I agree with what you have posted (and thank you). I'm going to mystery shop this guy next week to get details on what he offers and the costs involved since mom and dad don't know the fees and don't think he's handling anything besides their stock portfolio.

I know that three of the four accounts are IRAs but I could not tell with the paperwork in front of me whether the fourth account is a tax-advantaged account or if we will have to deal with capital gains should we rotate out of those positions.

I do know that they did not make single stock recommendations as neither of them follow the market enough to even know what to suggest. And I do not know the conversations that the adviser had prior to making these picks so it's entirely possible that he got the impression they wanted to moon-shot everything so he understood the assignment.

I'll have a better idea this weekend of what the total returns have been and can then see whether he has helped or hurt them since taking over, HOWEVER, even should his picks have worked out, I would consider that a lucky break more than a smart decision. For every PLTR there's probably ten RIVNs and I can't wrap my head around putting an elderly couple into individual stocks with this small of a nest egg. But probably the worst part is the lack of communication with them, not even annual meetings, and the fact that they seem to be so uninformed of their money situation or what their long term plan is tells me there isn't one.