We had instant information about stocks. We had vast libraries where you could call up microfiche sheets with the latest financials. We had newspapers and magazines that contained new information about stocks that only true stock junkies would have the time and inclination to sort through. Plus, commissions were prohibitive, so individual trading costs were too expensive to justify. All of that has changed.
Commissions are rock bottom and at times nonexistent.
There are whole Web periodicals devoted solely to making the individual equal to the professional when it comes to running money. Of course, not everyone has the time or the inclination to manage their finances. But we have also learned in the last decade that farming out your finances and forgetting about them can be plainly irresponsible. Clients who want others to handle their money need to keep the handlers honest. You have to be either a smarter client or a smarter investor.