Lower Fees, Cleaner Incentives: The Westlight Comparison

Disclosures: This material is for educational purposes only and is not individualized investment, tax, or legal advice. All figures shown are published advisory fee schedules applied pro-rata to example portfolio sizes ($500k, $1M, $5M). They exclude trading costs, fund/ETF expense ratios, product-level or platform fees, taxes, and custodial charges unless noted. Fidelity numbers reflect the gross schedule; a brochure “credit” may reduce net fees depending on underlying holdings. Edward Jones figures combine Program Fee + Portfolio Strategy Fee tiers; minimums and other charges may apply. Schwab tiers reflect Schwab Wealth Advisory for new clients; pricing and eligibility may differ by program. Mercer figures reflect the Wealth Path schedule; program minimums and other service tiers may carry different pricing. “Fee-only” describes firms compensated solely by client fees; “not fee-only” indicates that affiliates may receive additional revenue (e.g., fund/ETF administration or servicing fees, distribution payments). Cash & yields: Illustrations reference custodian/program cash mechanics that change frequently. Yields vary by account type, thresholds, and interest-rate moves.

Fee only means the advisor is paid only by the client—no commissions, revenue sharing, referral fees, cash sweep payments, or other third-party compensation. Not fee only means the advisor or an affiliate can also earn money from product providers or platforms, which can create incentives beyond the client’s fee. Choosing an advisor isn’t just about a headline percentage. You want to know how fees tier at your asset level, how portfolios are built, where incentives might influence product selection, and what happens to your idle cash. To make this comparison clean and fair, we separate large advisors into fee-only (compensated solely by client fees) and not fee-only (where affiliates may earn additional revenue), then stack their published schedules against Westlight’s. References appear as bracketed numbers; see Sources for the full URLs.

Fee-only vs. not fee-only

• Fee-only: Westlight Wealth [1], Fisher Investments [5], Mercer Advisors [6].

• Not fee-only: Charles Schwab – Schwab Wealth Advisory [2, 7], Fidelity Wealth Services [3], Edward Jones [4].

  
  

Advisory fee comparison (AUM schedules only)

Annual advisory fees in dollars using each firm’s published tiered schedule. These figures exclude trading costs, fund/ETF expense ratios, taxes, custodial charges, and any credits/discounts/negotiation. Calculations are based on the schedules referenced in Sources.

Client Advisory Fees by Firm and Portfolio Size:

Fee only = compensated only by client advisory fees (no commissions)

Reading the numbers (emphasis on Westlight):

• Within the fee-only set, Westlight is lower than Fisher and Mercer at these balances.

• Versus the not fee-only set, Schwab SWA often shows a lower sticker at mass-affluent and lower-HNW tiers, while Fidelity’s gross and Edward Jones tend to be higher. Note that Fidelity’s “credit” can reduce the net fee below gross [3], and Schwab/Edward Jones involve affiliate or product-level economics not captured in these dollar figures [2, 4, 7].

  
  

Westlight Wealth (fee-only)

• Fees: 1.15% on first $500k; 0.95% next $500k (to $1M); 0.80% next $4M (to $5M); 0.55% next $5M (to $10M); 0.30% over $10M [1].

• Portfolio construction: Bottom-up, research-driven process blending valuation (including value and contrarian signals), growth durability, competitive quality, and risk controls to estimate forward intrinsic value; invests directly in individual securities and selectively uses low-cost ETFs where appropriate [1].

• Conflicts: Fee-only, no proprietary funds/ETFs or embedded affiliate revenue [1].

  
  

Other fee-only firms

• Fisher Investments – Private Client Group

  • Fees: 1.25% first $1M; 1.125% next $4M; 1.00% over $5M [5].

  • Context: Westlight’s schedule is lower at the balances shown.

• Mercer Advisors – Wealth Path

  • Fees: 1.30% first $1M; 1.00% next $1M; 0.90% over $2M (program minimums apply) [6].

  • Context: Westlight is lower at the balances shown.

    
    

Not fee-only firms (affiliate/product economics apply)

• Charles Schwab – Schwab Wealth Advisory (SWA)

  • Fees (new clients): 0.80% first $1M; 0.75% next $1M; 0.70% next $3M; 0.50% next $5M; 0.30% next $15M; 0.30% or less over $25M [2].

  • Affiliate economics: Schwab and its asset-management affiliate receive advisory, administration and shareholder-servicing fees from Schwab-branded mutual funds/ETFs used in portfolios [7].

• Fidelity – Fidelity Wealth Services (gross schedule)

  • Fees: If total ≤ $500k: 1.50% on that tranche (capped at $6,250). If total > $500k: 1.25% first $500k; 1.10% next $500k; 0.90% next $1M; 0.70% next $3M; 0.50% over $5M. A credit for underlying fund revenues may reduce the net fee [3].

• Edward Jones – Advisory Solutions (Fund Models)

  • Fees: Program Fee tiers of 1.35% / 1.30% / 1.25% / 1.00% / 0.80% / 0.60% / 0.50% plus Portfolio Strategy Fee adders of 0.09% / 0.09% / 0.08% / 0.07% / 0.06% / 0.05% / 0.05% (i.e., effective tiers from 1.44% down to 0.55%) [4].

  • Note: These schedules do not include additional product-level fees (e.g., fund/ETF expenses) or third-party payments to the broader firm.
    

Cash & idle balances

• Custodian used by Westlight (IBKR): Pays interest on idle USD cash above a threshold, linked to benchmark rates; no interest on the first tranche [10].

• Schwab sweep: Many brokerage/managed programs default to bank sweeps that have been materially lower; the SEC has highlighted issues with required cash allocations in Schwab’s robo program [8, 9].

• Illustrative gap: Public pages recently showed IBKR Pro ≈ 3.58% APY (above threshold) versus Schwab sweep ≈ 0.10% APY in a recent period; actual yields vary by program and move with rates [10, 9].

  
  

Conclusion

Among large fee-only firms, Westlight’s schedule is lower than Fisher and Mercer at the balances shown. Against not fee-only platforms, Schwab SWA often posts a lower sticker at mass-affluent/HNW tiers, while Fidelity (gross) and Edward Jones (program + strategy) trend higher; however, those platforms involve affiliate or product-level economics that Westlight avoids. If you want the cleanest incentive design and a bottom-up portfolio process that integrates growth, valuation, quality and risk—while keeping an eye on cash yield—Westlight compares favorably across the dimensions most investors care about.

Sources

1. https://www.westlightwealth.com/wealth-management-services

2. https://www.schwab.com/legal/schwab-wealth-advisory-disclosure-brochure

3. https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/FWS-program-fundamentals.pdf

4. https://www.edwardjones.com/sites/default/files/acquiadam/2020-10/advisory-solutions-fund-model-schedule-of-fees.pdf

5. https://smartasset.com/financial-advisor/fisher-investment-management-review

6. https://comparisonadviser.com/financial-advisors/mercer-global-advisors-review/

7. https://www.schwab.com/legal/legal-terms-and-conditions-content#schwab_and_its_affiliates

8. https://www.sec.gov/news/press-release/2022-115

9. https://www.schwab.com/legal/sip-sweep-current-interest-rates

10. https://www.interactivebrokers.com/en/pricing/interest-rates-compare.php

Additional Disclosures:

• Scope & method. The comparison focuses on human-advisor offerings using public brochures and schedules as of Oct 20th 2025. We applied each firm’s tiered fees to $500k, $1M, and $5M via straightforward pro-rata math. Where firms present gross fees plus credits/offsets (e.g., for underlying fund revenues), we used the gross schedule and noted that net may be lower.

• Not included. Dollar examples do not include internal fund/ETF expenses, ticket charges, spreads, redemption fees, account or platform fees, commissions (if any), taxes, or planning retainers unless explicitly stated.

• Fee-only vs. not fee-only. “Fee-only” firms earn compensation only from client advisory fees. “Not fee-only” platforms may receive affiliate/product revenue (e.g., from proprietary funds/ETFs, shareholder-servicing, distribution or sweep-program economics), which can affect total client cost beyond the advisory fee.

• Program differences. Features such as discretion, use of proprietary vs. third-party products, planning deliverables, account minimums, and cash-sweep settings vary by program and may change without notice.

• Cash illustration. Any cash-yield comparison is program-specific and time-sensitive (e.g., thresholds where the first tranche may earn no interest). The illustration is for magnitude only; actual yields depend on provider settings and current market rates.

• Negotiation & householding. Actual client pricing can differ due to negotiation, householding, aggregated assets, service level, and account mix.

• Reliance & updates. Information is drawn from sources believed reliable but accuracy/completeness are not guaranteed. We do not undertake to update this post as firms revise pricing, services, or disclosures. Review each firm’s most current brochure before making decisions.

• No solicitation. Nothing herein is an offer to buy or sell any security or to enter an advisory relationship in any jurisdiction where Westlight is not registered or exempt.

• Consult your professionals. Consider your personal circumstances and consult a tax or legal professional as appropriate.