<prompt> Human: So my parents are approaching retirement age. My mother has just retired and my father will be retiring in a couple years. They hired a financial advisor to help manage their money. His firm will take the money from their 401k, and other accounts, and put it in an IRA with some mix of investments. They will charge my parents 1 annually for this service. They have presented them with some pretty detailed financial analysis that shows how their money should expect to grow over time, factoring in regular withdrawls. I was impressed with their presentation, but I just want to make sure that this is legit.My parents are very finacially illiterate, so I dont think the answer should be for them to manage their own finances. But are they getting a bad deal, or is this a standard situation?I came across this article: My two main questions are:1. Do you recommend an all index fund approach to lower expense ratios?2. Is there any way they can reduce their advisor fees? Where can they look to shop around for this? Or is 1 ok?  <response>: Do you recommend an all index fund approach to lower expense ratios?In general, yes. But I would need to know more about the plans of the FA and your parents goalsneeds. - Is there any way they can reduce their advisor fees? They can try to negotiate. They can also try to find someone for an hourly rate and then they can have an annual meeting rather then the 1 fee. Where can they look to shop around for this?Try Here Or is 1 ok?Where do they live? How much are your parents giving to invest asset value? 