Actually they do a better job of money management than the vast majority of people. Just guessing, but judging by the posts here; the denizens of this site don't seem to be in the small minority.
I changed how I trade ten years ago to not trying to make the most profits to apply risk management first, so learned how to hedge, learned to concentrate on drawdowns. And one does not need to sell any stock that pays dividends if underlying is still favorable of small debt and increasing revenue by hedging when price formations show reversal is possibility. Often times price will retrace so far to make signals to buy more stocks or options/Indexes and hedge. I don't have to beat the Indexes to beat the indexes if my drawdowns are much lower. And don't have to buy options as only entity to cover stocks losing on retracements, there are other products to do so. One can also hedge by having shorts equal of long stocks to a degree. The 2% really is needed by companies that manage money, employees, leases, utilities have to be paid, most funds are not profitable each year. Most funds I view as reckless as word "Hedge" is to fool general public. I believe if one is not a CTA, you can not advertise. It gets more complicated in stocks of managing OPM. Better to just start a hedge fund if one is decent at the stresses of managing, keep it private or become public. http://hedgefundlawblog.com/what-licenses-do-you-need-to-start-or-manage-a-hedge-fund.html I find all this interesting from standpoint of it being a challenge and always have, how to beat myself than other entities. People trade for various reasons, once you have enough for life, all that is left is the challenge.
So you are looking for a money manager who can time the market perfectly. You want them to sell IMMEDIATELY when the market is dropping (by 1%...2%....3%.... market down 5 points?) and then buy IMMEDIATELY when market is rising. You want to pay churning commissions as they go in and out of cash daily because market is dropping and rising. You have not been able to find this magical portfolio manager who wants to churn your account and perfectly time the market... have you checked DisneyWorld?
No I'm looking for a manager that manages risk differently than the majority of the professionals out there. Apparently the Pros are having a tough time outperforming their benchmark index's. I hired one guy who claimed to follow the same system I have used but when it came to cutting losers he failed miserably. We parted company after a year or so. The manager won't cut losses so I have to. I think I have found another and so far so good but we have only been doing business for about 6 months so it remains to be seen. So far he has stuck to the plan and outperformed both the benchmarks and the portfolio I am self managing. I'm waiting for a down turn to see how it goes.