Please don’t listen to these people here. You need professional help. I’m not being rude, I’m being honest. You’re not going to get charged a 5% management fee. Fidelity, as a company, wouldn’t allow their advisors to do that. I’m a wealth manager and our broker dealer is LPL. I don’t even have the option to input a 5% fee. That 5% is coming from an minimum perspective. They probably can’t open an account at $0 and have it stay active for trading until minimums are met $2,500 (5% of $50,000 seems very standard). I have the same constraints. There was a misunderstand or confusion around that. Get clarity! Ask specifically what account minimums are, and what the ongoing management fee is. You don’t have to go back to that advisor, cause it should have been made abundantly clear already.

If you don’t know what you’re doing, you shouldn’t be taking advice from strangers on the internet.