Yes, Investment advisory fees may be reported as Legal/Professional Fees under Common Business Expenses.

To navigate to this screen: Federal Taxes tab >> Deductions >> under Business Expenses, Common business expenses, click Start/Update. Legal/Professional Fees appears mid-way through the list.

Doing it this way does not allocate the expense to partners' K-1s as a 2% AGI deduction.  Can anyone tell me how to do it so that it will allocate this way?

Thank you for the clarification.
There is no option for entering Box 13 in Step-By-Step.
To enter this, go to Forms and click "Open Form."
Type in "K-1 Entry Wks", hit enter, and create a new form if needed.
Scroll down to Line 13, choose code K (description will appear for Deductions - Portfolio 2% floor). Enter the amount and tab/enter to save.
All K-1's should now display code K and the allocated amount for Box 13.