Please read the article more closely. The author is pointing to those who profess to have expertise in selecting active managers who will outperform. He is not making negative comments about CFAs.

A colleague and I did a study in the early 1990's on "Do Winners Repeat?", etc. and found that outperformance tends to be a short term phenomenon peaking at approximately 12 months. There are lots of well known reasons for this.

Ask a investment management consultant if he has any record of his performance in selecting managers. Ask him to specify his criteria for selecting and replacing managers. If he cannot provide evidence of an effective discipline with a performance record to document good performance, why bother? Most often the investment management consultant will conduct what amounts to a beauty contest, invite the client to choose, and if the choice turns out badly the consultant blames the client.

If I am wrong I would welcome the evidence.