Before I retired, I relied on Merrill Lynch advice for a long while until I realized that I lost money following their advice. I fired them and then relied on Paine-Webber/UBS for a while and the results were the same...I lost money. I did an analysis of some 20 years of investing with this "professional advice" and came to the conclusion I would have been far better off if I had just invested in CD money market rates.
My stocks looked good when the market went up. And they looked bad when the market went down. The market went up and down, but I always seemed to buy and sell on the wrong peaks and troughs....based on buy and sell advice from the brokers. The only people that made money were the brokerage firms with their hefty commissions. In my retirement now I am entirely divested out of the Wall Street swindle factory. And I enjoy life, as I never have to look at the daily stock prices. There are other things in life more important than watching the market every day.