Check out this graphic from Bloomberg where they look at money management fees and CEO compensation. It is confined to explicit fees and doesn't address the other costs that arise from active trading and bid-ask spreads etc.
Their wording in the first paragraph is interesting: ". . .with one money manager subcontracting to another . . . ." Something to keep in mind when the advisor puffs up and proclaims that he or she is a fiduciary and the Investment Agreement is non-assignable.
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