Strictly speaking, "investment advisory fees" are not the same as "custodial and management fees", with some exceptions (see below).
The important distinction between the two is whether they are paid separately (directly) or deducted from investment assets (indirectly). If paid directly, they are not deductible for federal tax purposes; if paid indirectly (from investment assets), they reduce reported earnings and are, effectively, "deductible".
Unlike the federal government, NY does allow you to deduct directly-paid investment advisory fees.
As you described them, "investment advisory fees" are typically incurred when you sit down with a consultant, they give you advice, and then they bill you. These fees are paid separately (directly) - either by writing a check or electing to have them paid out of account assets.
"Custodial and management fees" are overhead costs for regular, recurring, fund-wide (account-wide) "operating expenses". Examples are shareholder transaction costs and marketing and distribution expenses. Funds typically pay these expenses out of fund assets (not individual account assets)—which means that investors indirectly pay these costs. Using this approach, these costs effectively reduce your taxable earnings on the investment and are "deductible".
Sometimes, investment advisory fees are included in the "custodial and management fees", and paid indirectly. Using this approach, the advisory fees are "deductible".
@mtiede
