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Have my parents been bilked? If so, what to do?
If they made deposits 20 years ago, and none since, the S&P is up over 300% since then. i.e. a return of $40,000 on $10,000 invested. We wouldn't expect to see that full return, as a prudent mix of stock and bonds (or any treasury bills/CDs, etc) would lower the overall return during this period.  Advice "Transfer the money, directly to an IRA at a broker, Fidelity, Schwab, Vanguard, etc."  For most people, going after the advisor isn't worth it, unless the sums are large and the poor management, pretty clear.  The lesson for readers here - monitor your investments. Ask questions. It's not about "beating the market" which can actually create more risk, but about understanding the returns you see, and the fees you are spending. The mistake didn't occur at the time the money was invested, but every year it wasn't monitored.