Flat-fee financial advisors charge a set price that doesn’t move with your account balance. Among fee-only firms that publish prices, the median is $4,500 a year for ongoing planning and $2,000 for a one-time plan.
What flat-fee advisors charge
US medians from prices firms publish on their own websites
Source: Wellspent fee report
In Canada the medians are C$2,300 a year for ongoing planning and C$1,900 for a one-time plan.
Of 2,574 fee-only firms whose websites say how they charge, 27% offer a flat fee and 48% offer an ongoing planning fee. Many offer both alongside a percentage-of-assets option.
Flat fees by state
The price of ongoing planning varies a lot by where the firm is. State medians, from states with at least 12 firms that publish an ongoing fee:
Yearly fee: median and middle half of firms, states with at least 12 firms publishing
Source: Wellspent fee report
Data
| State | Median | Middle half |
|---|---|---|
| New Jersey | $7,450 | $5,000 to $10,000 |
| California | $6,000 | $3,550 to $8,000 |
| Colorado | $6,000 | $2,900 to $9,800 |
| Florida | $4,200 | $2,400 to $7,050 |
| New York | $3,600 | $2,000 to $6,000 |
| Texas | $3,000 | $2,000 to $5,000 |
| Minnesota | $2,100 | $1,200 to $3,450 |
Many flat-fee planners work by video with clients in any state, so you’re not limited to local prices. The full table is in the fee report.
How flat fees are set
Flat doesn’t mean one price for everyone. Firms usually set the price by how much work your situation takes:
- Complexity tiers. For example, a lower price for a household with salaries and a 401(k), a higher one for a business owner with equity pay and rental property.
- Income or net worth bands. Some firms tie the price to income rather than assets.
- Scope. Planning only, or planning plus investment management, tax returns or estate coordination.
The price shouldn’t change because markets went up. That’s the point of a flat fee.
What’s usually included
- A written financial plan, updated during the year
- Regular meetings, often two to four a year
- Retirement, tax, insurance and estate planning advice
- Help with big decisions as they come up, by email or call
Often not included: managing your investments, preparing tax returns and legal documents. Ask, because firms differ.
Flat fee vs percentage of assets
Yearly cost by balance. Above $450K, the percentage fee costs more every year.
Source: Wellspent fee report
Data
| Assets | 1% of assets | $4,500 flat fee |
|---|---|---|
| $0 | $0 | $4,500 |
| $50K | $500 | $4,500 |
| $100K | $1,000 | $4,500 |
| $150K | $1,500 | $4,500 |
| $200K | $2,000 | $4,500 |
| $250K | $2,500 | $4,500 |
| $300K | $3,000 | $4,500 |
| $350K | $3,500 | $4,500 |
| $400K | $4,000 | $4,500 |
| $450K | $4,500 | $4,500 |
| $500K | $5,000 | $4,500 |
| $550K | $5,500 | $4,500 |
| $600K | $6,000 | $4,500 |
| $650K | $6,500 | $4,500 |
| $700K | $7,000 | $4,500 |
| $750K | $7,500 | $4,500 |
| $800K | $8,000 | $4,500 |
| $850K | $8,500 | $4,500 |
| $900K | $9,000 | $4,500 |
| $950K | $9,500 | $4,500 |
| $1M | $10,000 | $4,500 |
| $1.1M | $10,500 | $4,500 |
| $1.1M | $11,000 | $4,500 |
| $1.1M | $11,500 | $4,500 |
| $1.2M | $12,000 | $4,500 |
| $1.3M | $12,500 | $4,500 |
| $1.3M | $13,000 | $4,500 |
| $1.4M | $13,500 | $4,500 |
| $1.4M | $14,000 | $4,500 |
| $1.4M | $14,500 | $4,500 |
| $1.5M | $15,000 | $4,500 |
| $1.6M | $15,500 | $4,500 |
| $1.6M | $16,000 | $4,500 |
| $1.6M | $16,500 | $4,500 |
| $1.7M | $17,000 | $4,500 |
| $1.8M | $17,500 | $4,500 |
| $1.8M | $18,000 | $4,500 |
| $1.9M | $18,500 | $4,500 |
| $1.9M | $19,000 | $4,500 |
| $1.9M | $19,500 | $4,500 |
| $2M | $20,000 | $4,500 |
| $2M | $20,500 | $4,500 |
| $2.1M | $21,000 | $4,500 |
| $2.1M | $21,500 | $4,500 |
| $2.2M | $22,000 | $4,500 |
| $2.3M | $22,500 | $4,500 |
| $2.3M | $23,000 | $4,500 |
| $2.4M | $23,500 | $4,500 |
| $2.4M | $24,000 | $4,500 |
| $2.5M | $24,500 | $4,500 |
| $2.5M | $25,000 | $4,500 |
| $2.5M | $25,500 | $4,500 |
| $2.6M | $26,000 | $4,500 |
| $2.6M | $26,500 | $4,500 |
| $2.7M | $27,000 | $4,500 |
| $2.8M | $27,500 | $4,500 |
| $2.8M | $28,000 | $4,500 |
| $2.9M | $28,500 | $4,500 |
| $2.9M | $29,000 | $4,500 |
| $3M | $29,500 | $4,500 |
| $3M | $30,000 | $4,500 |
The two cost the same at about $450,000. Below that, a percentage fee can be cheaper. Above it, the flat fee costs less each year, and the gap widens as your balance grows. See the dollar figures over 10 and 20 years for $500K, $1M and $2M.
Who flat fees suit
- People with large balances who are fine running simple investments. You get the advice without paying a share of the whole portfolio.
- High earners still building savings. Their income and decisions are complex, but their assets may be below a firm’s minimum.
- Anyone who wants the cost to be predictable. You know the bill in January.
A flat fee suits you less if you want the advisor to handle all the investing and the flat price doesn’t cover it.
Questions to ask a flat-fee advisor
- What’s the price for my situation, in dollars a year?
- What’s included, and what costs extra?
- Do you manage investments, and if so, is that in the flat price?
- When would the price change?
- Do you or your firm earn anything else, such as commissions?
The last question matters most. A fee-only advisor answers no. Browse flat-fee advisors in the public graph, or read how much a financial advisor costs for the other ways advisors charge.