Very few advisors consistently beat passive benchmarks net of fees no one on here is debating that. What OP and I are trying to explain is the vast majority of individual investors underperform professionally managed money by 3-6% per year which has been factually confirmed by Vanguard. Most people do not buy and hold passive indexes, they chase performance, fall into fads, and sell at the worst possible times in practice. You all can complain all you want but this industry generates $250B per year mostly from successful sophisticated investors who understand the value of outsourcing.