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So after much hand wringing my parents actually told me what their guy has them invested in. They removed the numbers because they are of the generation that doesn't talk about money. But holy crap. Some of the junk.

One fund was primarily composed of three other funds.

Their "most stable" fund was 93% bonds. Sounds good, right? Their ratings? BBB, BB and B. I don't know much about bonds but I know A is better than B.

Another fund they are paying management fees for is over 20% cash. I'm actually a fan of that holding now but still...

Their best 1-yr return was 3.53%. The rest were under 0.50% and most were negative. This is for people in their 70s whose primary concern is stability and capital preservation.

They are meeting with him today and my advice is to liquidate everything and fire the bum. They can probably do better with GICs.

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