As a Financial Advisor to retail clients the findings of this study are fascinating to me. I am increasingly getting the question from clients "Why don't we own more passive ETF's in our portfolio?" They are constantly reading/hearing in public media that "lower fees = better performance". Rarely is there any discussion about risk tolerance, volatility, investment timeframes, concentration risk, illiquidity that should be considered when developing a customized solution for a client's unique needs. There is very little appreciation from the investing public that impacts from these other factors may overwhelm the beneficial effects of lower expenses.