The Institute for the Fiduciary Standard
A resource site for investors, brokers, academics and the media.
John “Jack” Bogle, who died at his home in Bryn Mawr, Pennsylvania, on Wednesday, also left the Securities and Exchange Commission with advice to mull as it marches ahead with its advice-standards package and the much-debated Regulation Best Interest.
Investors are not confused. They do not lack the capacity to think through the information they are given. They are not “forgetful.” However, they do misunderstand how brokers and advisers differ because the information they get from the industry is unclear or misleading.
Jack Bogle’s passing, at 89, richly deserves the huge accolades he is receiving. He was a model public servant operating in the private sector.
Testimony of Tamar Frankel, LL.M. S.J.D. Professor of Law EmeritaBoston University School of LawBefore the N.J. Bureau of Securities Re: Fiduciary Duty/Pre-Proposal on November 19, 2018
![AJ Guel [CC BY 2.0 (https://creativecommons.org/licenses/by/2.0)], via Wikimedia Commons](https://thefiduciaryinstitute.org/wp-content/uploads/2019/01/President_George_H._W._Bush.jpg)
The case for a real fiduciary standard is a case for the values and principles that are vital, self-evident and indisputable – like the values that inspired our nation’s founders. And that the country heard last month in eulogies for George H. W. Bush.
Investors are not confused. They do not lack the capacity to think through the information they are given. They are not “forgetful.” However, they do misunderstand how brokers and advisers differ because the information they get from the industry is unclear or misleading.
