“Put the Interests of the Client First. No Excuses. Period.”
In a world where individual investors have few friends (sadly), Vanguard founder John Bogle — now 83 years old – is a true champion.
What does he propose doing now to fix the stagnant economy and (still) battered financial system?
Bogle advocates taxes to discourage short-term speculation. He wants limits on leverage, transparency for financial derivatives, stricter punishments for financial crimes and, perhaps most urgently, a unified fiduciary standard for all money managers: “A fiduciary standard means, basically, put the interests of the client first. No excuses. Period.”
–Jeff Sommer, “A Mutual Fund Master, Too Worried to Rest“; The New York Times (8/11/2012)
So, why doesn’t residential real estate need a fiduciary duty?
Because it already has one (vs. legalistic mambo-jambo about “suitability,” “know your client,” etc. that now governs many financial advisors’ relationship with their clients).
