How Much Do Fisher and Edelman Really Charge? The SEC Filings Say It All.

Most investors will never actually read an ADV Part 2. But they should.

ADV Part 2 is the legal filing where Registered Investment Advisors (RIA) firms must disclose how they’re compensated and what services they actually provide. It’s not marketing. It’s not hidden in fine print. It’s a regulatory document, filed with the SEC or state regulators, that every investor is given when working with an RIA. When you actually read the filings from well-known fiduciary firms like Fisher Investments and Edelman Financial Engines, the standard fees for their core services are laid out in black and white.

I’m not singling them out, but their names come up often, and their ads are hard to miss. They’re clear examples of how even with fiduciary firms, a little digging can uncover exactly what you’re paying.

Fisher Investments (as of 2025):

➡️ Fisher ADV Part 2A (sec.gov) – see Page 5–6

Equity/Blended Accounts:

• 1.25% on the first $1M

• 1.125% on the next $4M

• 1.00% above $5M

Income-Only Accounts (>$5M):

• Tiers drop gradually from 0.75% → 0.28%

  
  

Example blended fee on $2M portfolio: ~1.19% ($23,750 annually)

Edelman Financial Engines (as of 2025):

➡️ Edelman ADV Part 2A (sec.gov) – see Page 16

• 1.75% on the first $400K

• 1.25% on the next $350K

• 1.00% on the next $250K

• 0.75% on the next $2M

• 0.60% on the next $7M

• 0.50% on the next $15M

  
  

Example blended fee on $2M portfolio: ~1.075% ($21,375 annually)

Pulling an ADV Part 2 is Easy

I’m using Fisher and Edelman as examples because they’re large, well-known firms. But the real takeaway isn’t about them.

It’s this:

Every fiduciary RIA is required to file an ADV Part 2. It’s public. It shows what they charge and what they actually do. And yet, most investors never look at it.

They’re not hidden, just rarely shown with clarity.

If your advisor works at a wirehouse or broker-dealer, they likely won’t have an ADV Part 2. Instead, they operate under a different set of rules, and often a non fiduciary standard. In that case, you’ll have to dig deeper to understand how they’re paid, and whether they’re acting as a fiduciary or a salesperson.

Whether you're already working with someone or just kicking tires, start by looking them up at adviserinfo.sec.gov. It’s the clearest way to see what’s beyond the brochure.

About the Author

Carson McLean is a flat-fee, fiduciary financial advisor and founder of Altruist Wealth Management. After 15+ years in the industry—including time at Morgan Stanley, Wells Fargo, and Dimensional Fund Advisors—he set out to build the kind of firm he’d want his own family to work with: transparent, fee-only, and built around long-term planning relationships.

Learn more at: altruistwm.com. and here is our ADV Part 2

Disclosure:

This article is for informational purposes only and does not constitute investment advice or a recommendation. All fee data is sourced directly from each firm’s publicly filed Form ADV Part 2A as of early 2025. Actual fees may vary based on asset levels, householding, legacy pricing, negotiated terms, or promotional arrangements. Both firms referenced use tiered AUM pricing for standard services, meaning the effective rate typically declines as portfolio size increases. Readers should verify filings directly at adviserinfo.sec.gov and consult a qualified professional for personalized guidance.