99% of the people I know don't need a "money manager," whatever that is.  I assume it's more in the nature of "investment advisory fees."  If an individual chooses to pay those, they are for now not deductible because he does not have a fiduciary obligation to himself.  If a trustee does not have the skills to make investment decisions, then the fees paid to avoid breach of fiduciary duty should fall in the same category as the trustee fees themselves.  If the Great Bank of Everywhere manages trusts using the advice of its in-house analysts, I doubt it removes those salaries from the deductions on Forms 1041 it prepares.