I worked in fund management: I have never seen people who were so overpaid (myself included) for doing so little. Fund managers are a net negative cost to the economy, and they earn fees to do it. Most of them, particularly personal advisors, understand nothing about investing that most people couldn't learn themselves (the only exception are the big wealth management divisions at IBs, most personal advisors likely cost clients substantially). I actually worked in the personal space too, I remember billing clients regularly ~$20k for 20 minutes work...there is no world (even inc. our costs) in which our fees made sense.
I invest actively because I have literally spent 14 hours/day researching stocks for most of the past decade. For anyone else, buy an index fund. Your performance is still going to be good, there is no way that most people get a return on time researching stocks/mutual funds themselves.
VCs have a fetish for financial idiocy that I will never understand (perhaps that is required to be a VC, no idea).
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