Mercer Advisors’ advisory firm charges its clients fees only, but “Mercer Advisors” is a brand that also covers an insurance agency and a broker-dealer that earn commissions. Its brochure says the advisory firm “is not compensated by way of commissions,” while its affiliates receive insurance commissions “in addition to any advisory fees.” Its Wealth Path service charges 1.30% a year on the first $1 million, with a $6,000 minimum.
So if you use only the advisory service, you pay a fee and nothing else. Whether the wider group meets a strict fee-only test depends on what else you buy from it.
How Mercer Advisors is paid
The registered adviser is Mercer Global Advisors Inc. (CRD 147363). Its brochure says it is owned, through parent companies, “by employees, as well as outside investors,” and names Genstar Capital Partners as one equity owner.
Its Form ADV Part 1, filed September 17, 2026, is where a firm states how it’s paid. In Item 5E it checks a percentage of assets, hourly charges, fixed fees and “other,” described as consulting fees. It doesn’t check commissions or performance fees. In Item 6A it reports no other businesses of its own. Item 5B reports that, of 632 employees doing advisory work, 5 are registered representatives of a broker-dealer and 27 are licensed insurance agents.
The Form CRS, dated August 1, 2026, says clients pay “an ongoing fee that is calculated monthly based on a percentage of the value of the investments in your account,” and that “our incentive is to increase the value of your account over time.” It says advisors are employees paid “a fixed monthly salary” plus bonuses tied to retention, “providing additional services to clients,” and bringing in new assets, and some receive stock options.
It also says a “limited number” of advisors are licensed for brokerage and, “in their separate capacity, are paid commissions.” The brochure adds that commissions earned by the affiliated broker-dealer “are not paid directly to the advisors.”
What else the filings disclose
In Item 7A of Form ADV, Mercer reports related companies that are a broker-dealer, another investment adviser, an insurance company or agency, and the general partner of private funds. The brochure lists the companies behind the brand:
- Insurance. Mercer Advisors Insurance Services and Heim, Young & Associates are “two related insurance agencies” owned by the parent. They sell life, disability and long-term care coverage and fixed and indexed annuities. Commissions are shared with outside agencies, and the brochure says their receipt “is in addition to any advisory fees charged separately by Mercer Advisors.” Advisors who joined through acquisitions and kept their insurance licenses also earn commissions as an outside business. See insurance agent vs financial advisor.
- The broker-dealer. Heim, Young & Associates, doing business as MA Brokerage Solutions, is a FINRA-member broker-dealer that “receives commission-based compensation for the sale of securities.” Some Mercer advisors are also registered with it or with an unaffiliated broker-dealer, Purshe Kaplan Sterling.
- Tax. Mercer Advisors Tax Services prepares returns under a separate agreement. The brochure notes it “is not a CPA firm.”
- Legal. Estate documents come through Advanced Services Law Group, an outside law firm. Mercer’s estate planning strategists “separately act as Counsel” there, and the brochure says there’s “no common ownership.” Clients with over $1.5 million managed who meet the minimum fee generally get a foundational trust, will and incapacity documents at no added fee.
- Trust, real estate and funds. For estate administration Mercer works with National Advisors Trust Company, and “probate fees are divided” between them. FSC Realty, an affiliate, charges separately for real estate services. A second affiliated adviser, Mercer Advisors Private Asset Management, runs private funds with their own fees.
- Other pay. Mercer is paid by some unaffiliated broker-dealers to advise their customers. It pays Schwab, Fidelity (0.25% a year on most referred assets, 0.10% on bonds, plus $50,000 a year) and Goldman Sachs Ayco for referrals, from its own fee. It can get reduced pricing from Orion, a direct indexing provider, when client revenue there meets thresholds, and Genstar funds own interests in Orion.
The CFP Board allows a planner to call their pay fee-only only when the firm receives no sales-related compensation and related parties receive none “in connection with any Professional Services” for the client. If you buy a policy through the affiliated agencies or securities through the broker-dealer, that test isn’t met for your relationship. Mercer doesn’t describe itself as fee-only in these documents.
The Form CRS answers “Yes” to legal or disciplinary history, which can include individual advisors. The brochure says the firm has “no legal, financial, or other ‘disciplinary’ item(s) to report.” See its SEC record and Heim, Young & Associates on BrokerCheck.
What Mercer Advisors costs
The brochure dated March 30, 2026 lists standard schedules for each service level, applied in tiers:
| Service | First $1M | Next $1M | Next $3M | Next $5M | Over $10M | Minimum a year |
|---|---|---|---|---|---|---|
| Guided Investing (management only) | From 1.10% | n/a | n/a | n/a | n/a | $1,200 |
| Wealth Path | 1.30% | 1.00% | n/a | n/a | n/a | $6,000 |
| Custom Wealth | 1.10% | 1.00% | 0.90% | 0.75% | 0.50% | $15,000 |
An Ascend Group tier uses the Custom Wealth rates with a $75,000 minimum, and its Regis service for clients over $25 million has a $150,000 minimum. Fees are charged monthly in arrears on your average daily balance, and Mercer “can agree to make exceptions.” Clients of acquired firms usually keep their old schedule. Fund expenses, custodian charges and any outside manager’s fee are extra.
Worked out on the standard schedules:
- $500,000, Wealth Path: 1.30%, or $6,500 a year
- $1 million, Wealth Path: 1.30%, or $13,000 a year. On Custom Wealth, 1.10% would be $11,000, so the $15,000 minimum applies.
- $2 million: $23,000 on Wealth Path, or $21,000 on Custom Wealth (1.05%)
For comparison, fee-only firms that publish a percentage fee charge a median 1% of assets. Planners who charge a flat fee for ongoing planning charge a median $4,500 a year (middle half $2,400 to $7,200), whatever your balance, and a one-time plan has a median of $2,000. A flat-fee planner may not manage your investments for that price, while Mercer’s Wealth Path fee includes management and planning. See what an advisor costs on $1 million and whether 1% is too much.
Who Mercer Advisors may suit
Mercer began as an estate planning law practice, and its brochure still centers on that: estate planning review, tax planning, trust administration and, for larger clients, attorney-drafted documents. Tax preparation and insurance are available inside the group.
It may suit someone with $1.5 million or more who wants investments, taxes and estate documents coordinated, and who is comfortable with separate agreements for some of it. Someone who mainly wants advice and will manage their own investments, or who wants every service from firms with no affiliated insurance or brokerage business, may want to compare a flat-fee or hourly planner first. Our page on Creative Planning covers a firm with a similar structure.
How to check it yourself
- Read the Form CRS. It covers fees, conflicts and staff pay, linked from the firm’s SEC record. See what a Form CRS tells you.
- Open Form ADV Part 1. Item 5B shows how many staff are brokers or insurance agents, and Item 7A and Schedule D list related companies.
- Read brochure Items 5, 10 and 14 for fees, affiliates and referral pay.
- Ask in writing which service level you’re on, what you’ll pay in dollars each year, and whether anyone is paid if you buy insurance or use an affiliate.
Our guide to telling whether an advisor is fee-only walks through each check, and questions to ask a financial advisor covers the rest. For how this compares with commission and fee-based advisors, see fee-only vs fee-based vs commission.
Compare similar firms
Other large advisory firms we’ve checked against the fee-only definition: Fisher Investments, Creative Planning, Edelman Financial Engines, Mariner Wealth Advisors, CAPTRUST, Wealth Enhancement Group, Hightower. See all 50 firms.