Come on. It’s not that simple.
There is about $40 trillion in the USA and about $100 trillion globally in assets under management. A lot of these amounts is smart money. The AUM investor model certainly benefits a lot of people — just not everyone. If it was a bad model, the market would not be this big especially with smart money investors.
Asset & Wealth Management Revolution: Embracing Exponential Change -PwC Channel Islands
The Tide Has Turned: Global Asset Management 2023 | BCG