What value do wealth managers provide?

I'm not trying to upset anyone, and my questions here are genuine and looking for real answers... but what value do wealth managers actually provide? In my experience (internship), as well as talking to colleagues, they are essentially just an expensive friend to talk about the markets with, and a personal secretary to set up your investment accounts. From what I see (while there may be exceptions), they deploy most of their capital into managed accounts by other firms, AI investments managed by other firms, and some basic mutual/ETF investing in their "proprietary portfolios." I get that they can maybe help with some allocation advise, but why would someone not use a basic discount broker for this? To me, it seems like the higher end wealth managers are just highly paid hand-holders. I'd love to hear other opinions...