I recently reviewed the portfolio of a young man who had inherited almost $1 million. He thought his portfolio was "well diversified" because almost all of it was invested in an S&P 500 Index Fund. Several issues were apparent, which you might be able to relate to your investments.
I am often accused by brokers of being too hard on them. They say I cherry pick bad portfolios and there are many "hard working, honest brokers" who do the right thing for their clients. I used to believe it. I no longer do.
Advisors who want to be honest will tell their clients they have no idea when the markets will "reach the ultimate bottom." All we can realistically do is place the current markets in historical perspective.