Am I being scammed by having my money in Raymond James? Looking for perspective :/
I was advised by my parents to place my money with a financial planner. Ended up putting about $70k into Raymond James, and my portfolio has grown to around $90k from a peak of $110k. However, I'm doing the math of compounding interest on their fees (1-2%), and over time, it seems like a lot—especially since these are meant to be long-term holdings. Why wouldn't I just park my money into a Vanguard ETF like VTI, which has basically no fees? For context, I'm 26 with about 200k net worth so far. And I live with low expenses currently.
I already have about $80k from my work invested in a Vanguard account, and it's vastly outperforming my Raymond James account. Am I missing something here, or am I getting lowkey scammed?
Looking at my account, it seems like most of the holdings are in American growth funds (which is fine), but there are only 3-4 trades a year. My parents wanted me to invest long-term, which I agree with. My financial advisor is a nice person, and I’m sure she means well, but I’m starting to think this isn’t worth the cost. Shouldn't I be paying someone to **outperform** the market? Or am I better off managing things myself?
Would love to hear other people's experiences or advice. Thanks!