My wife and I have $2.3 million and have been with our adviser for 10 years now. But we’re paying $15,500 every year for him to manage it. What gives?

Question: My wife and I have been with our fee-only advisor for approximately 10 years now and currently have approximately $2.3 million in assets under management (AUM) at 0.8% for the first million, 0.6% on the second million and 0.5% on the remaining $300,000. All in all, this is costing us approximately $15,500 per year. Would a flat fee adviser be right for us? At what point do you know which fee structure makes the most sense? (Looking for a new adviser too? This free tool can match you to a fiduciary adviser who might meet your needs.)

Answer: The fee you mention for investment management is fair norms, pros say — assuming, of course, that your adviser is giving you real value. Indeed, many firms offer a waterfall schedule with an industry-standard rate of 1% to 1.50% on the first couple million of AUM followed by a lower percentage for each incremental million being managed. “You might bottom out at 0.25% when you have $10 million or more,” says Kaleb Paddock, a certified financial planner (CFP) at Ten Talents Financial Planning.

“This is a very competitive and fair fee schedule,” says Pamela Horack, a CFP at Pathfinder Planning. “If you’ve been with your adviser for 10 years, your question should be, ‘Is this adviser providing the value we need at this point in our life.”’

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Does your adviser provide financial and tax planning? Do they help you review your 401(k) allocation or give guidance on financing a car or a house? You can use benchmarks such as the S&P 500 or the Dow Jones Industrial Average to see how your portfolio is performing, but beyond that, you’ll want to make sure they’re helping you reach your financial goals, which they should help you outline in a financial plan.

“Rather than framing the engagement as a cost, try to view it from a perspective of value,” says Mark Humphries, a CFP at Sentinel Financial Planning. “Ask yourself if your adviser is providing value to your financial situation. An adviser can help you avoid issues related to investing, insurance, taxes, retirement and estate planing.” (Looking for a new adviser too? This free tool can match you to a fiduciary adviser who might meet your needs.)

Is a flat-fee adviser the right choice?

For her part, Adrianna Adams, a CFP at Domain Money, says, “a flat-fee adviser typically charges a predetermined amount regardless of the size of your assets, offering potential cost savings for families with a portfolio of your size. This arrangement will offer the best value if you’re seeking periodic advice to ensure you are optimizing all of your resources and implementing the most effective strategies to reach your goals. As this model typically provides you the ability to only pay for the services you desire, when you need them.”  

When you have over $1 million to manage, paying a flat-fee can often make more sense. “Clients would do well to understand that percentage fees work well on smaller balances while flat fees are best for larger asset balances,” says Paddock. This MarketWatch Picks story highlights the benefits of using a flat-fee planner.

“A flat fee adviser would be fine if you’re comfortable making investment decisions on your own. If you feel that you still want asset management services, maybe it’s time to shop around to see what other wealth management firms provide for a similar fee structure,” says James Daniel, a CFP at The Advisory Firm. 

You might also find a flat-fee engagement with the option to add on extra services when needed. Check with your adviser to see what they offer and how you can best complement the value you’re already receiving.

A straightforward rule to know whether or not it’s convenient to use the flat fee model versus the assets under management (AUM) percentage structure is to estimate if you feel your assets will substantially grow in the coming years, mainly due to contributions to your portfolio. “If this is the case, a flat fee scheme may be more beneficial because it has a more fixed base. Still, if your assets do not grow substantially due to contributions we could think that a percentage structure may be more beneficial,” says Alonso Rodriguez Segarra, a CFP at Advise Financial. 

With the AUM model, Adams says, “You will incur ongoing fees whether you are utilizing all of the services the adviser offers or not. If you prefer a more hands-on approach to investment management, the AUM fee structure may be more suitable.”

Every adviser has different fee structures. “Based on the numbers you’ve provided, we can see that it may be more expensive to change to another adviser you don’t know, especially considering that your average commission is currently 0.67% which is below the 1% that most advisers charge,” says Segarra.

What you’re working with aren’t crazy prices, says Innovate Wealth Founder Steven Sivak. “I’ve certainly seen worse, but any client should always ask what value they’re seeing from their adviser,” says Sivak. 

Calculating how much advisers get paid can be confusing because there are so many different fee structures and many advisers don’t disclose how they charge. “It’s no different than shopping for any other service provider, if you’re shopping for a landscaper, you’d want to know what they provide, how reliable they are, how qualified they are, how they get paid and how much. It’s no different when it’s a financial adviser,” says Sivak. 

All that is to say, you may shop around and find out that your existing adviser is perfectly fine for your needs. (Looking for a new adviser too? This free tool can match you to a fiduciary adviser who might meet your needs.)

“You’ll never know unless you shop,” says Sivak. Generally, experts recommend interviewing two to three financial planners to see who you feel most comfortable talking to and who seems like they’re the best fit for your personal situation. 

Aside from asking trusted friends or family for flat-fee referrals, sites like the National Association of Personal Financial Planners and Garrett Planning Network let you search for planners based on their fee structure.

Have an issue with your financial adviser or looking for a new one? Email picks@marketwatch.com.

Questions edited for brevity and clarity.