My financial institution charges me 1% to manage my portfolio of both taxable (45%) and non-taxable (55%) accounts. The monthly fees are listed as either a monthly program fee or an investment advisory fee and they are paid from the IRRA non-taxable account. Are these fees deductible or can I prorate the fees to both accounts and only deduct the portion of the fees for the taxable account? Also, when I meet with my broker every quarter there is no advisory fee for the session since this is considered part of the monthly advisory fees. Can I allocate a portion of the monthly advisory fee for these advisory meetings as a deduction?
