BERWYN, PA — Envestnet reported that average annual retainer fees charged by financial advisors have climbed 52% since 2023 as wealth-management firms increasingly shift toward planning-focused service models and reassess pricing amid growing competition from artificial intelligence tools.
The findings come from a survey of 491 financial advisors conducted by Datos Insights for MoneyGuide, Envestnet’s financial planning platform.
According to the study, average annual retainer fees rose from $4,484 in 2023 to $6,815 in 2026, while 53% of surveyed advisors reported increasing fees within the past year.
The report points to a broader repricing cycle across the advisory industry as firms expand planning services, subscription offerings, and multigenerational client strategies.
Subscription-based pricing models showed some of the largest increases, with monthly subscription fees rising from $215 in 2023 to $595 in 2026. Flat-fee arrangements also increased 15% during the period, while bundled assets-under-management fees declined modestly from 1.05% to 0.96%.
Registered investment advisors, or RIAs, continued to outpace non-RIA firms on pricing and fee adoption, according to the report.
The survey found RIAs charged average annual retainers of $7,550 compared with $5,237 for non-RIA advisors. RIAs were also more likely to charge all clients planning fees, doing so at a rate of 59% versus 39% among non-RIAs.
Concern over artificial intelligence and machine learning emerged as the most frequently cited industry concern across advisor business models and experience levels.
The share of respondents identifying AI as a concern rose from 29% in 2023 to 69% this year, reflecting growing uncertainty about how automation and digital tools could affect advisory services and client relationships.
Matt Wilson indicated the study reflects a broader industry push toward deeper planning relationships as advisors seek to differentiate services from technology-driven offerings.
The report also found advisors are increasingly pursuing multigenerational planning strategies as the transfer of wealth between generations accelerates.
According to the survey, the percentage of advisors actively engaging clients’ children increased from 32% in 2023 to 55% in 2026.
Millennial client adoption also expanded sharply, with the share of advisors reporting substantial millennial client bases nearly doubling from 12% to 23% over the same period.
The study was conducted during the first quarter of 2026 using a web-based survey of advisors spanning multiple firm types, business models, and experience levels.
The full report is available through Envestnet MoneyGuide Research Report.
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