(If this post belongs in another forum please move as needed. Thanks.)
I'm retired with part of my portfolio being managed by a Registered Representative (contract employee) of Lincoln Life group. I don't think he has a fiduciary relationship to me. Most of my funds with him are in various mutual funds with percentage fees around 1% or so. They're averaging about 7% net return per year.
You are absolutely working with a non-fiduciary (also known as a salesman). Registered representatives are nothing more than brokers who are seeking the highest commissions, all at YOUR expense.
I second the motion to go to Napfa.org to find a fiduciary adviser IF you can't do it yourself. Investing is really, really easy. Buy and hold index funds like AGG and VOO then rebalance as needed. A 3rd grader can do it.
Use this site for help in determining your stock / bond asset allocation ratio.
https://personal.vanguard.com/us/funds/tools/recommendation?reset=trueAnd this site for help in determining if your nest egg will last...
http://www.vanguard.com/nesteggcalculatorAs of late 2014, this was Jim Cramer's general bond / stock allocation ratio recommendation:
Younger than 30 - No reason to own bonds
In your 30's - 10% - 20% bonds
In your 40's - 20% - 30% bonds
In your 50's - 30% - 40% bonds
60 to retirement - 40% - 50% bonds
Similarly Bob Brinker recommends a 50/50 bond / stock allocation for a retired 70 year old.