No. of Recommendations: 3
ItsGoingUp writes,

It's not just the magnitude of the fee that bothers people; it's that rarely is anything of real value delivered for that fee.

Daniel Kahneman (2002 Nobel Prize in Economics) said this about Wall Street "wealth managers".

It's a "puzzle: a major industry appears to be largely built on an illusion of skill". (Page 212, Thinking, Fast and Slow (2011)

I'd modify that to "illusion of financial skill". A wealth manager has to be a very skillful salesman to get someone to buy high-ticket financial advice that's no better than participating in a dice game.

intercst
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