Average Financial Planning Retainer Fee Surges 52% Since 2023, as Industry Accelerates Toward Planning-Led Advice

Fifth Annual Envestnet | MoneyGuide/Datos Insights Study Finds Comprehensive Services, Ongoing Engagement, and Clearer Fee Architecture are Becoming the Standard

BERWYN, Pa., May 4, 2026 /PRNewswire/ -- Envestnet, the leading Adaptive WealthTech company, announces the publication of the fifth annual financial planning fee study prepared by Datos Insights for Envestnet | MoneyGuide. The report, "2026 State of Financial Planning Fees: Benchmarks, Trends, and Strategic Insights for the Modern Advisor," finds that the average annual retainer fee has surged 52% since 2023 – from $4,484 to $6,815 – as the wealth management industry accelerates toward planning-led advice. The findings, drawn from a survey of 491 financial advisors, also reveal that 53% of advisors raised their fees in the past 12 months, reflecting a broad and sustained repricing cycle across all business models.

To download the "2026 State of Financial Planning Fees: Benchmarks, Trends, and Strategic Insights for the Modern Advisor" study, please click here.

In addition, Envestnet | MoneyGuide will host a webinar discussing the study's findings on June 10, 2026 at 2 p.m. ET. Register here.

"The findings from this year's study reflect something we see every day at Envestnet | MoneyGuide – advisors are investing more deeply in planning relationships and pricing them accordingly," said Matt Wilson, Head of Business Strategy at Envestnet | MoneyGuide. "As AI reshapes how clients access financial information, the advisors who thrive will be those who deliver value that goes beyond what technology can replicate. This research gives them the benchmarks to do that with confidence."

The study's findings include:

• Fee inflation is accelerating across all model types. Flat fees have risen 15% since 2023, from $2,554 to $2,926, while subscription fees have nearly tripled from $215 to $595 per month. The assets under management (AUM) bundled fee is the only model showing compression, declining modestly from 1.05% to 0.96%.

• The business model divide between RIAs and non-RIAs is widening. RIAs are charging more in absolute terms, charging more clients, and raising prices more aggressively than their non-RIA peers. The RIA retainer fee premium is 44% ($7,550 compared to $5,237, on average, compared to non-RIAs). RIAs also charge all clients for planning at a rate of 59%, compared to 39% for non-RIAs – and Datos Insights projects these gaps to further widen.

• Concern about AI and machine learning is the top concern across all advisor business models and experience levels. Only 29% of respondents cited AI and machine learning as a concern in 2023 – a percentage that rose to 69% this year.

• Multigenerational planning is becoming a more common retention strategy. While only 32% of advisors were actively engaging clients' children in 2023, that share has dramatically increased to 55% in 2026.  With the largest intergenerational wealth transfer underway, advisors who have not pursued relationships with clients' children and grandchildren are putting their practices at risk.

• Custodian-based fee collection has become nearly ubiquitous. In 2020, 27% of advisors collected fees through custodian deduction – then, it rose to 54% in 2023. Today, that share is 79%. This decade-long shift among RIAs is now being replicated by non-RIAs.

• Millennial client adoption is rapidly increasing. The share of advisors with substantial millennial client bases has nearly doubled since 2023, from 12% to 23%. Younger advisors lead in millennial client adoption, with 34% of advisors who have 10 or fewer years of experience reporting substantial millennial allocations. This younger generation of advisors and clients will reshape fee models in the coming decade.

"Between fee increases and concern over AI, advisors recognize that they must articulate and deliver value that technology cannot replicate," said Wally Okby, Strategic Advisor for the Wealth Management Practice at Datos Insights, and author of the study. "Our research provides advisors with a defensible reference point for pricing conversations with clients, and with industry context for guiding advisor compensation and service models."

Advisors looking to explore these findings further can join us at Envestnet Elevate 2026, taking place May 19-20 at the Phoenix Convention Center in Phoenix, AZ. The event will feature discussions and demos from top thought leaders focused on actionable strategies for growing advisory practices. Register now for complimentary access to attend Envestnet Elevate 2026.

Methodology

The "2026 State of Financial Planning Fees: Benchmarks, Trends, and Strategic Insights for the Modern Advisor" study was conducted in the first quarter of 2026 using a web-based survey given to 491 qualified financial advisors. Among the respondents, 291 came from Envestnet | MoneyGuide's advisor outreach (applying a minimum survey completion threshold of 50%), and 200 received the survey through Datos Insights outreach, intended to ensure representation from non-RIA distribution channels.

Respondents span all major business models, firm sizes, client demographics, and experience levels. Datos Insights redesigned the survey instrument from prior editions to capture new fee model categories, enhanced segmentation, and emerging themes, including AI and the aging client demographic.

For more information on Envestnet | MoneyGuide, please visit www.moneyguide.com.

About Envestnet

Envestnet is the leading Adaptive WealthTech company that helps advisors meet the moment with its comprehensive technology, insights, and industry-leading support. This empowers advisors to make smart decisions throughout every step of a client's financial life. Backed by 25 years of experience and $7.0 trillion in platform assets, Envestnet is trusted by over a third of all financial advisors across many leading banks, wealth managers, brokerages, and RIAs.

For a deeper dive into how Envestnet is shaping the future of financial advice, visit www.envestnet.com. Stay connected with us for the latest updates and insights on LinkedIn and X (Envestnet_).

Envestnet refers to the family of operating subsidiaries of the holding company, Envestnet, Inc.

SOURCE Envestnet