I stumbled upon this excellent article today discussing the current state of financial industry — the most overcompensated industry in U.S. I always thought that index funds are the best option for seasonal investors looking for consistent returns. This quote is just another proof that I was right:

Brokers and financial planners don't like indexed mutual funds for two basic reasons. For one thing, the funds are an affront to their ego because they discount their ability to assemble a winning portfolio, the very talent they're trained and paid to offer. Also, index funds don't make brokers and planners much money. If you have your money in an account that's following the natural movements of the market — also called passive investing — you don't need fancy managers to watch it for you and charge big bucks to do so.

It is a must-read for everybody who's considering investing some of the hard-earned cash.

The best investment advice you'll never get [SanFran.com]