Most investment guys in India would not agree but I strongly believe that what Lewis is writing is the future because we have lost sight of the one which we were supposed to serve in first place and that is INVESTOR
Lewis writes…Mutual fund managers may be on the wrong side of history. I understand that it’s painful for some fund managers to give up the scalable yet opaque mutual fund structure that made so many rich, but how can one fight the arc of the universe towards delivering a solution that is better/faster/cheaper/more transparent/more tax efficient? Do mutual fund managers really want to set themselves in opposition to the best interests of their ultimate clients, wealthy families?
For far too long, these ivory tower investment managers have blithely assumed that their wealthy clients could and would bear the dual costs of a financial advisory fee for the delivery of personalized financial advice and counsel, and the additional burden of a “product manufacturing fee” in the form of the management fees for a mutual fund or an ETF. You need only look at where interest rates are now to understand that those days may be over.