They aren’t worth the money they’re being paid. It’s really not hard to do the most long time proven plan, which is to balance a portfolio between higher risk things like an SP500 index, and lower risk things like bonds. You weight it towards the index when you’re young to get high average returns, then back it off into lower risk as you get older to lock it in.

“A Random Walk Down Wall Street” goes into how this strategy has been proven out over decades when so many others have failed. You technically can beat the SP500 (and be sure to include transaction costs), but only by taking on even higher risk.

The best investment advice for most people is really, really boring.