One of the difficulties in assessing the relative level of fees is defining what services are included in their assessment. I believe Charles Ellis article is appropriate if you use an excruciatingly narrow definition (for active investment management only). While many financial advisors charge percentage of asset fees for their services, industry surveys (see work by Cerulli) classify advisor practices into at least four broad categories. The most narrow are services focusing on investments (perhaps even a specific asset category) gradually incresing in complexity up to an integrated wealth management approach including services such as financial planning, tax forecasts, estate planning, and so forth in addition to investment management services. I fear the general public lumps all advisors into the same evaluation bucket. It is like comparing fees one pays to a bookkeeper versus a CPA firm for an audit....are fees appropriate? It depends on what you are buying.