Surprisingly little published information exists on the pros and cons of managing extracted resources that are pooled as compound taxa such as species complexes. Current fisheries management includes many species complexes; in Hawaii, this includes two taxa of species pooled at subfamily and higher levels. These include seven species of parrotfishes (Scarinae, Labridae) and a seven‐species ‘bottomfish’ complex (the ‘Deep‐7’: comprising six species of snappers [Etelinae, Lutjanidae] and a single species of grouper [Epinephelidae]). Recent research on key vital rates (growth, reproduction) for major species in both taxa indicates that these complexes consist of species with disparate life histories. Species in the parrotfish taxon exhibit fast to very fast growth and short to moderate longevities, whilst Deep‐7 bottomfishes exhibit moderate to very slow growth and long to very long lifespans. These data clearly indicate that, although pooling species is a tempting default option in data‐poor situations, it is at best a necessary evil to be avoided when sufficient data on the demographics of component species become available. Pooling species is especially problematic when the ecosystem effects of extracting functionally dominant species should be an important management consideration in addition to that of species demographics. Assessments that recognize and quantify the ecosystem importance of habitat engineers and other ecological dominants could substantively improve management of species complexes. Ultimately, complexes of resource species need to be evaluated and managed based on many, sometimes conflicting and sometimes reinforcing, but always careful considerations such as those contrasted herein between the parrotfishes and bottomfishes of Hawaii.