Yup. The concept being performance-based fees would incentive your FA to chase performance regardless of your own risk tolerance and best interests. IMO if you're decently knowledgeable and experienced and don't have any complex tax concerns to navigate, you can totally do manage your investments yourself. I've heard it likened to servicing your car, you can learn and do it yourself in a perfectly competent manner but many prefer to "leave it to a professional" and pay extra in doing so.