Finance is a strange industry. There's nothing else like it. I can't think of another industry in which there is so much ignorance around costs. Nearly all financial fees are deducted from assets automatically, rather than clients receiving and paying an invoice. This makes them out of sight, out of mind. Ask someone how much their cell phone bill is, or how much a gallon of gas costs, and they can tell you down to the penny. But ask them how much they pay in advisory fees, and they may have no clue whatsoever. The irony is that if you are moderately wealthy, advisory fees might be your single largest annual expense ... (full story)