You’re basing this on the desire to beat “the market” which doesn’t take into account risk. It doesn’t take into account utility of ones money. So while I agree that if you have a pile of money that you don’t need for a specific amount of time and wish to match the return of one index, buy and hold and close your eyes. But that’s not reality. If it was, Warren Buffet wouldn’t be holding $130+billion in cash. Goals focused planning is founded in the basis that people invest to reach specific goals in life. Therefore, a risk adjusted approach is far more appropriate. He only index my clients need to beat is the one that determines if they can buy the second home, the classic car, pay for education, and retire with the lifestyle they desire. So through planning each client has their own index. And as I was institutional for many years, as a retail Advisor now, on a risk adjusted basis, my clients do very well.