Dear Liz: I hired a fee-only financial advisor a year ago. The advisor’s firm also included a CPA who prepared my 2017 tax return.

My tax liability was 100% more than what I paid via my W-2 withholding because the advisor traded constantly, incurring short-term capital gains. He authorized 45 trades in a three-month period. My capital gains for 2017 were more than I have ever earned annually in my 40-plus years of filing returns, yet the overall gain in my account was negligible.

I am 67 and soon to be retired. I do not believe he was acting in my best interests as his client. Is there any action I can take?

Answer: If you’re considering legal action, you’ll need to consult an attorney. If you want to take your beef to a regulatory agency, you can start by contacting the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

Just because an advisor is fee-only does not mean he or she is competent or is a fiduciary (someone who is legally required to put your best interests first). Most advisors are held to a lower standard of “suitability,” which basically means their recommendations can’t be unsuitable, given the client’s situation.

Giving an advisor authority to make trades in your account is risky business. When you don’t know an advisor well, it’s better to start with a non-discretionary account that requires your approval for any trades.

If the advisor earns your trust, you can consider switching to a discretionary account that allows trading — but first you should have an investment plan that makes clear, in writing, what your goals for the account are, what investments are appropriate and how often the advisor expects to make trades.

Most people are best served by passive investment strategies that seek to minimize fees and match various market benchmarks. Attempting to beat the market with frequent trading is usually futile, and costly. That’s especially true in taxable accounts because short-term capital gains are taxed at regular income tax rates, while investments held long term can qualify for lower capital gains rates.