There is no ongoing education requirement for many professional allocators, and most HNW private investors and retail investors have little to no education in contemporary investing, observes Joseph Reilly, a family office consultant in Greenwich, Connecticut.  This aspect of asset management often gets lip service, but it is essential to retaining clients.  The smaller investor, and even large family offices, cannot possibly keep current with the changes in the way the markets are traded.  They have very little understanding of the arms race around esoteric asset packaging that runs rampant on the Street, or how high frequency trading actually affects the market.  It falls to Money Managers to educate their clients on how new strategies work, despite their clear conflict of interest.  This goes for professional allocators as well, many of whom think portfolio management started with Markowitz and ends with Swensen.  Recognizing good change from simply more risk is the Job of education.  One of the secrets of Bridgewater’s growth to be the world’s largest hedge funds is their enormous investment in what is effectively free consulting for their clients.