BT Wrap /Superwrap. They do breakdown the fee structure so you...

BT Wrap /Superwrap. They do breakdown the fee structure so you can see what you are up for. Investors can also purchase direct ASX shares (including LICs) via this platform.
Like I said before. For me the advantages are; ease of administration and record keeping, and a consolidated tax statement. And access to boutique and wholesale fund managers.
Cons > Ongoing fees.
(this is not a recommendation, there are other wrap platforms out there)

You also correctly point out that asset allocation is absolutely critical. It is the first thing an investor should research and decide on before leaping headfirst into the market.
Make the wrong call at the wrong point in the credit / investment / commodity cycle and it doesn't matter what share, ETF, LIC, managed share fund you've selected, you are going to take a hit.

Currencies are another factor to consider. (e.g. unhedged vs hedged overseas equities).