Greenwich Associates Founder Charles Ellis says investment fees are eating away a bigger chunk of portfolios than many investors think. Ellis tells WealthTrack’s Consuelo Mack that most active money managers state fees as a percentage of the assets you have invested with them, which may be a percentage point or two, which doesn’t sound that bad. But he says that translates to about 15% of the profits you make, a more relevant measure, he says — a figure that is far too high. Ellis talks about some ways to avoid fees, and why he’s shifted his views on active vs. passive investing. Money manager Mark Cortazzo, meanwhile, discusses how fees are even higher than many people believe.