The enduring value of advice in an era of DIY investing

Access to financial markets has never been more democratic. Retail investors can now open accounts in minutes, construct diversified portfolios using low-cost funds, and monitor performance in real time. Information that was once confined to professionals is widely available, and trading costs have fallen dramatically over the past two decades. At face value, this suggests that portfolio management has become commoditised. If investors can access the same funds and the same data as advisers, it raises a reasonable question. What remains the enduring value of professional advice? The a...