I'm researching a new product (for me) called Windhaven, they have a choice of 3 investment levels. Diversified conservative-Div growth and Div aggresive. It sounds a lot like your $Million inv. letter except they do the work for you and charge you .95%. You must invest $100,000 and so far I have found no other fees (commissions, advisor fees etc.. I am still studying and researching it as I am getting very tired of doing all the study and research myself. 16 years ago when I first got involved with the stock mkt (I inheirited a $300,000 portfolio) I knew nothing about stocks, bonds or anything else. On a stock brokers advice I deposited $50,000 with something similar to Windhaven and then invested $50,000 in equities I researched and knew something about. I made 32% roe and the big time investor created a 3.2%return after fees etc. This was in 1995. That was the last time I handed over a chunk of money for someone else to invest. However, I am getting older and don't know how much longer I will be able to make good decisions more than 60% of the time, thus the interest in Windhaven.