For private investors of just a few million dollars yes the fees are that high.. These people are Administrators of pensions. Their fees are much lower.
What are Assets under Administration - AUA
Assets under administration (AUA) is a measure of the total assets for which a financial institution provides administrative services. Assets under administration are beneficially owned and managed by clients who contract with a third-party administration provider. Services offered by asset administration providers include fund accounting, tax reporting, trade reporting, custody and more. Asset administration service providers include some of the world’s largest banks and financial institutions.
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