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Vanguard is coming for you

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Mar 19, 2018 2:16 pm

I found a link to a few posts on this site from the Bogleheads forum, and read them. I am shocked and horrified.

You people describe your clients as "whales". You think of them in terms of how much in fees they can pay you, e.g. "he's a $10K account". You treat people who want to keep their fees low with derision and contempt, because they don't want to pay you (often for good reason).

You know what you remind me of? Occupy Wall Street. "How dare someone be successful in life and not let me get my cut??! Wealthy people owe me a living, because as a wealth manager, I'm entitled to manage it at 1% per year!!! And if they don't, they are stupid, and it's soooooo unfair." At least then you'd be honest about what you do.

Vanguard is coming after you. Your high-fee, screw-the-client days are over.