Funny you bring that up. 5 years ago a good friend became a widow. She inherited an account at Merrill with about 5 million all, equities, she has no knowledge of investing. I didn't like what the Merrill rep was suggesting for her 1 % wealth management fee so we moved the account to a Schwab office about 5 miles from our homes.

Last month she got a call from the Schwab rep who we never hear from. He told her that account is, very tax inefficient, she should come in and review the account. Of course, she asked me to go with her, I have power of attorney, and I'm on the account.

He tells her that her dividends are taxed at 37 %, and suggests that she sell all her stocks, which are now worth 9 million, she has 4 million in unrealized cap gains, the divs are a bit above 200k a year, and put IT, ALL, ALL, into the Schwab Personalized Indexing US 500 large cap fund. That fund is designed to " trade a lot and capture the loses hence very low tax consequences. The fund charges .40 on the first 2 million, .35 on the balance. She's 80, so her heirs would lose the stepped-up basis when she passes, the huge cap gain would cause an 800,000 tax on the gain, plus, the divs are all qualified hence hers are taxed at 15 %.

IF an Ai app gave her that advice I would shoot the computer, to be kind. Shameful to think what brokers are advising to generate rev these days, absolutely frightening. Sad.