InfamousAngel wrote:My parents are in their early 80's and have about 2 mil in assets. They need about 60k from their portfolio to meet expenses.
They have a so-so advisor, IMO. He does a fair about of buying and selling, that is, selling actively managed funds to buy "better" actively managed funds. This has not been particularly successful, but not a disaster, either. IA
Assuming your parents live for 15 more years, then they would spend a total amount with a present value of $900K, which is far less than they have invested at the current $2M mark. While I hope they live long and healthy lives, the fact is that they probably won't live 15 more years, so they'll likely need less. Of course, if they both were to go into skilled nursing, then the yearly costs could be much higher. Regardless, it would appear that they have enough money. It also would appear that the financial advisor isn't perfoming so badly as to compromise their financial security. The advisor might be wrecking the inheritance end of things, but not what your parents need. Given there are other adult kids in the loop, you are correct is assuming that no good deed goes unpunished, so I would let the advisor take the heat, rather than risking a family falling out. If the advisor was perfoming far below any reasonable standard, you might need to take action, but that doesn't appear to be the case here. Anyway, good luck.
Edit: I see that you didn't mention other adult kids in your OP. I don't know where I got that idea. Anyway, you get the point, anyway.