You have $1m and on average it will earn 7% per year. The fee is 1% of the $1m ($10k), but it is 14% of your expected gains per year (1%/7%). After fees your po

You have $1m and on average it will earn 7% per year. The fee is 1% of the $1m ($10k), but it is 14% of your expected gains per year (1%/7%). After fees your portfolio will go up by 6% per year instead of 7%, which is a substantial reduction.