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A mutual fund manager is not the same as a private wealth manager. Robo-advisors are replacements for private wealth managers. For example, a robo-advisor could recommend a human-managed mutual fund, or a human wealth manager could recommend a low cost index fund. You are confused about the two roles.

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A mutual fund is almost always more expensive then an ETF, and rarely outperforms them. It should be criminal for mutual fund managers to charge 1% or more for their services, when they underperform broad indexes so frequently.

I don't think I was making an argument about the cost of mutual funds vs ETFs, but claiming mutual funds are more expensive than ETFs is silly. There are high cost ETFs just like there are high cost mutual funds. You have to look at the expense ratios etc, etc...

Again, as OP pointed out, you're confusing wealth advisers with mutual fund managers.

I'm not. A wealth advisor is a financial coach who is going to help guide you when you're a high net worth individual.

A mutual fund manager is someone who tries to attribute luck to skill.

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