Thanks for all the advice so far. It has all been helpful and have no problem with more suggestions/advice.
My FAs do an annual comparison using the S&P 500 and a similar type bond index. One of the reasons for my post was to check that logic. It seems to be sensible since if I were to do this myself, I would select a buy/hold portfolio that was 60/40 and simple to manage. While not in my original post, I am also experimenting with Future Adviser. They had a $19 per month introductory offer so my costs are basically the funds in the portfolio. I can easily get the costs for the funds from Personal Capital if anyone is interested but if memory serves it is about 0.22 . To date, their performance is slightly below the two FAs.
The discussion between Marinauser and ERD50 about best way to measure success was interesting. I think you are both right. But, for my retirement spending strategy, I want to meet/beat the returns achieved by a 60/40 portfolio. If I do that, my retirement continues smoothly.
I selected the FAs before having as much knowledge as I have today. I liked that they purchased mostly large cap stocks. Their 'international' exposure is based upon the megacorps international business. And, they perform a market timing effort on the downturn. They both are honest about missing some upturn opportunity by following the sell during the downturn strategy. I personally like the idea that they have flexibility for their investments i.e in good times extending beyond the 60/40 and vice versa. But, I do not want them being short term traders and they are not.
The higher performing FA, has a clear strategy for entering market segments and individual stock purchases for both buying and selling but it seems clearer for buying. The segment must be on the upswing and the stocks must be showing a recent (I believe 1 year) recovery. If when the segment declines, they sell. Over the last 8 years, most of my holdings have been consistent. Buying/selling is not frequent. One key thing that caught my interest was during the last downturn, their results were much better than the market on the downside. But, slower as the market returned. Overall a better result. Finally, I know many people who use the FA as an adviser who speak highly of the results. I can't tell you how they are making the analysis besides they are happy with their portfolios.
The other FA shares a similar approach to selling when the market is retreating. They buy/sell a little more and seem to take a more traditional approach to market analysis. It seems their advisers select segments and stocks based upon other advisers telling them what to do. Again, their performance in the last downturn caught my attention as they were able to sell during the market collapse (I was not a client at that time). This was and still is important to me. When the market retreats again, I hope I can retain more money.
Future Adviser will be an interesting data point for this 'live' test. If performance remains close, it seems like a safer way.
I would not use an adviser that charges fees for purchasing mutual funds. I can do that myself and feel it is an expensive way to be in the market.
I am concerned closing down the less successful FA and concertinaing my money. But, I am not sure if that is rationale. My other problem is it will be expensive to liquidate the portfolio since there are a fair amount of gains. To move the fund to either my Future Adviser/self manage or the FA will trigger capital gains tax hit. So, it might end up being multi-year liquidation.
Again thanks for your input so far.