My brother has about 200k invested in a MSSB mutual fund wrap account. I think he pays somewhere like 1% in AUM a year. Since he has been there, he told me that they constantly switch him in and out of mutual funds, maybe 20 different funds over the past 3 years - he is invested in like 10 different funds in multiple asset classes (small/mid/large US cap, mostly int'l, emerging markets, real estate, etc). Does the FA have an incentive to switch him in and out of funds so much? Seems like it is prudent to pick some high quality funds and stick with them long term rather than chase performance.Also, the FA has tried to get move him out of some funds and put them in managed futures funds. Is there is bonus that the FA gets for doing something like this - or do they just get paid a % of AUM? My bro doesn't even know what a managed future is and its unlikely that he needs even more diversification.