It is unfortunate that as a society we react to people differently simply based on how they look, but when that is the case you have to act the part. Like you said, clearly one could argue that someone who does not flaunt their power or wealth with attire could be seen as superior, yet most regular people will (regardless if they are aware of it or not) have a bias towards those who look better.

It might not be right, but when it comes down to it you have to do what it takes to compete.

I have often pondered about the largely psychological aspect to this. After all, what does a business suit have to do with appropriate decision making? One might argue that it is a distraction or an impediment to good decision making: spending money and time on a good suit and its maintenance rather than spending that same money and time on research and analysis.

I would expect the truly rational client to assess a money manager based primarily on the answers given during the initial and subsequent interviews. If it’s a close call choosing among several money managers, a client might consider that it is the *least* well-dressed manager who deserves the nod. There is a certain power and confidence to a businessman/woman who knows he/she so good that his/her appearance does not matter. Like the high-level executive who flaunts his/her power by working out at lunch and attending a meeting still in workout gear right after lunch. What matters is the content, not the image, and dressing down might be some sort of useful contrarian indicator when selecting a money manager. At least for rational clients. I’ll admit that most clients are probably irrational when it comes to their money.