Several postings on this forum and many other online resources seem to indicate that there may be some value in hiring a financial consultant to help manage our personal finances, with the intent that the professional can help the consulted BETTER manager and grow his/her finances.
In this, I assume it means they can help formulate a better investment plan that considers pros and cons of different assets and comes up with an optimal plan that the consulted would feel comfortable with.
However, what is not clear to me is
(a) financial consultants are not tax experts, so while they may have certain knowledge in personal taxes, by definition, they are not as knowledgeable as tax experts.
(b) many investment books talk about choosing index funds-based investment over managed investment, as indexes often (definition?) outperform managed investment. If correct, there seems to be little value in hiring a fees-based financial consultant for his/her opinion in managing our personal finances.
Thus,for a commoner, what is the added value, if any, in using a financial consultant to help manage our personal finances ?