assets | 0.70% |
Source: Long Angle, 2026 High-Net-Worth Asset Allocation Report, 233 respondents, fielded December 2025 to January 2026. Average fee among respondents paying a percentage of assets under management, with net worth used as a proxy for managed assets. Share of all respondents is the net worth mix of the full sample. Respondents are Long Angle members and aren't a representative sample of high-net-worth households.
The report attributes the step-down to tiered fee schedules, which charge a lower rate once assets pass set thresholds. Net worth stands in for the assets an advisor manages, so each bracket describes the household rather than the account the fee is charged on. The $25M+ bracket is the smallest, at 17% of respondents.
Full results, including how advised and self-managed portfolios are allocated, are in the 2026 High-Net-Worth Asset Allocation Report.
How Financial Advisor Fees Are Spread
Two in three respondents with an AUM-based advisor pay less than 1%, but the single most common fee is 1.00% to 1.24%.
Financial advisor fees paid, as a percentage of assets
| Advisor fee (% of assets a year) | Share of respondents with an AUM-based advisor |
|---|---|
| Under 0.25% | 9% |
| 0.25% - 0.49% | 16% |
| 0.50% - 0.74% | 19% |
| 0.75% - 0.99% | 21% |
| 1.00% - 1.24% | 31% |
| 1.25% or more | 4% |
Source: Long Angle, 2026 High-Net-Worth Asset Allocation Report, 233 respondents, fielded December 2025 to January 2026. Base: respondents with an advisor who charges a percentage of assets. Respondents are Long Angle members and aren't a representative sample of high-net-worth households.
A quarter pay under 0.50%, and 4% pay 1.25% or more. Long Angle's reading: a 1% quote sits in the most common bracket here, and it's also above what two-thirds of respondents pay.
What the Average Fee Comes To in Dollars
At the average rate for its bracket, an advisor managing a whole $5 million portfolio would charge about $39,500 a year, yet the median respondent with a wealth manager spent $10,000.
Illustration: the average fee applied to the full amount managed
| Amount the advisor manages | Average fee for the bracket | Annual fee |
|---|---|---|
| $3M | 0.79% | $23,700 |
| $5M | 0.79% | $39,500 |
| $8M | 0.79% | $63,200 |
| $15M | 0.67% | $100,500 |
| $20M | 0.67% | $134,000 |
| $30M | 0.58% | $174,000 |
| $50M | 0.58% | $290,000 |
Long Angle arithmetic, not a reported figure: the 2026 Asset Allocation Report's average fee for each net worth bracket, multiplied by the amount shown, assuming the advisor manages all of it. No respondent reported these dollar amounts.
What respondents spent on financial services in a year
| Financial service | Used by | Median annual spend | Average satisfaction |
|---|---|---|---|
| Wealth manager | 32% | $10,000 | 7.2 / 10 |
| Trust and estate attorney | 52% | $5,000 | 7.8 / 10 |
| CPA / tax services | 82% | $3,000 | 7.1 / 10 |
Source: Long Angle, 2025 High-Net-Worth Professional Services Report, 114 respondents, fielded August to September 2025. All respondents had a net worth above $2.2M. Respondents are Long Angle members and aren't a representative sample of high-net-worth households.
Wealth managers were the most expensive financial service in the study by a wide margin. For what members paid for tax preparation on the same basis, see how much a CPA costs.
The two tables measure different things in different studies, so neither corrects the other. What members report elsewhere is consistent with the gap: only 14% of 2026 respondents had an advisor managing most or all of their assets, against 29% who used one for some assets, so for many advised members the fee applies to part of the portfolio.
How Advisors Charge: Percentage of Assets, Flat Fee or Hourly
Most advised respondents pay a percentage of assets, and between one in five and one in three pay a flat annual fee, depending on the study.
How respondents' financial advisors charge, 2026 study
| Fee structure | Share of respondents with a financial advisor |
|---|---|
| Percentage of assets under management | 71% |
| Flat annual fee | 21% |
| Other | 8% |
Source: Long Angle, 2026 High-Net-Worth Asset Allocation Report, 233 respondents, fielded December 2025 to January 2026. Respondents are Long Angle members and aren't a representative sample of high-net-worth households.
How wealth manager clients are charged, 2025 study
| Fee type | Share of wealth management clients |
|---|---|
| Percentage of assets under management | 56% |
| Annual fee | 33% |
| Other | 6% |
| Hourly fee only | 3% |
| Commission-based only | 3% |
Source: Long Angle, 2025 High-Net-Worth Professional Services Report, 114 respondents, fielded August to September 2025. Shares sum to 101% because of rounding. Respondents are Long Angle members and aren't a representative sample of high-net-worth households.
The two studies asked different questions of different respondents, so the move from 56% to 71% isn't a trend. Both reports describe flat fees as the structure often associated with fiduciary advisors, and the 2026 report notes the argument for them: a percentage fee rises with the portfolio even when the advisor's work doesn't.
How Much of Their Money Long Angle Members Hand an Advisor
Most respondents manage their own money: 57% of 2026 respondents don't use an advisor, and only 14% have one managing most or all of their assets.
Do you work with a financial advisor, RIA or wealth manager?
| Response | Share of respondents |
|---|---|
| No, not interested | 50% |
| No, but looking | 7% |
| Yes, for some assets | 29% |
| Yes, for most or all assets | 14% |
Source: Long Angle, 2026 High-Net-Worth Asset Allocation Report, 233 respondents, fielded December 2025 to January 2026. Respondents are Long Angle members and aren't a representative sample of high-net-worth households.
How much of your portfolio does a traditional AUM-based RIA manage?
| Share of portfolio | Share of respondents |
|---|---|
| 0% | 71% (251) |
| 1% - 33% | 13% (45) |
| 34% - 66% | 9% (32) |
| 67% - 100% | 8% (28) |
Source: Long Angle Member Pulse poll, "How much does a traditional AUM-based RIA manage?", 356 respondents, single-select. Posted January 31, 2025; latest vote October 3, 2026; read October 31, 2026. Shares sum to 101% because of rounding. Respondents are Long Angle members and aren't a representative sample of high-net-worth households.
Advisor use rises with wealth. In the 2025 Professional Services study, 22% of respondents with a net worth under $5M used a wealth manager, against 44% of those with $25M or more. The two studies' overall usage figures, 43% and 32%, come from different questions and aren't a trend.
Whether Clients Think the Fee Is Worth It
Cost is the leading complaint among respondents with a wealth manager, and 44% of clients are considering switching or stopping.
Attitudes toward their current wealth manager
| Attitude | Share of wealth management clients |
|---|---|
| No change | 56% |
| Considering switching | 26% |
| Considering stopping altogether | 18% |
Source: Long Angle, 2025 High-Net-Worth Professional Services Report, 114 respondents, fielded August to September 2025. Respondents are Long Angle members and aren't a representative sample of high-net-worth households.
Average satisfaction with wealth managers was 7.2 out of 10. The report reads the cost complaint as a question about value: even the most affluent clients are asking what they get for the fee. Where an advisor earns it, and where members chose to manage their own money instead, is the subject of whether a wealth advisor is worth it. For how fee schedules, breakpoints, and private bank pricing work at higher asset levels, see wealth management fees for high-net-worth individuals, and for what to ask before signing, how to evaluate a high-net-worth financial advisor and questions to ask a financial advisor.
Methodology and Limitations
- 2026 study. 2026 High-Net-Worth Asset Allocation Report, 233 respondents, fielded December 2025 to January 2026. Average net worth $17.3M; minimum $2.2M. Fee figures are among respondents with an advisor who charges a percentage of assets; the report uses net worth as a proxy for managed assets and doesn't state the number of respondents in each bracket.
- 2025 study. 2025 High-Net-Worth Professional Services Report, 114 respondents, fielded August to September 2025, all with a net worth above $2.2M. Spend is median annual spending. Usage by net worth is stated in the report's text for the lowest and highest brackets only.
- Poll. Long Angle Member Pulse poll, "How much does a traditional AUM-based RIA manage?", 356 respondents, single-select, posted January 31, 2025, read October 31, 2026. One of a set of polls on how Long Angle members manage their portfolios; each share is of this poll alone.
- Who answered. Participation was voluntary. Respondents are Long Angle members and aren't a representative sample of high-net-worth households.
- Not combined. The studies and the poll drew different respondents and asked different questions. Figures aren't combined across them or read as a trend.
- The dollar illustration. The annual fees in the illustration are Long Angle arithmetic, not reported figures.
- Not covered. Neither study reports fees below $2M of net worth, flat or hourly fees in dollars, fees within the $25M+ bracket, or fund and product costs on top of the advisory fee.
Final Thoughts
Three questions sort an advisor's quote faster than any average. What share of your assets will the fee apply to, and where does the rate step down? What does the quote come to in dollars on your own portfolio, and how does that compare with a flat annual fee for the same work? And what does the fee cover beyond investment management: tax, estate, and planning, or the portfolio alone? Respondents here paid anywhere from under 0.25% to more than 1.25%. The figures alone don't say which of those fees was fair. The answers to those three questions do.
Frequently Asked Questions
How much do financial advisors charge?
Most charge a percentage of assets. Among Long Angle respondents with an AUM-based advisor, the average fee was 0.70% a year and 65% paid less than 1%. The most common single range was 1.00% to 1.24%, reported by 31%.
What is the average financial advisor fee?
0.70% of assets a year, among respondents to Long Angle's 2026 Asset Allocation study who pay a percentage of assets. By net worth, the average was 0.79% at $2M to $10M, 0.67% at $10M to $25M, and 0.58% above $25M.
How much does a financial advisor cost per year?
The median annual spend on a wealth manager was $10,000 among 114 respondents to Long Angle's 2025 Professional Services study, all with a net worth above $2.2M. A fee on a whole portfolio runs higher: at 0.79%, an advisor managing $5M would charge about $39,500 a year.
What does a financial advisor charge on $1 million?
Long Angle's data doesn't reach $1 million: respondents to the 2026 study start at $2.2M of net worth. Among those with $2M to $10M, the average fee was 0.79%, and among all respondents with an AUM-based advisor the most common fee was 1.00% to 1.24%.
Do financial advisor fees go down as assets grow?
In Long Angle's data, yes. The average fee fell from 0.79% at $2M to $10M of net worth to 0.67% at $10M to $25M and 0.58% above $25M. The report attributes the step-down to tiered fee schedules.
How many people pay a financial advisor a flat fee?
21% of 2026 respondents with an advisor paid a flat annual fee and 71% a percentage of assets. In the 2025 Professional Services study, 33% of wealth manager clients paid an annual fee. The two studies asked different questions, so the figures aren't a trend.
The advisor referral worth taking comes from someone who still uses them.
Long Angle is a vetted community of high-net-worth founders, executives, and investors. Members ask "who have you used" and "would you do it again" about advisors and fee terms, under their real names, with no vendors posting.
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