Since that was a bit uncharitable, let me instead say something different. Most client advisors aren't "money managers" they are client managers. They primarily create value by eliminating negative alpha: keeping clients from panicking and doing other stupid things.

These are not trivial benefits. But they are hard to sell to clients, because the implication is often - you are going to make alot of stupid mistakes. Now, admittedly, this is kind of how a good waiter works. He steers vegetarians away from meat dishes (regardless of how yummy they might be for other diners). Perhaps he makes sure that they get dishes with lots of protein in spite of lacking meat.

But at the same time, limiting underperformance is not the easiest sell (especially to clients who mostly want *outperformance*). Outperformance only comes from people who are truly superior at a few activities - fundamental research, ability to obtain financing on superior terms (PE), able to invest in non-public companies or to take companies private and to control operations and/or capital deployment within the business. Being able to make forecasts that are much less bad than average is also a factor. In that sense, I think most advisors aren't really in that business, and so as you say, the relationship is likely to be difficult or unsatisfying.