Given interest rates are near zero - should you pay for an 'Active Manager'?

Given that most Private Client Fund Managers charge fees of at least one percent and that the funds that many put their client's money in charge another 1.5 percent on average (if you are lucky) the total cost of fund management will be at least in the region of 2.5 percent PER ANNUM!
And you have no guarantee that you will have a positive performance, the costs are incurred whichever result your fund manager produces. Nice work if you can get it!
Investing in Bonds used to be recommended in most balanced portfolios but given the low rates and risk of capital losses once interest rates rise again it might be better to park a good portion of your portfolio in cash - even if it gives you no return.
But at least you do not pay any fees on that part of your money, and have no risk of loss. But do not leave it with your fund manager(s) as they will charge a management fee even if money is just parked in cash as well.
So at the very least investors should try to find a truly independent Private Banking Advisory to avoid the most costly options.