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"mutual funds" is just an overused term that can lead to by jt
confusion.
"Managed money" is probably the better term to use and it can encompass all kinds of things, including mutual funds, ETF's, etc.
I would say that a reasonable fee would be about 1% and that there might be other expenses tacked on there in the neighborhood of about .5%. Honestly, if people are going to pay any fees for this stuff they should be looking at things differently than just comparing to the S/P.