Investment advisor fees can only be deductible if someone is in the business of investing. Yes, some people are in the business of investing and claim investment advisory fees on schedule c's and mark to market their whole portfolios. that's an exception. They also are deductible when they are in non-grantor trusts or in corporate structures.
They also may be deductible in the future as you never know what the tax man may bring.
Currently miscellaneous itemized deductions are NOT deductible federally..
SOME states though may allow them... I can not be certain there are none that do not allow an adjustment for them.
These fees would just be adjustments to basis if you did incur them no different then when brokers had trading fees. Then there is also a difference in fees allocable to principal and fees allocable to income production pre 2018 but, that no longer matters.
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