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[quote=Anonymous][quote=Anonymous]OP here. Ugh I feel sick hearing this. Just spoke with DH and advisor had recommended deploying the mutual funds slow and steady in case the market crashed. The mutual funds were supposed to just beat inflation and do better than a savings account while we slowly deploy. I guess it’s all relative to risk tolerance, and we’re not being aggressive enough. What if I just tell him to move it all to a cleared S&P 500 index fund? We have time to ride the waves and understand there’s no guarantee. [/quote]

I agree this has nothing to do with risk tolerance and everything to do with you being fleeced by fees.

Now that I think you have bought on to this, we need to help you get out of this.  You need to exit every single one of those funds. Keeping the individual FAANG stocks is a personal risk choice; at least they are not generating expense fees. But I would move them to Vanguard, Schwab, or Fidelity to take them out of your assets generating an AUM fee.  While you are at it, move the cash to one of their money market funds.

Tell us the extent to which these funds are held in a taxable account, that is, not held in a retirement account like a Roth IRA.  (I am assuming that you do not have an active IRA because you are doing backdoor Roths.) You can sell all the funds in a retirement account immediately with no tax implications and move the funds over to a Roth account to wherever you are moving your stock and money market funds.

But as a previous PP has said, selling all the other funds, could generate taxable income if they are not in a retirement account, and you will need advice on how to unwind them. I think this is particularly a concern for you because I am quite sure Vanguard would not accept a portfolio of these funds; you' have to check if Schwab or Fidelity would.  This might mean you would need to liquidate them with your current financial advisor and continue to pay those fees until they are liquidated.

You need to hire a good tax CPA or one-time advise only financial advisor to figure out the liquidation exit plan in a way that balances out taxes dues from sales and fees from continuing to hold.

Once these funds are liquidated you can figure out a new deployment plan for the cash.  Don't try to ride the wave; you already have a hefty share of FAANG for that should you keep that.  You should be planning for optimizing your returns for the long-run, not for whatever further gains you may think are possible this year--absolutely no one is able to predict that.[/quote]

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