What is Fisher Investments Fee Structure?
What is Fisher Investments fee structure? In plain terms, you usually pay a yearly percentage of the money the firm manages for you.
That advisory fee is tiered. Bigger balances generally pay a lower rate on the extra dollars. You typically still pay fund costs and some trading costs on top.
What Fisher Investments Fee Structure Means
Fisher Investments is a fee-only registered investment adviser. It generally does not earn commissions for selling you a fund or annuity.
The main charge is an assets-under-management fee, often called an AUM fee. The firm’s February 11, 2026 Form CRS says that fee is calculated and billed quarterly.
For most private-client relationships of $1 million or more, the CRS lists these annual rates:
| Assets the firm manages | Annual advisory fee |
|---|---|
| First $1 million | 1.25% |
| Amounts above $1 million up to $5 million | 1.125% |
| Amounts above $5 million | 1.00% |
Relationships under $1 million are listed at 1.50% a year. Fisher typically looks for clients with $1 million or more. Smaller accounts may be accepted case by case at that higher rate.
The percentage applies in layers. You do not jump to 1.00% on your whole balance just because you cross $5 million. The first slice still bills at the first-tier rate.
How the Dollar Amount Adds Up
A $1 million equity or blended account at 1.25% is about $12,500 a year, or about $3,125 a quarter, before other costs.
A $2 million account is not 1.25% on the whole sum. The first $1 million is 1.25%. The next $1 million is 1.125%. That is about $23,750 a year, or a blended rate near 1.19%.
A $500,000 relationship billed at 1.50% would be about $7,500 a year. Exact bills depend on the quarter-end value in your agreement.
You pay this fee in up years and down years. The percentage is based on account value, not on whether the portfolio beat a benchmark.
Income-Only Accounts Use a Different Grid
Some clients with large balances can use an income-only account. Reviewers citing the firm brochure describe a lower schedule that often starts near 0.75% on the first $5 million and steps down toward the high-0.20% range on very large sums.
That option is generally aimed at $5 million-plus relationships and is managed more for income than growth. Confirm the live schedule in your Letter of Agreement. Do not assume the equity-account rates apply.
What the Advisory Fee Does Not Cover
Fisher’s AUM fee is the firm’s own charge. It is not always the only cost.
The Form CRS says you will generally also pay trading commissions or fees to the third-party brokerage firms that hold and trade the account. If the portfolio uses ETFs or similar funds, you pay those funds’ expense ratios too.
Outside specialists for tax or estate work may bill separately. Those invoices do not go to Fisher as a commission, but they still come out of your pocket.
This is why “fee-only” is not the same as “one all-in wrap fee.” Ask whether custody and trading sit inside the advisory percentage or show up as extra line items.
Why the Firm Calls This Simple
Fisher markets the structure as simple and aligned with you. When your balance rises, the dollar fee rises. When it falls, the dollar fee falls.
That alignment is real on the surface. The same Form CRS also says the AUM model gives the firm an incentive to gather more assets. That is a normal conflict for percentage-based advisers. You should still know it exists.
The firm does not charge a classic hedge-fund “2 and 20” performance fee on these private-client accounts. You are not typically splitting profits with the manager.
How Fisher’s Rates Compare in Practice
Many U.S. advisory firms charge under 1% at the $1 million level. Fisher’s 1.25% starting rate is often described as higher than that average.
You are paying for discretionary portfolio management and a large service model, not for a robo-app. Whether that is worth it depends on the advice you actually use, the after-fee returns you get, and what a local fiduciary would charge for the same work.
Index funds in a self-directed account can cost a small fraction of 1.25%. They also come with no dedicated counselor. Compare total cost and total help, not just one percentage.
Minimums and Fee Bumps to Watch
The public target is $1 million in investable assets. Reviews of the brochure often note that accounts that shrink below a set withdrawal floor, sometimes cited near $900,000, may move to the 1.50% rate. Your contract controls that trigger.
Fees can be negotiated in some cases. Do not count on a discount unless it is written down.
Household accounts are sometimes aggregated for billing. Ask whether IRAs, trusts, and a spouse’s account count together.
How to Confirm Your Own Number
Start with Form CRS and Form ADV Part 2A on the SEC’s Investment Adviser Public Disclosure site. Fisher’s CRD number is 107342.
Then read the Letter of Agreement before you transfer cash. Match the printed tiers to your starting balance.
Ask three questions in writing. What is my blended annual rate today? Which costs sit outside that rate? What happens to the fee if I withdraw for living expenses?
Keep quarterly statements. The advisory fee should be easy to spot as a periodic debit.
FAQs About What Is Fisher Investments Fee Structure
Q. Does Fisher Investments charge commissions on funds or trades it recommends?
A. The firm describes itself as fee-only and says it does not earn product commissions. You can still pay third-party brokerage commissions and fund expense ratios. Those go to custodians and fund companies, not as a sales commission to Fisher.
Q. What is the typical Fisher Investments fee on $1 million?
A. For a standard relationship of $1 million or more, the Form CRS lists 1.25% a year on the first $1 million. That is about $12,500 before trading and fund costs. Accounts under $1 million are listed at 1.50%.
Q. Is the Fisher Investments fee a wrap fee that includes all trading?
A. Not generally. The advisory percentage is Fisher’s management fee. The CRS says clients also typically pay third-party trading costs and any ETF or similar fund expenses.
Q. Where can I see the official Fisher Investments fee structure?
A. Read the current Form CRS and Form ADV Part 2A at adviserinfo.sec.gov for CRD 107342. Then compare that grid with the Letter of Agreement you would actually sign.
Conclusion
What is Fisher Investments fee structure? It is a tiered AUM fee, billed quarterly, with 1.25% on the first $1 million for typical accounts of $1 million or more, then 1.125% and 1.00% on higher slices.
Smaller relationships can pay 1.50%. Fund costs and custodian trading fees usually sit on top. Pull the SEC brochure and your draft agreement before you treat any ad as the last word on price.
Disclaimer
This article is for general information only. It is not financial, tax, or legal advice. Fisher Investments fees, minimums, and account types can change and may be negotiated. Confirm the current schedule in Form ADV, Form CRS, and your own client agreement before you hire the firm or move assets.
