The .55% fee is not bad. In fact, that it fairly typical for "active management." this assumes they have discretionary trading authority to move your funds around without notice or permission. You are paying them the .55% to do that, not to simply pick the fund most recommended by Morningstar.As far as fees and loads, you cannot necessarily go by what you read online. Loads are waived on funds in a managed account. You will sometimes see funds with a .lw after the five-digit symbol indicating that the fund is load waived. Also, 12b1 fees are typically rebated to the customer so that management fee you see online is usually 25 basis points higher than what you actually pay.Now, all of this is not to say you need a managed account for your money but it is not as bad as it seems.Their recommendation for 90% in muni funds is just the opposite.If you were my client and you really wanted munis and could benefit from such, I would place you in individual muni bonds with the size of account you have. No management fees, better transparency, more dynamic - and much easier as the advisor to get rid of a single muni holding if we feel that there is too much risk.Remember, SOMEONE owned all those Detroit bonds. SOMEONE was invested in muni bond funds that held those and investors had no option to get out other than to sell the fund.