There is no basis for charging a percentage of assets under management for portfolio management and financial advice. It's an historical relic that results in a massive transfer of wealth from those who own it to those who manage it. No wonder the wealth management industry has such high profit margins. Portfolio management can now be done very inexpensively with an algorithm and financial advice, which can be very valuable, can be done with a flat fee or hourly rate. Only with investor education, and investors demanding this will the market respond.