Portfolio Lab has been improved to take into account advisory fees during backtest, so that you can present truthful performance figures to your client or prospect.
Simply specify the fee as an annual percentage of assets (by default, no fees are applied).
During backtest, Portfolio Lab will subtract the fee from the portfolio at the end of each quarter, based on the end of quarter balance. If the quarter is incomplete, the fee will be prorated to the number of days. You may inspect the details of the fees in the Log view as shown below:

If specified, the advisory fees will also appear in other reports created by Portfolio Lab, including the PDF report and the Excel export.