Investors keep using advisers who cost them as much as 25% or more of their investment income. (Calculate the average fee of 11⁄2% of investment assets against average investment income and you get an idea of what money advisers get from clients each year.)
The trend for using investment advisers appears to be growing; the fact these same folks were generally unable to help prevent the damage from past market debacles has not hurt adviser reputations.
You can easily invest in low-cost index mutual funds and ETFs, using common sense as I always recommend. Avoid advisers, except for necessary lawyers, accountants and tax experts you may need. (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)
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