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Investment fees: How much is too much?

Question: My $ 500,000 portfolio is managed by an adviser who sets my asset allocation and then invests in well-diversified low-cost index funds. He charges me $ 1,000 a year to manage the portfolio, plus another $ 700 annually to rebalance. Do you think this adviser is too expensive? Would I be better off managing the portfolio on my own, assuming I continue to invest for the long-term mostly in low-cost index funds and ETFs? — Brian C., Texas
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