Problem is, like used car salesmen, lawyers and mechanics, they are a useful, if not nessarry people in many cases, but are also in a unique position to fuck you. A good one is worth their weight and then some. The extremes make for most public perception, and here we are.

Wow! Not sure where all these assumptions came from, but let's try to get back to the simple point of the original post. Financial advisers, at their best, inject common sense and steady judgment into the lives of some highly successful people who might make reckless money decisions otherwise. That's impossible without commanding the respect of your clients.

Consider a guy I know that we'll call Jack. He's rich and headstrong. On his own, he'd be buying jets and chasing hot tips in the stock market. A financial adviser helped Jack keep his money decisions sane enough that after the inevitable divorce, there was still enough money for Jack's kids to be able to go to college.

Focusing only on portfolio modeling (with or without index funds) misses the essence of the job. Getting the person-to-person stuff right is huge. College helps make that happen.