[kaistinchcombe]

Love to help you out on this if I can. The other thing to note is that because of the fear of double dealing there's a lot of stuff on the regulatory side about what kind of fees you can charge – my sense is, even saying, "any quarter in which you lose money, I'll just waive my fee" is illegal (perhaps because it would push the advisor to focus on preventing loss rather than tracking the market). But it's something that to a typical retail investor seems incredibly obvious – why do you get paid for losing me money?? – and I'm kind of sympathetic to, like I'm happy to share the pain in a down market (and to retain the customer). And saying "I actually have to charge a fee in a down market because it's in your best interest for me not to try too hard to avoid bad quarters…" well… there's only so much game theory your typical retail client wants to be doing sitting there in your office.

My gmail address is the same as my HN name. :)