So, as an investor this is my question back to you. 

Let's say I have a $1,000,000 portfolio invested in individual equities as this is MY preference. 2% of that is $20,000 every year. Let's say your firm takes 1/2 of that. That leaves $10,000 for you every year.  I would expect that for $10K you would spend 4 weeks of every single year working exclusively on my account (this means you would make about $120K to $130K annually, a very fair salary).  Would you spend 160 hours a year working on my account, or would you spend a couple days and either take a lot of time for golf, or do you make lots more than that? (For a career that does not require years of education like a CPA or MBA) 

Keep in mind, this is for doing something I am completely comfortable doing myself.  As for fees, although my equity portfolio isn't $1,000,000, it is well over half that and my total all in fees last year for those equities were under $120.