Modern Wealth Management Review 2026: Pros, Cons and How It Compares
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Our Take
4.7
Modern Wealth Management can manage assets in a range of account types including workplace plans. The firm’s highest AUM fee is 1.5% on the first $499,999 of assets under management, and it drops as asset levels increase.
Modern Wealth Management
Fees
0.55% - 1.5%
Account minimum
$250,000
but may be waived or negotiated at the firm's discretion.
Fees
0.55% - 1.5%
Account minimum
$250,000
but may be waived or negotiated at the firm's discretion.
Promotion
None
no promotion available at this time
Show details
Pros & Cons
Unlimited access to a dedicated advisor who coordinates with specialists in investment management, tax planning, estate planning and insurance.
Offers pre-built portfolio options or customized investments to meet financial goals.
May be able to manage employer-sponsored accounts like a 401(k).
Offices in 16 states.
Expense ratios on investments used in portfolios can be high.
Fewer brokerage options compared to other wealth management firms reviewed by NerdWallet.
Compare to Other Advisors
$2,600 and up per year
$0
None
Varies by Advisor (free initial consultation)
$150,000
3-Month Satisfaction Guarantee
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Full Review
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- Where Modern Wealth Management shines
- Where Modern Wealth Management falls short
- Who should choose Modern Wealth Management?
- Modern Wealth Management at a glance
- What to know about Modern Wealth Management’s fees
- Modern Wealth Management’s advisor access
- Modern Wealth Management’s financial planning services
- Other key Modern Wealth Management features
- Good to know about Modern Wealth Management
- Is Modern Wealth Management right for you?
Where Modern Wealth Management shines
Team approach: Clients work with a dedicated team that includes an advisor who coordinates with specialists in tax planning, estate planning, investment management and other areas. A holistic approach to financial planning ensures everything works together to accomplish your goals.
Where Modern Wealth Management falls short
High investment expense ratios: Portfolios managed by Modern Wealth see average expense ratios of 0.26%. That’s the annual fee investors pay to cover the investment expenses charged by the funds in a portfolio, and it’s in addition to the annual management fee paid to your advisor. NerdWallet’s analysis shows that many other firms we review use funds with lower expense ratios.
Few brokerage options: Modern Wealth Management’s clients must use either Schwab or Fidelity as a custodian or broker. Other firms reviewed by NerdWallet have broader options.
Alternatives to consider:
For a lower average expense ratio: Edelman Financial Engines
For more brokerage options: Mariner Wealth Advisors
Who should choose Modern Wealth Management?
High-net-worth investors: Modern Wealth Management’s annual rates start to decrease once the client’s assets under management top $500,000. Clients pay 1.5% on the first $499,999. On the next $499,999, the fee drops to 1.25%. It hits 1% — which is considered a typical AUM fee for financial advisors — on the next $2 million. The fee continues to fall as a client's AUM grows, getting as low as 0.55% on assets over $10 million. We detail the entire fee structure below.
People who want to meet an advisor in-person: Modern Wealth Management has nearly two dozen office locations across 16 states, making it possible to build a relationship with your advisor in-person if you live near one of the offices. But if that’s not a priority for you, you could find lower rates with a firm that primarily serves clients virtually.
Modern Wealth Management at a glance
Reviewed in: Dec. 2025
Period considered: Oct. - Dec. 2025
Account minimum | $250,000. May be waived or negotiated at the firm's discretion. |
Account management, planning or subscription fee | Rates are adjusted based on assets under management and the client's needs. For each tier, the specified fee rate is applied only to the portion of the client’s assets that falls within that tier:
The AUM fee covers all financial planning services as well as investment management. But clients who only want a financial plan would instead pay a one-time fee of $2,500 to $10,000. Tax preparation requires a separate service agreement. And estate planning may require paying a separate fee to a third-party provider. |
Advisor access and credentials | Modern Wealth clients work with a dedicated team including advisors, relationship managers, and service specialists holding a wide array of designations, including CFPs, CPAs, CFAs, ChFCs, CRPCs, AIFs and Series 65 and Series 66 credentials. Clients can connect with advisors through their preferred method: phone, email, in-person or virtual meetings. |
Financial planning services | Offers comprehensive financial planning services covering tax, estate, investment management and insurance planning catered to the unique needs of the client. Additional services like college planning, retirement income planning, and more are available and customized to your goals. |
Investment expense ratios | Average 0.26%. |
Portfolio construction | Portfolios are pre-built with several options available. Modern Wealth can customize portfolios with a wide array of investment options, including individual stocks, socially responsible investments and more. |
Brokerage options | Modern Wealth Management requires clients to use either Schwab or Fidelity as a custodian or broker. |
Accounts supported | Supports a spectrum of account types including IRAs, trusts, workplace plans and more, supported by Schwab and Fidelity. |
Tax strategy | Helps clients optimize their tax strategy with advanced solutions like asset location, tax loss harvesting, direct indexing and other specialized tax planning strategies. |
What to know about Modern Wealth Management’s fees
Modern Wealth Management charges a percentage of a client’s assets under management using a tiered fee structure. The rate depends on the size of the account and the client's needs, which is common in the wealth management industry. You’ll also find tiered fees at Edelman Financial Engines, Ellevest and J.P. Morgan Personal Advisors.
For each tier, the specified fee rate is applied only to the portion of the client’s assets that falls within that tier:
1.5% on the first $499,999.
1.25% on assets of $500,000 to $999,999.
1% on assets of $1,000,000 to $2,999,999.
0.75% on assets of $3,000,000 to $4,999,999.
0.65% on assets of $5,000,000 to $9,999,999.
0.55% on assets over $10 million.
Under this tiered system, your effective annual rate gets lower as your total assets under management increases. For example, if you had $1 million in investable assets, you’d pay about $7,500 annually in AUM fees on the first $499,999, and then about $6,250 on the next $500,000. In total, you’d pay about $13,750 in annual management fees — an effective rate of about 1.38%.
Modern Wealth Management may charge standalone fees for some services. Clients who want a financial plan but not investment management will pay between $2,500 and $10,000 for the plan instead of paying an annual AUM fee.
» MORE: Understand the impact of fees using our financial advisor fee calculator.
Modern Wealth Management’s advisor access
Modern Wealth Management clients receive comprehensive support with unlimited access to a dedicated team, including advisors, relationship managers and service specialists. Clients can connect with advisors through whatever method they prefer, including phone, email, in-person or virtual meetings.
The firm’s advisors hold a wide range of credentials and designations, including:
Certified financial planners, or CFPs: This certification indicates the advisor has significant knowledge and experience with a broad range of financial planning topics.
Chartered financial analysts, or CFAs: This certification indicates the advisor has expertise in investment analysis and portfolio management.
Chartered financial consultants, or ChFCs: Another financial planning designation that indicates the advisor has completed advanced financial planning coursework and abides by certain ethical standards.
Accredited investment fiduciaries, or AIFs: This accreditation means the advisor has specialized training in managing or advising on investment assets and is committed to acting in their clients’ best interest as a fiduciary. (Note that all registered investment advisors have a fiduciary duty.)
Chartered retirement planning counselor, or CRPCs: This designation indicates the advisor specializes in retirement planning.
Series 65 and series 66 licenses: These licenses allow an advisor to provide investment advice and handle investment transactions. Earning them requires passing exams administered by the Federal Industry Regulatory Authority (FINRA).
Certified public accountants, or CPAs: This license indicates the person is a licensed tax professional.
Modern Wealth Management’s financial planning services
Modern Wealth Management provides comprehensive financial planning services and investment management. Advisors coordinate with specialists who have expertise in tax, estate planning, insurance and investments. They can also cover college planning, retirement-income planning and more, depending on the client’s goals.
For estate planning, under the annual AUM fee, Modern Wealth Management subject-matter experts will review a client’s existing documents and make recommendations. Implementing more complex estate planning strategies or drafting and executing new documents is not included in the annual fee. Similar to other financial advisory firms, Modern Wealth may refer clients to a third-party provider or law firm for that level of service.
Other key Modern Wealth Management features
Portfolio construction
Modern Wealth Management uses a centralized portfolio management model, with its internal investment committee guiding decisions on its investment platform. So, there are some standardized investment strategies across client portfolios. Portfolios are pre-built with several options available.
But clients can customize their investments by choosing from a broad list of options, including:
Stocks.
Bonds.
Exchange traded funds (ETFs).
U.S. Government Treasuries.
Real estate investment trusts (REITs).
Mutual funds.
Money market funds.
Alternative investments, including private equity funds, real estate funds and others.
Socially responsible investments.
Accounts supported
Modern Wealth Management can manage a variety of accounts, including IRAs, trusts, workplace plans and others.
The firm requires clients to use either Schwab or Fidelity as a custodian or broker.
Tax strategy
Modern Wealth Management uses several methods to optimize clients’ tax strategy, including asset location, tax loss harvesting and direct indexing. Like other financial advisors, Modern Wealth Management doesn’t provide tax preparation and filing. Instead, clients are referred out and can work directly with a tax preparer for an additional fee.
Good to know about Modern Wealth Management
Account minimums may be flexible
To work with Modern Wealth Management, you’ll need an account balance of at least $250,000 in investable assets. But the firm notes that that account minimum is flexible — it could be waived or negotiated.
Is Modern Wealth Management right for you?
Modern Wealth Management may be right for you if you’ve already accumulated significant wealth that you want someone to manage, you’re prepared to take full advantage of the planning specialists available and you value the option to meet in-person and you’re located near one of the firm’s offices.
Because it uses a tiered fee structure — which is common in the wealth management industry — clients who have the smallest balance pay the highest rates. Modern Wealth Management’s AUM fees start at 1.5%. That makes it a potentially pricey option for someone with less than $1 million in assets. Having a higher account balance to start would help you lower the effective annual rate, helping investors get more value out of the firm’s comprehensive planning services.