Yes, I'd agree. They're not infallible when it comes to...

Yes, I'd agree. They're not infallible when it comes to investing. But there's a difference between making a bad investment decision and being blatantly ripped off by a manager, in the same way you or I might make bad investment decisions from time to time, but we'd both know for sure we're being taken for a ride if the local deli was charging, say, $15 for a chicken sandwich instead of the $10 the guy across the road was charging for a near identical chicken sandwich.

Instos make bad investment decisions frequently, but it tends to be quite hard to take them for a ride on fees charged because they see dozens of offerings a week and have a pretty good idea where market is for a given product and what's reasonable. If you attempt to gouge them, they won't invest with you, it's that simple. Retail is a bit dofferent, however...