Wealth Management industry news covering the financial markets, trends and wealth professionals.
Stay up to date with Wealth Management news and trends through our free Morning Memo e-newsletter. Join today.
Vanguard CEO Bill McNabb said Morgan Stanley had decided to stop selling its mutual funds because it wants "to be compensated for being on their platform in one way or another, and that's something we just won't do."
Over the decades, active mutual funds have gotten fat on big fees, investor ignorance and a rising market that let people overlook the costs. That era is over.