Readers of my comments are fully aware of my consistent stand against the use of investment managers for investment tasks that can be easily mastered by the average Main Street investor.
The chief reason for this avoidance is the enormous bottom-line expense of the advisory service. That 11⁄2% or so fee will work out to 25%, 30% and even more of annual income or returns.
However, some individuals who suffer poor health may not be able to attend to personal financial matters. This is a basic family matter that is only indirectly or slightly related to serious investing.
In such instances, family members are usually of help. Where such aid is not available, daily money managers are on hand. But caution: They are not cheap.
(See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)
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