Advice on Direct Indexing Unwind
My mom is retired and is seeking to leave our financial planner managing around ~$8M that was previously hired by my dad. She doesn't understand what the portfolio is invested in, or the mandate of the fund at all as she was previously uninvolved.
I went through the portfolio myself, and it seems to be an amalgamation of roughly 400 us/international securities that doesn't clearly follow an index. Think a more concentrated VT that has underperformed for ~5-6 years. The advisor charges around 1-1.5% AUM annually depending on the account, so it is clear to me that we should have left a long time ago.
I'm curious if anyone has any advice on a fee-only fiduciary, preferably on an hourly rate, that I might be able to speak with to look over the portfolio and assess the tax burden of leaving and moving the portfolio into a VTI/VXUS/BND mix as some other posters have suggested. I want to understand the burden of rotating the portfolio now, as we will be realizing a large amount of capital gains this year and next, but the returns are quite poor and I don't want to let the "tail wag the dog".
Thank you in advance for the advice, and it would be helpful to hear from others who have made this switch as well.