What is Advisory fee?
An advisory fee is what an adviser or managed-account service charges to look after your money, usually a yearly percentage of the account's value. A 1% fee on a $200,000 account is $2,000 a year. It is charged on top of the costs inside any funds the account holds.
Why Advisory fee matters
Advisory fees stack on top of fund fees, so the total yearly cost can be higher than either number suggests.