That is the latest trend in investment advice -- annual fees for UNNECESSARY services. It started when the Fiduciary Rule was going to be passed -- a rule requiring full disclosure of all fees and costs, and requiring your advisor to put your interests ahead of his or her own. The rule hasn't passed yet -- but the firms figured they couldn't justify their huge and mostly hidden commissions, so they'd just charge an annual fee -- even if the account was invested and no changes were made.And yes, about half that money goes into your "advisor's" pocket -- and the other half to his firm. If you know what you are doing, then just manage your portfolio yourself and avoid this huge fee.Is your money still in a 401(k) account? If so, there is guidance available through your plan for your investment decisions. Have you "rolled" your 40l(k) into an IRA Rollover account? If so, why not go with Vanguard or Fidelity? Each of them will give you free asset allocation advice, along with low-cost funds -- AND help with your required minimum distributions. It's easy to roll your rollover account to a new custodian. Just call Fidelity or Vanguard and they will handle the paperwork.