The star fund manager is a marketing department construction supporting conventional wisdom that there are individuals out there that can skilfully and consistently out smart the markets. And a star fund manager today is not necessarily going to be one tomorrow.

Whilst it is an easier sell promoting the star fund manager I think a client is far better served if their adviser focuses on helping them achieve their financial objectives and concentrates on successful investment planning with the focus on asset allocation, diversification and keeping investment costs as low as possible.