However, fees aren’t always straightforward. Human advisors may have additional costs, such as management expense ratios (MERs) in mutual funds and exchange-traded funds (ETFs).Traditional advisors might also charge by the hour, offer a flat monthly or annual retainer fee or even work on commission. But the vast majority charge AUM fees, with 92% of advisors incorporating AUM fees “in some way,” according to a Kitces report. (4)Human advisors use a wider range of fee structures. Most charge an AUM (assets u ...