Technical article
A US$10 Million Trust: Which Fees Become Negotiable, and What to Ask for
The sources give no private-bank fee for investment management at US$10 million.
Picture a family with a US$10 million trust in mind. They open a bank's fee schedule and read down the tiers. The rates step down, and then at US$5 million the schedule stops giving a number and says "negotiable."
Here is what the published schedules show up to that point, and what the surveys say beyond it.
| Item | What the source shows | Tier |
|---|---|---|
| Bank trustee that also invests, first US$5 million | 0.65%, 0.53% and 0.48% on the bands, which is US$26,700 or about 0.53% | C |
| Same bank, over US$5 million | Negotiable | C |
| Bank trustee with an outside adviser, first US$5 million | 0.50%, 0.40% and 0.35% on the bands, which is US$20,000 or 0.40% | C |
| Same bank, over US$5 million | Negotiable | C |
| First National Bank Alaska as sole trustee, over US$5 million | 0.30%, with a US$5,000 minimum overall | C |
| South Dakota Trust Company, directed trust | About 0.10% plus US$1,000 per line item | C |
| Adviser fees above US$5 million | 0.50% to 0.75% (2026 estimate); a median of 0.50% in a survey of nearly 1,000 advisers, about 2017 | U, B |
| Fund costs | 0.09% to 0.14% for index funds; 0.36% to 0.40% for mutual funds | B |
The bank figures are from price sheets dated 2022 to 2026. The South Dakota trustee says its average trust is about US$30 million, so US$10 million sits below its average.
The adviser range comes from a money-advice website, which calls its tiers estimates. It also cites a Cerulli study in which 83% of advisers expected to charge under 1% for clients over US$5 million by 2026. The 2017 survey figure is a median of stated fees, and blended fees run somewhat higher.
Put together, a directed trustee near 0.10% plus an adviser at 0.50% to 0.75% gives about 0.60% to 0.85%, with fund costs on top. That is a sum from published inputs, not a quote. A family running the trust itself would pay the fund costs of 0.09% to 0.14% (US$9,000 to US$14,000 at this size) plus tax work of US$750 to US$3,000. The sources give no private-bank fee for investment management at US$10 million.
Several other charges stay fixed in dollars while the rate falls. One bank charges US$7,500 for an estate tax return and US$200 to US$250 an hour for extra services. Another lists staff time at US$225 an hour.
You might say: "Negotiable only means they want to see how much I will pay." It may. Another reading is that at this size the standard tiers no longer apply, so each firm sets a price. The sources do not say which. What they show is that two of the schedules above say negotiable and one prints 0.30%.
You could ask a trustee for its price in writing at US$10 million, not only at US$5 million. You could ask for these in the quote:
- Where each tier begins and ends.
- What the minimum is, and whether it still applies.
- What counts as a line item, and what each costs.
- Which services are billed by the hour, and at what rate.
- Whether fund costs are included or come on top.
You could also ask two firms to quote against each other, and compare the same set of roles.
This touches family. Whoever later takes on the work with the trustee will meet these same fee lines.
If you have negotiated a trust fee at this size, what did you ask for? Share it here. Someone at the table for the first time may find your list useful.
Figures are estimates for planning, based on public data. Date read: October 2026.
Sources
- BOK Financial Advisor Trust Services schedules, January 2026 (C)
- First National Bank Alaska trust fee schedule, 2022 (C)
- South Dakota Trust Company fact sheet (C)
- Investormint wealth adviser fee benchmarks, August 2026 (U)
- Kitces.com citing an adviser fee survey, about 2017 (B)
- Investment Company Institute, fund fees 2025 (B)
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