I have retired and closed business. Please use the site http://www.askinvestmentadvisory.com/ for education. it has been a great experience. I learned a lot from here. An adviser has to provide for a well diversified portfolio. Clients expect it to outperform S&P 500 net of fees. We should be trying to outperform S&P 500 instead. It is really hard to outperform index. Most of the S&P 500 does fine. However, in rough situations, managed funds outshine. One such situation was lost decade of 31-DEC-1999 through 31-DEC-2009. S&P 500 lost some 10% total. Every large cap fund, I ever used or considered, had positive return. [Top honors go to YACKX with very respectable over 11% per year. None of the funds, I considered returned less than 4% per year compounded. All these funds lost S&P 500 in dust.] You all have been great support. God bless you! sarwan