You need the money to be there in forty years. What happens if, say, US stocks did in that time what Japanese stocks did in the past decades, and you bet wrong? Asking average people to be good at finance is potentially a big ask.

I don't want to "bet" with my long term investments intended to provide for basic survival. Instead I want to deploy things to a weighted average of equities (small, big, domestic, and world), bonds, and other assets (real estate) and occasionally rebalance (take profits).

And, one doesn't need some magical financial acumen to do this. You can buy a "target retirement" fund which simply holds things in a ratio (based on financial industry consensus) recommended for your retirement age.

Nothing worse than if your manager screws up and loses everything, which is far more likely. Especially since the criteria for choosing who's going to manage these massive funds is going to be gamed.

The inflation adjusted annual return with reinvested dividends of the Nikkei is 1.3% annual over the past 30 years. Not great, but hardly a catastrophe.

Anyway, the general strategy is to move from stocks to bonds and then government bonds the closer you get to retirement. Definitely not something you need a money manager for

Dividends come in

Vanguard ETF recommendations, the last-ditch concealed weapon of every contingency-focused investor in online discourse for like the last 20 years. :-) Funny to see that here.