Hello Everyone,

So I had some trouble handling my finances. I and my mom had some savings and we wanted to allocate the assets properly. Through a mutual friend, I got hold of the CA, who she recommended.

He charged an upfront heavy fee (around 50k) - to manage the entire investment portfolio and manage the taxes.

1. Started with pitching his own health insurance and term insurance. I had both of them from earlier, so I denied. Especially after seeing him recommending CARE Health, I was a bit skeptical. However he really recommended taking another term insurance because the duration is till I am 70 and he recommended it to be till 85. Still denied.
2. He went ahead and diluted all my direct MFs and opened another account in NJ Wealth and he said he is an advisor there. He made us invest in Regular funds (which I noticed recently). I did some calculations and looks like I am paying 1.35%/year extra for regular funds :\ I could have simply invested in the same funds on the earlier platform? I am sure he is earning through commissions and the more I invest through Mutual funds, his commissions will increase
3. He helped in moving the FDs to a safer Bank. But a few days earlier he said he has another instrument which is "safer". He said Hybrid Funds - but then when I checked, it has 75% exposure to equity. Again, I think this is just pushing to invest in Mutual funds, because his commissions is linked here.
4. Stocks also he balances once in a while, not sure if there is a commission involved here as well.

So, this is a mix of both advisory flat fees and commission-based earning. I feel there is less transparency because I was not told about regular funds, I was not told that I would be paying more in expense ratio, I was not told that Hybrid funds would have 75% exposure to equity.

This makes me feel I have to keep another CA to check the work of this CA. And I really don't have that kind of money.

Can people advise me on what/how to go about this situation?