Capital gains tax penalty-portfolio asset reallocation

Hi Terry;
I have my investment management consultant (J.P. Morgan/Chase) advising that I cannot reduce my 70% stock (30% bond/cash) allocation to what I prefer to be more 50/50 without sustaining significant capital gains penalties. This account is all in a taxed investment portfolio we inherited from my father-in-law (that he also handled for him). Problem is, I’m 71 and I don’t want to be that heavily invested in equities but he says I can’t change that allocation without significant capital gains penalties. So am I stuck in never being able to reduce my equities percentage because of the capital gains penalty? Plus performance at his 70% equities allocation is much further behind than my other investment portfolio (Vanguard) that has only 50% in equities that is performing much better. He seems to be kind of obscure with an explanation for all this and his commission is about 3x as high as Vanguard (.099 vs . 033). I kind of feel I’m being taken advantage of as a senior. He insists JPM is a better management company than Vanguard. Any suggestions? Thanks!