Thanks for the detailed response.

re: actively managed funds

Even beyond price, it is hard to know exactly what you are getting. A fund may be in the large cap value segment generally, but what if the fund manager hates financials or loves energy? Or even worse what if he hates financials this year, but loved them last year? Trying to diversify properly with such idiosyncratic building blocks seems a frustrating excise.

Re: overall allocation

I noticed that you have three model portfolios based on risk tolerance (conservative, moderate, aggressive) and you measure them versus target date funds as a benchmark. Are those different models intended to account for personal risk tolerance as well as time to retirement?