Wealth Advisers vs. the Wealthy

Robert Frank's post on how differently investors and their advisers evaluate adviser performance drew a number of comments, mostly serving to accentuate the gap in viewpoints. Maybe we should call it a standoff.

You're right, angry investor: "I paid … a lot of fees last year to lose 30% of my assets. Can someone explain to me why I should PAY someone to lose money, when I can lose that money for free?"

You're right, too, former wealth manager: "Clients want no risk and 20% returns. They want maximum liquidity and no fees.
They want everything except the truth that investments fluctuate."