How much money do you need for wealth management? Most full-service wealth management starts around $500,000 in investable assets, and private wealth tiers often require $2 million to $10 million or more. There is no universal minimum, though. Digital and hybrid advice can start at $0 to $50,000, and flat-fee planners often have no minimum at all.
Key takeaways
- The answer depends on the tier. Full-service wealth management typically starts near $500,000, and private wealth starts in the millions.
- At Fidelity, Schwab and Vanguard, a dedicated advisor requires $500,000 (checked on the firms’ own pages).
- Watch minimum fees. A $7,500 minimum fee means you need about $600,000 before you pay 1.25% or less.
- Investable assets count, not net worth.
- Complexity can justify wealth management below $500,000, and some minimums are negotiable.
What wealth management is, and why the numbers vary
Wealth management builds on a basic financial plan with more individualized investment management, advanced tax management, integration with complex compensation plans, advanced estate planning, charitable strategies and sometimes legal considerations. You’ll see quoted minimums from $250,000 to $10 million because firms use “wealth management” for very different services.
The five tiers
| Tier | What you get | Typical entry point |
|---|---|---|
| 1. DIY plus a planner | One-time plan, hourly help or subscription | $0 |
| 2. Digital (robo) | Automated investing, some human help | $0–$25,000 |
| 3. Hybrid advisor | A team of advisors plus planning | ~$50,000 |
| 4. Dedicated wealth advisor | A named advisor, tax, estate and investment planning | ~$500,000 |
| 5. Private wealth | Advisor-led team, complex and multigenerational planning | $2M–$10M+ |
What major firms actually require
I checked these against the firms’ own pages. Rates change, so confirm before you call.
Fidelity
- Fidelity Go has no account minimum, charges nothing under $25,000 and 0.35% at $25,000 and above, and gives access to dedicated advisors at $25,000.
- Fidelity Wealth Management generally requires $500,000 managed through Fidelity Wealth Services, at 0.50% to 1.50%.
- Fidelity Private Wealth Management typically requires $2 million managed through Fidelity plus $10 million or more in total investable assets, at 0.20% to 1.04%.
Vanguard
- Digital Advisor requires $100 (about $15–$16 per $10,000), and Personal Advisor requires $50,000 (about $30–$31 per $10,000).
- Personal Advisor Select requires $500,000 with a dedicated CFP®, at no more than $30 per $10,000.
- Personal Advisor Wealth Management requires $5 million or more. Vanguard’s fees don’t include fund expense ratios.
Schwab
- Schwab Wealth Advisory requires a $500,000 enrollment minimum, with fees starting at 0.80% and decreasing at higher asset levels.
- Schwab says it may reduce or waive the minimum in certain situations.
- Intelligent Portfolios Premium needs $25,000, a one-time $300 planning fee and $30 a month.
Big brokerages. Requirements vary by program and advisor. Morgan Stanley says its managed account programs start as low as $5,000. Ask for the specific program’s minimum.
The hidden minimum: minimum fees
A firm can advertise no asset minimum yet charge a minimum annual fee. The rule of thumb is that effective minimum = minimum fee ÷ top fee rate.
Mariner has no firm-wide minimum but charges $7,500 a year, so you’d want about $600,000 to avoid paying more than its top 1.25% rate. HB Wealth’s $12,500 minimum fee works out to a $1 million entry point. At $300,000, a $7,500 minimum fee is 2.5%.
NerdWallet gives a similar example: with a 1% fee and a $10,000 minimum, a $500,000 account pays $10,000, not $5,000. Always ask for your all-in annual cost in dollars.
What it costs at different balances
Kitces research puts the median blended AUM fee at 1% for portfolios up to $1 million, declining on larger balances, with median hourly rates of $300, standalone plans around $3,000 and subscriptions around $4,500. At $1 million, 62% of firms charge at least 1%, versus 32% at $2 million. NerdWallet cites an average wealth advisor fee of 1.05%, with a range of 0.25% to 2%.
Illustrative annual advisory fees, before fund expenses:
| Option | $100,000 | $500,000 | $1,000,000 |
|---|---|---|---|
| Vanguard (~0.30% or less) | ~$300 | up to ~$1,500 | up to ~$3,000 |
| Schwab Wealth Advisory (from 0.80%) | below minimum | up to ~$4,000 | up to ~$8,000 |
| Fidelity Wealth Management (0.50–1.50%) | below minimum | $2,500–$7,500 | $5,000–$15,000 |
| Independent RIA at 1%–1.25% | often minimum fee applies | $5,000–$6,250 | $10,000–$12,500 |
| Flat-fee planner ($3,950–$12,500) | $3,950+ | $3,950–$12,500 | $3,950–$12,500 |
Investable assets versus net worth
Minimums count what a firm would actually manage. Capgemini defines high-net-worth as $1 million or more in investable assets, excluding primary residence, collectibles, consumables and consumer durables. Someone with $3 million in net worth could hold $2 million in home equity and only $1 million in investments. The US reached 8.7 million such households in 2025.
When it can make sense below $500,000
Concentrated stock, business ownership, multiple income streams, equity compensation and large estates often justify coordinated advice at lower asset levels. If two or more apply, ask about wealth management even under $500,000.
How to qualify if you’re under the minimum
- Ask. Schwab discloses that its minimum can be reduced or waived.
- Combine accounts. Vanguard counts individual accounts and trust accounts toward its $500,000 minimum.
- Choose no-minimum models. Range has no account minimum and charges a flat $3,950 to $12,500 a year.
- Buy planning hourly or one-time, using the Kitces medians above.
- Start in a lower tier and graduate as your balance grows.
How to verify a firm’s minimum and how it’s paid
Form CRS must describe a firm’s services, including account minimums, plus its fees and conflicts of interest. You can find a firm’s relationship summary with the free search tool on Investor.gov. Form ADV Part 2 is a plain-English brochure covering fees, conflicts and disciplinary history.
Ask how the advisor is paid. Advisers and brokers offer different services and are paid differently. If someone says you pay nothing out of pocket, find out where their compensation comes from.
No. $1 million is a common threshold but not a universal requirement.
At Fidelity, $2 million managed plus $10 million or more in investable assets. At Vanguard, $5 million or more.
Full-service usually not. But Vanguard Personal Advisor starts at $50,000, Fidelity Go gives advisor access at $25,000, and flat-fee planners often have no minimum.
Investable assets you’d actually place with the firm.
Roughly 1% a year is typical, with tiers that lower the rate as assets grow. On $1 million, 1% is $10,000 a year.
Not necessarily. The titles “wealth advisor” and “financial advisor” don’t technically require any accreditation. Check credentials and registration.
Bottom line
Match the tier to your situation. Under $50,000, use planning or digital advice. From $50,000 to $500,000, consider hybrid advice. From about $500,000, or earlier if your finances are complex, dedicated wealth management becomes realistic. Before you sign, get the all-in annual cost in dollars and read the Form CRS.
This article is general information, not personalized financial advice. Minimums, fees and services change, so confirm with each firm.