Having been both an investment consultant and a large public plan trustee, it is much less philosophical and has more to do with serious conflicts. You must follow the $$. Consultants are not making the big $$$, some have played revolving door going to work for alternative managers, but many times they are not even making the decision to hire high fee high risk moderate return alternative managers. Since Citizens United I believe $millions has flowed secretly from PE and HF managers into state and local politicians super pacs driving this movement.