All investment would be based on whatever happened to be indexed. Which would mean that somewhat-competent advisers would probably be able to beat the market an

All investment would be based on whatever happened to be indexed. Which would mean that somewhat-competent advisers would probably be able to beat the market and therefore be worth their fees. I think advisers and index funds sit on two ends of a see-saw. If "everyone" ran to one side, the other would start to look more attractive.