• Skip to primary navigation
  • Skip to main content

The Institute for the Fiduciary Standard

A resource site for investors, brokers, academics and the media.


Building a fiduciary culture of honesty, integrity, and expertise.

  • About
    • Fiduciary Law
    • Board of Directors
    • Board of Advisors*
    • Chairman’s Council
    • Real Fiduciary™ Practices Board
  • Real Fiduciary™
    • Real Fiduciary™ for Investors
      • Real Fiduciary™ Advisor Registry
      • Why You Need a Real Fiduciary™ Advisor
    • Real Fiduciary™ for Advisors
      • Real Fiduciary™ Affirmation Program
      • Real Fiduciary™ Background
  • Fiduciary September
    • 2022
    • 2021
    • 2020
    • 2019
    • 2018
    • 2017
    • 2016
    • 2015
    • 2014
    • 2013
    • 2012
  • Frankel Prize
    • 2022
    • 2021
    • 2020
    • 2019
    • 2018
    • 2017
    • 2016
    • 2015
    • 2014
    • 2013
  • Programs
    • Leadership Through Fiduciary Program
    • “Raise Your Voice” Campaign
    • SEC Conduct Standards Rulemaking
    • Institute Initiatives & News
    • Personal Financial Planning Program Webinars
    • Prior Programs
      • Advisor On My Side
      • No Incidental Investor Initiative
      • Bogle Legacy Forum
        • Bogle Forum
        • Bogle Book
      • August 11th 2015
  • Research
    • Academic Papers
    • Legislation and Rulemaking
    • White Papers
    • Op-Ed Commentary
  • Jack Bogle

Bogle Forum

 THE JOHN C. BOGLE

 LEGACY FORUM 

 

TUESDAY, JANUARY 31, 2012
MUSEUM OF AMERICAN FINANCE | 48 WALL STREET | NEW YORK, NY

Restoring Investor Trust in Financial Markets: Does Jack Bogle Offer a Prescription?

Jack Bogle’s legacy is rooted in the concept that investing should be conducted solely in the interest of shareholders and investors. Bogle’s single mindedness on fiduciary stewardship finds its meaning in the company he founded, the (low cost and simple) product strategies and corporate governance reforms he champions, and the nine books he wrote. (Full program)


John C. Bogle

Founder of Vanguard Funds

Bogle, whose legacy in the investment industry has grown over the past 60 years, set the tone for a January forum held in his honor.

 

Knut Rostad

President of the Institute for the Fiduciary Standard

Rostad discusses the impact John Bogle has had on the financial industry over his 60 years in the business.

 

Andrew Golden

 President, Princeton University Investment Company

At the John C. Bogle Legacy Forum, Golden spoke compellingly about the importance of the fiduciary standard for advice and its impact on investors. “I think we need there to be a greater sense in the industry of the importance of putting clients’ interests first. It starts with clients having a better sense of the need for real advice.” It’s important, he said, to make sure people understand the difference.

 

Alan Blinder

Gordon S. Rentschler Memorial Professor of Economics at Princeton University

Former Vice Chairman, Federal Reserve

While striking the right balance between private gain and public responsibility is a key factor in repairing Wall Street, Feinberg also stresses the need for investors to do their due diligence and demand transparency for shareholders. Feinberg called the Bogle Legacy Forum an “important step” for brokers to relearn the fiduciary duty.

 

Daniel Kahneman

Nobel Laureate and Princeton Professor

Kahneman emphasizes the need for a fundamental change in the compensation structure for brokers, as a way to restore investors’ trust. In addition to primarily serving the investors, as opposed to shareholders, Kahneman also highlights Bogle’s established boundaries between self-interest and working for employees as proven ways to foster trust.

 


Tamar Frankel, Boston University School of Law  Professor

 


David Ruder Professor of Law, Northwestern University School of Law, Former Chairman, Securities and Exchange Commission
Ruder draws the important distinction between investment advisers and broker-dealers, noting the Dodd-Frank Act suggested the SEC should adopt rules that would hold broker-dealers accountable for the fiduciary duties. This fundamental change would “improve the attitudes and protections for ordinary investors,” he said.

 


Lynn Turner, Former Chief Accountant, Securities and Exchange Commission

Only after Wall Street investment firms put the interest of 100 million Americans ahead of their own self-interest, will investors return, Turner says. “The markets work when they’re about ‘we’ rather than about ‘me’.” Noting his business as an example, putting the customers first and foremost every day, is the answer.

 


Burton Malkiel Chemical Bank Chairman’s Professor of Economics, Emeritus, and Senior Economist, Princeton UniversityFormer Member, Council of Economic Advisors

Former Member, Council of Economic Advisors
The one investing tenet professor Malkiel is “absolutely sure of,” is “the lower the expenses that I pay to the purveyor of an investment product, the more there will be for me.” He notes for brokers who advise investors, “Having a fiduciary standard would be very important,” and urges they be “transparent,” with investors’ costs. Align investor-advisor interests with an “industry of fee-only advisors: You’re paying me a certain fee each year, and I’m recommending things to you that I’m absolutely sure are in your best interest – I won’t get any more money whether I put you in index funds or actively managed funds or anything else.”

 


John Biggs Former Chairman and CEO TIAA-CREFAs the former CEO of TIAA-CREF, a mutual investment firm with similar ideals to Vanguard, Biggs discusses his relationship with John Bogle and how the two companies co-existed in that particular niche. Biggs also touches on the need for broker deals to learn to adapt to the Fiduciary Standard.

As the former CEO of TIAA-CREF, a mutual investment firm with similar ideals to Vanguard, Biggs discusses his relationship with John Bogle and how the two companies co-existed in that particular niche. Biggs also touches on the need for broker deals to learn to adapt to the Fiduciary Standard.

 


Kenneth Feinberg Founder and Managing Partner, Feinberg Rozen, LLPSpecial Master, Sept. 11th Victim’s Compensation Fund

Special Master, Sept. 11th Victim’s Compensation Fund
While striking the right balance between private gain and public responsibility is a key factor in repairing Wall Street, Feinberg also stresses the need for investors to do their due diligence and demand transparency for shareholders. Feinberg called the Bogle Legacy Forum an “important step” for brokers to relearn the fiduciary duty.

 


Maria Lagomasino Chief Executive Officer, GenSpring Family Offices (2005-2012)

 


David Swensen Chief Investment Officer, Yale University Investments Office

 


Roger Ibbotson Professor of Finance at Yale University
Chairman and CIO, Zebra Capital Management

Dan Moisand

 

Dan Moisand is a nationally recognized fiduciary fee-only financial planner, an Institute Real Fiduciary™ Advisor and Chair-elect of the CFP Board.

The Institute has enshrined the ‘Moisand Rule’ on fiduciary practices. It is basic and is more important today than ever: “You have to avoid conflicts. If I avoid a conflict, I don’t worry about it.”

Watch the video of Moisand speaking here.

Bob Veres

 

Bob Veres is a long term observer of financial planning. His Newsletter, “Inside information” Is a staple of leading planners. In the May edition he writes about fiduciary and the Institute.

"But a much bigger point is that the fiduciary standard—as Knut Rostad of the Institute for the Fiduciary Standard has pointed out—has been determined by the Supreme Court (1963 ruling) to be at the very heart of the Investment Advisers Act of 1940. It is the foundation of what it means to be an RIA registered with the SEC instead of a tipster or a tout."

- Bob Veres, Parting Thoughts ... The SEC's Own Compliance Culture

  • Contact

 

  • LinkedIn
  • Twitter

Copyright © 2023 · Web Design by Milkweed Web