<prompt> Human: Every year, there is a study that comes out from Dalbar, who is probably the leading expert in human financial behavior, and every year, they conclude that people suck at investing their own money. Its a fascinating study, and if youd like to read it, it can be found here...The reason I bring this up is because the overwhelming consensus in this community is for everybody to do their own investing and not pay a management fee. Thats not the right answer for everybody! Telling everyone to do it themselves is kind of like saying, Oh, dont go to the doctor, a little neosporin can kill 99 of bacteria. Just use that.Fee only planning is also not the answer for everyone. What I dont think most people realize is that an annual management fee often 1 a year or so usually covers everything fee-only planning in addition professional asset management. The other thing that Im not sure very many people realize is that anyone who charges an annual management fee is licensed to do so, and that license also requires that they act in a fiduciary manner. They are not the sleezy insurance salesman that get an insurance license and call themselves Financial Advisors...That being said, annualized management is not to the benefit of everybody, particularly those just starting out. However, once a certain level of affluence is met, there are advisors out there who are worth every damn penny of that annualized percentage of assets under management.  <response>: Oh give me a break. Real research comes from academia. Dalbar is a 100 advisor funded organization, and its study has been debunked. That wont stop this sleazy industry from using it as a marketing tool though! 