Should I trust my Merrill Lynch advisor regarding his recommendations?

I currently have a significant portion of my account in individual preferred stocks. My Merrill Lynch advisor called me and told me about a preferred stock managed account that they oversee. The managers of this account also manage a similar preferred stock mutual fund (that has some differences). The mutual fund is ppsax. One website said that the mutual fund has fees tallying to about 1.4%. I did an ysis comparing the price movement of an average of my preferreds vs the price movement of the mutual fund and it looks like my preferreds beat it out over the 181 trading days i looked at it. I think switching to a managed fund reduces my flexibility..and creates more fees. I'd appreciate any comments especially from former advisors who aren't biased by being affiliated with ML..