Yup. It's why I don't frequent bogelheads anymore. Something about financial planners. Everybody is a DIY expert. Seems to be more than any other profession. The reality is, in my opinion, financial planners (if good) do way more than select your fund diversification.
edit/add: I missed this post, and my response applies as well -
Would be interesting poll to see for everyone on this forum who despises FA's, how many built their own house, service their home/car/appliances, mow their own lawn, self medicate, handle their own legal matters, grow their own food, homeschool their kids, etc. Certainly can DIY cheaper than paying the guy.
To be clear, I am not promoting FA's and happen to do many of the things I mentioned by myself. However, from time to time I pay for technical expertise or muscle.
But when it comes to the investing part, it makes sense that a DIY would be an investing 'expert' more than in any other profession.
Other professions are generally dependent upon skill, experience, specialized tools, and sometimes just plain hard work. Hiring a pro versus DIY can be a very rational decision.
But when it comes to investing (not the other decision-making stuff), the data says that skill, experience, specialized tools, and hard work are not a factor. The only specialized tool that would help is a functioning crystal ball. Otherwise, you pick an AA, invest in a few broad based index funds/ETFs, and get on with your life. You are an expert, and probably better than an expert due to likely lower ER, simplicity, and no other fees.
That said, maybe I've missed it, but it seems to me people have had trouble finding an FA to do a real professional analysis on those other things, like optimizing Roth conversions, SS timing, and other subjects that get tossed around here regularly.
another add: Also, language like
"for everyone on this forum who despises FA's," is not helpful Many/most of us are presenting facts about what an FA can/cannot do, and their likely negative effect on your portfolio. That's not "hating" it's facts. Challenge the assertion, not the motivation. That kind of language gets the thread heated and sometimes shut down (like the recent Tesla thread, where anyone presenting certain facts is labeled a "hater" or "anti-Tesla")
-ERD50