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Bogle: Putting Clients 2nd (DOL Fiduciary Rule/Trump) - NYTimes Op-Ed

https://www.nytimes.com/2017/02/09/opinion/putting-clients-second.html

You can guess what his position is. However, he also speaks apparently favorably of the new class T shares (2.5% load, 0.25% 12b-1). A bit different from the cynical take expressed here.
http://mutualfundobserver.com/discuss/discussion/31018/m-lower-cost-t-shares-coming-to-a-fund-near-you

Comments

  • Bloomberg Gadfly Take
    Nir Kaissar is a Bloomberg Gadfly columnist
    The Department of Labor’s fiduciary rule is formally on the chopping block,
    Brokerage firms have been lobbying against the rule from the moment they heard the word fiduciary. Trump’s order doesn’t kill the rule, but it’s likely that the rule’s effective date of April 10 will be postponed to give the Labor Department time to review it.
    .... Investors are demonstrably better off today than they were before the rule was issued last April. Morgan Stanley, for example, is lowering commissions, reducing conflicts of interest and improving disclosures. Merrill Lynch is breaking out investment fees that were previously buried in client statements, which will better allow investors to dodge exorbitantly priced investment products.And as I’ve noted previously (here and here), there are more investor-friendly products coming to market all the time.
    https://www.bloomberg.com/gadfly/articles/2017-02-09/investors-need-to-take-the-fiduciary-rule-personally
  • So this statement right here is the key to the debate, if there should even be a debate. Who would this new administration rather give that $20B to?
    ...So when the consulting firm A. T. Kearney projected that the fiduciary rule would result in as much as $20 billion in lost revenue for the industry by 2020, it meant that net investment returns for investors would increase by $20 billion.
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