Why is Mr. Bogle so outspoken and critical of financial advisors?
As a hardworking, honest advisor who adds value to clients by keeping them informed and calm, I am insulted by his remarks.” Papariello: Vanguard founder John Bogle has always been an outspoken critic of the mutual fund industry and, indeed, more broadly of the investment management and financial services industries. And he has remained so since stepping down as Vanguard CEO more than a dozen years ago. It should be noted that Mr. Bogle no longer speaks for Vanguard—he has not done so since 1996—and many of his views do not reflect the position of Vanguard’s current management. Mr. Bogle, for example, has decried the use of ETFs, viewing them as speculative trading vehicles, while we believe that Vanguard ETFs are primarily employed by advisors as low-cost building blocks to assemble sound, long-term investment programs for their clients. After Jack Brennan assumed leadership of the company in 1996, Vanguard began to work more closely with financial advisors, dedicating considerable re
