This is an important point about investing. How can we fix it?

One way would be for advisors to be clear what they are doing to add value: picking markets or sectors or picking managers. And then keep score to demonstrate added value over time, say three to five years.

If picking managers is the tool to add value, then compare manager choices to the universe of managers. How did your pick do to versus the peer group? How did managers you hired do versus the ones you fired?