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It depends on the results he's getting. I'd rather pay 2% for "great results within the market" than 1% for average results.

I would add that almost everyone has had big gains since March 9, 2009. Energy funds have gone down for about a year, but about everything else has done very well for the past six years. We have been in the third longest bull market in history. Yes, we heard the record scratch sound in August, but a pineapple could have successfully managed funds during the past six years. http://money.cnn.com/2015/08/25/investing/stocks-market-in-5-simple-charts/ http://money.cnn.com/2015/05/06/investing/stocks-market-3rd-longest-us-bull-market/

The IRS does not close the door with a Notice of Deficiency; they will still accept and consider additional information. They will issue a written response and refer to the date your letter was received by them. I would get a copy of the letter from the client before proceeding and find out exactly how the IRS responded. You should still be well within the 90 day window to petition the tax court.

I'd send the 9626 requesting the NOD be rescinded.

Well, that's definitely more than six years, so good for her. I think they say that the stock market has historically gained about10% a year, on average. Of course, we all know what that means: not much to an individual. Maybe nobody got 10%.

If she can handle doing it herself, she can save some money: http://money.usnews.com/money/personal-finance/investing/articles/2010/06/03/mutual-fund-fees-how-much-is-too-much-to-pay Vanguard Total Stock Market Index expense ratio is 0.18%. That fund attempts to mimic the entire stock market. If she really needs a financial person's help, 1.35% sounds high according to this article: http://money.usnews.com/money/personal-finance/investing/articles/2010/06/03/mutual-fund-fees-how-much-is-too-much-to-pay