What value does an independent investment consultant add?

I am directing this question particularly towards the high net worth marketplace.

Allows the person to assist in making a non-biased investment decision. For instance. The person may suggest to invest with such and such hedge fund due to factors x,y, and z and include hedge fund a,b,c which when combined offer greater diversification (historically).
The consultant then monitors the investment choices and performance.
But don't be a fool. They may not be paid by the hedge fund, but likely receive some perks. And everyone becomes complacent..you need to ask questions, smart questions. What is the managers tenure, how are the funds managed (group decisions or individuals), what is the correlation to the correct index (not just S&P), what is the alpha (return above the correct index), what is the beta to the correct index. What type of asset turns can you expect (high equals taxes). What other funds were being considered.
What is this person's fee and what type of relationship do they have with the fund?

Bests.

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