Fee-only wealth management for high-net-worth individuals.

At $5M+ investable, the wirehouse 1% AUM model stops making sense. Fee-only RIAs deliver coordinated tax, estate, and investment strategy at 0.4-0.7% — with no product conflicts. Matched with advisors who specialize in HNW.

Get matched with an advisor

The wirehouse vs fee-only math on $10M

Typical wirehouse (Merrill, Morgan Stanley, UBS) charges 1.0-1.2% AUM on wrapped accounts, pushes mutual funds with 0.5-0.8% expense ratios, and earns kickbacks on proprietary products. At $10M, annual drag: ~$150-200K.

Typical fee-only HNW RIA charges 0.4-0.7% AUM on a transparent basis, uses low-cost index funds or direct indexing (0.04-0.3% expense ratio), no kickbacks, coordinated tax/estate planning included. At $10M, annual drag: ~$45-75K.

Gap: roughly $100-125K/year at $10M AUM. Compounded over a 20-year retirement, that's $2-3M of additional wealth. The fee difference alone justifies the switch — before considering the tax-loss harvesting, direct indexing, and coordinated estate planning that a good HNW RIA adds.

Planning dimensions specific to HNW

Asset location across entity types. Taxable, IRA, Roth, HSA, trusts, 529s, maybe DAF — what to hold where optimizes after-tax returns. Most wirehouse advisors skip this entirely.
Direct indexing with tax-loss harvesting. SMA replicating S&P 500 or similar, harvesting individual-stock losses continuously. At $5M+ AUM, typical annual tax alpha is 1-1.5% — worth $50-75K/yr.
Concentrated-stock management. Inherited, executive comp, or post-exit concentrations. Exchange funds, CRUTs, gradual sell-down, direct indexing offsets.
Private investments. Access to PE, VC, private credit, real estate — typically restricted by accredited-investor thresholds. Fee-only RIAs coordinate allocations without proprietary-fund conflicts.
Coordinated planning. Your advisor quarterbacks tax (CPA), estate (attorney), insurance (broker), business-exit. Wirehouse advisors typically just manage the money, leaving coordination to you.
Family wealth planning. Multi-generational strategy, governance, education of heirs, philanthropic structures.

Tools & guides

Wirehouse vs Fee-Only Fee Calculator

Estimate the annual cost difference on your current AUM + project 20-year impact on wealth.

Complete Guide to HNW Wealth Management

Full guide: fee models, direct indexing, concentrated stock, coordination, family wealth planning.

Get matched with an HNW specialist

Fee-only RIAs that specialize in $5M+ portfolios. No product conflicts. Free match.