[Confusion]

Is your buddy one of the very few beating the market or is he one of the many with clients who would be better of just tracking the S&P 500? Because if the latter, he is just as much of a clown, just one whose strategies by accident happen to be less bad for their clients.

The number of ‘wealth managers’ who add value for their clients (which can also be done by reducing risk in exchange for lower yields or in several other ways) is very small and the remainder are leeches.