I knew I should have explained this better. Example: your projected total SWR is 4%. If you have a 1M portfolio, you can then safely withdraw $40,000 per year. If your FA is taking 1%, then they get $10,000 per year. You get only $30,000 (you have already determined that that the total SWR is 4% or $40,000 no matter where it goes, the total is always only $40,000).
This means you get $30,000 per year and they get $10,000 per year. They get 33% as much as you get, from your own money. That is $25 to every $75 you get, or $33 to every $100 you get, or 10K to every 30K you get.
I did not mean they get 33% of the total, but 33% as much as you get. You get 3 dollars and they get 1. So they get 1/3 of what you are getting.
To my mind this is the correct way to look at it, because what you really care about after determining the SWR is how much YOU get to spend, not the total withdrawal. So... the FA gets to spend 1/3 as much as you, are they really worth that?
My numbers were correct, but I did not explain it well. Hope this does better.