This paper studied the trading strategy of an informed trader to maximize his final wealth under the condition of trading fee and interest rate.

研究了在交易费用和利率的条件下，知情交易者为获取最大期末财富所采取的指令提交策略。

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This all-in cost includes mutual fund expense ratios, trading costs and adviser fee.

FORBES: Dirt-Cheap Adviser Needed

Credit Suisse First Boston, Warburg Dillon Read and Merrill Lynch: all have, of late, curtailed their reliance on trading in favour of fee-based income such as advice on mergers, which are booming (see chart).

ECONOMIST: The trader��s lament

However, the expense ratio does not include the last type of fee -- trading costs.

CNN: Hidden fees are eating up your 401(k)s