Not very - according to a well crafted double blind study. (Full paper here).
The study found that too often advisors took clients portfolios and re-worked them in ways that would earn them the highest commissions.
My advice: Index. Fees and commissions are very detrimental to your wealth.
A Finance Professor's blog. I am a Professor of Finance in the Poole College of Management at NC State University. My website: https://sites.google.com/ncsu.edu/warr Opinions are my own.
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