Most of the advice offered by full-service firms can be boiled down to simple asset allocation and diversification using low-cost indexed mutual funds, Schwab says.

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The talk includes long-term planning, creating an appropriate asset allocation, and the selection of low-cost index funds and ETFs.

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These low-cost funds, coupled with a fixed strategic asset allocation based on needs, create a high probability solution for nearly every investor.

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What matters in successful portfolio management is deciding upon a sensible allocation based on your needs, filling those allocations with low-cost investments such as index funds and ETFs, and then staying the course through all market conditions.

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