The data on the failure of active managers to add value above relevant benchmarks/indexes and especially structured asset class/core vehicles is quite clear, I, not sure how professionals can look at the data and think “I’ve got a shot here.”

Even if you’re able to identify strong past performers, their future performance persistence is fickle and mostly random.

This field is not where the wealth manager should be trying to play.

Instead, developing an appropriate asset allocation & savings/spending policy, simplifying portfolio structure, minimizing fees & taxes, and encouraging disciplined client behavior can be incredibly valuable.

To the extent that the book makes these points it is correct, although the authors have a penchant for complexity and frequently drift off unnecessarily into the esoteric world of alternatives (repackaged “active management” with similar results thus far) so you should be wary of these issues.