Most of the wealthiest people in the world actually manage their own wealth as their primary occupation (which can take many facets). There are places to hire professionals to assist, but until you are in the tens of millions or more in net worth it's usually a better deal to self-manage because professionals expect a percentage of assets under management as a fee. Once you have a high enough net worth you operate a family office / self-organized finance company and hire people directly.
You don't get wealthy by giving someone else 1% of AUM for performing on-par with a passive investment in index funds you could self-manage. So, sure, this is "wanna be wealthy", but what even is "wealthy"? I have a plan using spreadsheets and other tools that is on track to take me into low-mid double digit millions prior to retirement, I can't imagine giving someone 1%, which can be six-figures or more, every year for clicking some buttons. At some point managing my own wealth is worth more investment of my time than any other occupation.
> You don't get wealthy by giving someone else 1% of AUM for performing on-par with a passive investment in index funds you could self-manage.
This is how advisors are typically paid, but this isn't all that they do. Empirically, as people make more money, they turn more to advisors and away from self-directed or robo apps.
Lots of people have opined on why, if you follow the trade publications for advisors. To me, the reasoning comes down to risk: if you have a lot at stake then you will pay money for a lawyer to review for $$$$ per hour. If you have a lot of money you will pay 1% if you can feel more comfortable that the advisor is handling all the aspects of it and you can sleep better at night.
You don't get wealthy by giving someone else 1% of AUM for performing on-par with a passive investment in index funds you could self-manage. So, sure, this is "wanna be wealthy", but what even is "wealthy"? I have a plan using spreadsheets and other tools that is on track to take me into low-mid double digit millions prior to retirement, I can't imagine giving someone 1%, which can be six-figures or more, every year for clicking some buttons. At some point managing my own wealth is worth more investment of my time than any other occupation.