Not necessarily. I made 14-15% on my overall portfolio last year with more than 50% in cash. I have my cash in savings accounts and am waiting for a correction to jump in. Lessons of 2008-09.

I empathize with this person. I was in exactly the same position, although with a bigger portfolio, and closer to retirement than she is. I fired my advisor a couple of years ago, devoted some time to studying and keeping up with market developments and have reaped the benefits. She can too -- and so can just about anyone else who is stuck with an incompetent pseudo-advisor who cares only about their trailer fees.