A 1% annual fee sounds small next to a market that moves 10% or 20% in a year. It isn’t small — it’s a fixed toll charged whether the year was good or bad, compounding against you for as long as the account exists.

On a career-length portfolio, the difference between a 0.55% fee and a 1.2% fee can run into the high six figures by the time it’s needed. We publish ours for exactly this reason: the number only looks small until someone runs it forward.