There are other use cases than returns, sometimes it has to do with availability of funds or tax issues that constrain the possibilities. Even something as simp

There are other use cases than returns, sometimes it has to do with availability of funds or tax issues that constrain the possibilities. Even something as simple as the full spectrum of risk tolerances and time-horizons isn't well served by existing index retirement funds (they all skew to be highly risky and equity focused). It's better to have the running of an index fund be a separate service from the selection of its holdings or the choosing of goals. Right now if you have a slightly different goal than the horde, you can only go to expensive active funds, advisors, or spend a great deal of time self-managing.