I feel like my advisor is useless.
I started questioning if the services the advisor provides justifies their fees. Then it recently came to my attention that i was placed in a select portfolio guided investing with advisor and was sold the idea that i was only paying .70% advisory fees only to find out I'm also paying .45% for the actively managed portfolio on top of that. Advisor said the .45% is for the mutual fund managers who actively trade and try to beat the market on the clients behalf.
When I questioned it, I was then told I can switch from a select portfolio which is a hybrid of mutual funds and etfs-to just etfs with the portfolio management fees dropping from .45% to .05% and would keep the same investment strategy tracking the total market.
I agreed, but was not made aware this would cause a significant taxable event. I was under the impression since I was not making a withdrawal and the money was staying within merril that it would not trigger realizing short/long term gains/loses. Now I'm worried what my taxes owed are going to be.