Professionals such as accountants, engineers or lawyers charge for their time and work carried out, not a percentage of what you have. The investment industry is a dinosaur. If they want to be seen as professionals they need to start charging like professionals and get away from % and commissions. I don't think anyone wins in the current model. Small accounts, people with defined benefit pensions or who have assets in a business, rentals, property etc get no help. Those with large accounts get gouged. Why should someone who has a larger account pay more for service than a small account who takes the same amount of work? The smaller account could be more demanding in fact if they want more meetings or worry a lot. It is possible to find a Portfolio Manager who is a fiduciary and who works with a financial planner on a fixed flat fee, related to the amount of work required per year, not a percentage.   Contact me www.yournwm.ca if you want to know who works flat fee.