Advisor's Alpha :Good for your Practice and your Clients ( Vanguard 2013)

Outperforming the broad market has historically been very difficult, both in absolute terms and in tax- and risk-adjusted frameworks. Where adding value is the goal, advisors may be better served by changing their performance benchmark from the market’s return to the returns that investors might achieve on their own, without professional guidance. A financial advisor has a greater probability of adding value, or Alpha, through relationship  oriented services, such as providing cogent wealth management and financial planning strategies, discipline and guidance, rather than by attempting to outperform  the market.Read the Paper

d research May 2012