text: Most mutual funds in Canada are of the variety that are sold primarily by advisors. It follows, then, that flows into and out of fund are mostly influenced by the financial advice industry. Accordingly, the 'behaviour' that is observed in flow data and any analysis thereof reflects - again - largely the influence of financial advisors on a large scale.
  
  Based on my observations, investors tend to do worse if left to their own devices over time. I have seen how the involvement of an advisor adds real value for people. But we also can't ignore that my calculations of investor returns in that older blog posts also don't reflect all that well on the industry that claims to offer positive behaviour modification as a key benefit.