Anyway you spin it, this is daylight robbery. The reason you have your wealth managed is to make money. And if we get a little technical, when paying for someone to do it for you, you should be getting some form of additional return, by that I mean a return in excess of a passive market investment.
Now think about this. If your parents would’ve given that $1000 to one of the providers charging in excess of 6% what would’ve happened to your money? It would be disappearing is what. You'd be making a steady loss.
What’s my point? My point is this: If you are being charged more than the historical return of the market you will not make any money. You are guaranteed to lose money. In fact, taking a trip to Las Vegas and betting it all at the roulette tables gives you more chance of winning.
Know thy fee structure… and always bet on Black.