I received this note from a person that charges 1% for money management.
“we want to sell all of WMFFX & LCEFX and swap those out for PEIYX which is better suited for your Large Value category at this time.”
I wonder how much this lines their pockets, but I am heading out with these people.
If they charge a 1% fee to manage funds, they will earn that 1% regardless. Unless they are charging extra fees, it should not increase their earnings beyond that.
In my opinion, they follow the money in sales because no one gets paid for doing nothing. 
If they are charging a yearly 1% fee, a swap won’t affect them unless there are front-end or back-end load fees. If that is the case, you should make a change as soon as possible.
That is simply a terrible advising firm. They most likely hold second registrations as brokers in order to receive kickbacks and commissions on those money.
However, there are also many excellent companies in the field. In addition to charging about 1%, the firm where I work builds out stock and bond portfolios for our clients instead of just placing them in funds. We have also outperformed our benchmarks net of fees.
The Invesco fund is not great, but the other two are fine. Why are they buying mutual funds for you? Is this in an IRA or another non-taxable account?
investing your money in an index fund at a cost of 1%?
Guys what index fund?