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.
A clue to why Bogle has become such leading light is found in his most-recent book, “Stay the Course — The Story of Vanguard and the Index Revolution.”
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.
Disclosure and informed consent can limit services, allow third-party pay
The SEC is on track to finalize its standards of conduct for investment advisors and brokers next year, Chairman Jay Clayton indicated on Wednesday, calling those rules “a very important and long overdue initiative.”
Board of Advisor member, Phyllis Borzi, Director, Jim Patrick, and Knut Rostad speak on a panel of the state of fiduciary in Las Vegas at the MarketCounsel Summit, December 6, 2018.