Mr. Bogle delievered a speech on fiduciary duty today in Washington D.C.
[...] Apparently he was on his way to deliver a speech in fiduciary duty. [...]
While I certainly agree with Mr. Bogle’s assessment of the problems, I’m not sure extending the legal duties of fiduciaries per ERISA to all investment and financial advisors offers much of a solution.
I once asked the Department of Labor how many enforcement actions they had taken to ensure proxies were voted solely in the interest of beneficiaries, as required by ERISA. The answer was none.