Wrap Fees vs. Seperately managed accounts at places like Merrill, UBS

So I’m looking into the RIA business, and trying to market our wrap program. We charge roughly 2%, for under 500k. And I’m having trouble comparing to places like JP Morgan Chase that charge 1.5% for their managed accounts under 500k. Do managed accounts at the big brokerage accounts have hidden fees that will push it over 1.5%? Or are we just more expensive?

2% seems expensive even for Canada…

No they do not have other fees for SMAs.

No trading fees/ financial advisor fees, or anything else CFA Jay? So are SMAs and wrap fees the same thing then?