Duh. Obviously, if you pay AUM fees, you will have less money unless the advisor can make up the difference with more successful investments than you could make on your own. I have never paid any AUM fees, but every investor needs to assess the value of paying an advisor. Apparently, the OP's calculations assume that the advisor has zero value.
Last edited by retiredguy123; 10-29-2023 at 09:25 AM.
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