投资顾问可能会尽可能努力避免。
根据，他们比以往任何时候都更有影响力，根据基金经理，根据基金经理斯宾塞Mindlin.研究公司Aite Group的分析师。和thousands of firms vying for consultants’ attention, only a small percentage even make it through the door to meet with these gatekeepers to clients overseeing trillions of dollars.
“我们坐在真正令人羡慕的位置，即在市场上看到那里的所有产品，”Wilshire Consulting的首席投资官Steve Foresti说。“有很多竞争。”
研究公司表示，从去年开始的Greenwich Associates报告证实了Foresti的信念：2015年，在2015年，在2015年，86％的机构投资者关系中，投资顾问所介绍。亚博赞助欧冠在92％的百分比，U.K的数量甚至更高。这些顾问是“非常有用的”，截止名为其数据库中追踪的经理人的截止值不到10％，格林威治员工指出报告论顾问会议的最佳实践。报告表明，只有380 - 或16％ - 平均2,433名美国股票经理遵循的平均2,433名。
顾问的作用已经发展，因为市场变得更加复杂，并且在今天的低利率环境中获得更加困难，因此林业，并补充说，威尔希尔的外包CIO业务一直在增长。The growth comes as the investment management industry is under increasing pressure to produce gains that beat low-cost funds tracking indexes such as the S&P 500. “We’re big fans of low-cost implementation, and that would certainly include a fair amount of passive, large-cap U.S. equity,” says Foresti. Still, he says many investors need help navigating alternative strategies to build out their portfolios.
Aite Group的Mindlin同意，称顾问通过私募股权，房地产和新兴市场等地区的许多精品对冲基金和替代管理者进行了替代经理 - 可能会为资源绑定投资者提供压倒性的工作。
“Institutional investing has gotten more sophisticated and therefore they need more help in finding asset managers to fit into a more complicated allocation process,” he says. “They’re trying to find asset managers that have niche expertise. It’s impossible for them to do all the searching themselves.”
在2017年替代投资调查中，德意志银行成立令人失望的对冲基金回报是对投资者考虑对资产类别承诺的最大限制，这是投资顾问和顾问最广泛持有的观点。
随着巴克莱的2月全球对冲基金行业的展望，投资者将于2017年制定近3000亿美元的总对冲基金分配，费用可能是讨论的重点。
“Spending time to help change the fee landscape is an incredibly big topic,” says Marlin Naidoo, head of Deutsche’s capital introduction and hedge fund consulting for the Americas.
Beyond scrutinizing performance, Mindlin says, consultants have become a more important part of the selection process because investors need help scrutinizing operational risks revealed during the 2008 financial crisis. Before the collapse of Lehman Brothers, hedge funds typically set up a prime brokerage account with a single Wall Street bank, he says, adding that managers then began spreading their assets among more than one firm to reduce the risk of all their assets being tied up in a failed prime broker.
“危机后，他们更关心运营尽职调查，”奈良都说。
尽管他们在2017年信中，他们的所有帮助导航市场的复杂性股东，亿万富翁投资者和伯克希尔·哈特曼董事长沃伦巴菲特质疑顾问的价值。巴菲特写道，对于每年左右的顾问来说，对于推荐小管理转班的顾问，反复告诉客户继续复制标准普尔500指数的指数基金是“职业自杀”。
但顾问不需要太担心。
“The financial ‘elites’ — wealthy individuals, pension funds, college endowments, and the like — have great trouble meekly signing up for a financial product or service that is available as well to people investing only a few thousand dollars,” the Oracle of Omaha said in his letter. “Human behavior won’t change.”