I haven't actually placed any trades yet since my positions all just transferred over from the Access Investing portfolio. However, I was quoted trading costs of a $6 documentation fee per trade plus 1.25% up to a cap of $21.95 for online trades. Online trading selections are a bit limited, just the normal exchange-traded stocks, ETFs, and basic options. Trading by phone with a broker incurs the same $6 + 1.25% but without a cap. Bonds, mutual funds and complex options appear to only be available at the latter unlimited rate. As I said, I have not tested this to verify it works as advertised. I have set up dividend reinvestment and can confirm that appears to work seamlessly and without any additional fee, also as advertised for this account type.

Obviously YMMV and MS may have has many account types with different programs, fees and policies. Mine is referred to in statements as an "Active Assets Account" and my FA is listed as "Virtual Advisor" but those are pretty generic terms.