Assume that average individual represents people who have jobs unrelated to analysing companies/markets and therefore are managing their money in spare time onl

Assume that average individual represents people who have jobs unrelated to analysing companies/markets and therefore are managing their money in spare time only. To me stock picking on the basis that you know better than the market is largely hubris. Most of the people I know who do it don't do any meaningful benchmarking so it's impossible to properly assess success. When the market goes up they made money (yaaay - I picked well) but when they lost money it's because the market went down (nothing I can do in the face of that). There are a decent number of people manually investing their pension and I genuinely think some proper requirements on reporting would be valuable for them.