If you were a professional money manager and a rich, but unsophisticated, client came to see you; what would y

Answer 1

It happens frequently; the typical examples are often Doctors. It does help to explain to them that the money manager spends 40+ (sometimes 60+) hours a week at this, and they can't do as good a job in 4 or 5 hours a week. The biggest problem is avoiding concentration in industry groups that they 'understand'.

Answer 2

This is the reason people use money managers. They have the money but not the knowledge to invest it, or the time to learn. They may understand the operational aspect of their professions but not always the financial aspect. They also need diversification in their portfolios, across industries and asset classes.