"It's not an all-or-nothing equation, it's more of a selective approach," said Lorentz.
Thune said investors also have to know themselves, because in some cases fees more than offset the time they need to spend managing their own money and their potential for mistakes.
He recommends advisers ask potential clients to reflect on their own strengths and weaknesses, how they want to spend their time, and how much they know about what they don't know.
Manulife's Lorentz said he hired a financial adviser for his own family once he realized he didn't want to spend that time when his own workday was done, and - speaking as a true life insurance man - wanting to ensure his family has help if he's not around to be managing their finances anymore.
"I decided I didn't want to be the one they relied on, and I didn't have the time anymore, or the attention, that it required."