Been having the classic debate of 1. financial advisor vs. 2. DIY Three-fund portfolio vs. 3. Target Date Fund. I'm starting to feel like they're all about the same option but...

Option 1: They do about the same thing as option 2, but the funds are a la carte and they charge you a bunch.

Option 2: About the same as option 3 but you can rebalance manually when needed.

Option 3: probably same index funds as option 2 but the rebalancing is done with an algorithm, not your own checking. Less control as 2, but for a novice, similar results.

What am I missing? Why shouldn't I buy a vanguard tdf and call it a day? Has anyone been bitten by this strategy? What are the liquidity differences between a tdf and a brokerage account?

Thanks!