The research is that the more you fiddle with your portfolio the worse you do. Investors rarely benefit from fiddling with their portfolio. My only advice to people that tweak their portfolios is to stop.

I have been pleasantly surprised on a number of fronts.

The average person usually can't distinguish between them.

The for-profit environment adds to the pressures and potential conflicts of interests,

Ultimately you can't get around the fact that forty percent of states are not inspecting advisors at all?and only thirty-six percent are inspecting them enough to form an effective deterrent.

The SEC doesn't have the resources to do its job. In 1980 the SEC reviewed all corporate financial statements every year. In 2000, they reviewed about 15 percent. Enron's statements hadn't been reviewed since 1997.