New "Bogleheads on Investing" podcast featuring Michael Kitces and Dr. Nicole Boyson

Discuss all general (i.e. non-personal) investing questions and issues, investing news, and theory.
Post Reply
User avatar
Topic Author
Rick Ferri
Posts: 9707
Joined: Mon Feb 26, 2007 10:40 am
Location: Georgetown, TX. Twitter: @Rick_Ferri
Contact:

New "Bogleheads on Investing" podcast featuring Michael Kitces and Dr. Nicole Boyson

Post by Rick Ferri »

Episode #47 features two guests who discuss the evolution in the investment adviser industry over the decades and the conflicts of interest that have occurred.

Episode #47 on the Investment Adviser Industry with Michael Kitces and Dr. Nicole Boyson

Michael Kitces is the head of planning strategy at Buckingham Wealth Partners, co-founder of the XY Planning Network, among other companies, the host of the Financial Advisor Success podcast and the publisher of the Kitces Report newsletter, and the Nerd's Eye View blog at kitces.com.

Dr. Nicole Boyson is the chair of the Finance Dept at Northeastern University’s D'Amore-McKim School of Business. Her research focuses on institutional investors, with a current interest in conflicts of interest among financial advisors. She also serves as a co-editor (3 co-editors) for Financial Analysts Journal and is on the board of directors for the Eastern Finance Association.

This podcast is hosted by me, Rick Ferri, CFA, a long-time Boglehead. This podcast is supported by the John C. Bogle Center for Financial Literacy, a non-profit organization approved by the IRS as a 501(c)(3) public charity on February 6, 2012. Your tax-deductible donation to the Bogle Center is appreciated. Donate HERE

Rick Ferri
Your Host
The Education of an Index Investor: born in darkness, finds indexing enlightenment, overcomplicates everything, embraces simplicity.
User avatar
Jon Luskin
Posts: 920
Joined: Sat May 18, 2013 1:56 am
Location: San Diego, CA

Re: New "Bogleheads on Investing" podcast featuring Michael Kitces and Dr. Nicole Boyson

Post by Jon Luskin »

:shock:

Fantastic! I look forward to listening.
When there are multiple solutions to a problem, choose the simplest one. ~Jack Bogle
User avatar
AnnetteLouisan
Posts: 7261
Joined: Sat Sep 18, 2021 10:16 pm
Location: New York, NY

Re: New "Bogleheads on Investing" podcast featuring Michael Kitces and Dr. Nicole Boyson

Post by AnnetteLouisan »

Fast paced, enjoyable, candid and informative. Highly relevant topic for bogleheads. Thank you Rick, and Jon for posting.
User avatar
Jon Luskin
Posts: 920
Joined: Sat May 18, 2013 1:56 am
Location: San Diego, CA

Re: New "Bogleheads on Investing" podcast featuring Michael Kitces and Dr. Nicole Boyson

Post by Jon Luskin »

AnnetteLouisan wrote: Fri Jul 01, 2022 6:37 am Fast paced, enjoyable, candid and informative. Highly relevant topic for bogleheads. Thank you Rick, and Jon for posting.
Ha! I wish.

I don't get any credit for the Bogleheads® on Investing podcast. That's all Rick Ferri.

I only do the Bogleheads® Live series - a weekly Q&A session on Twitter, that I record and eventually turn into podcast episodes. You can check out the first eight episodes using the link below:

https://www.buzzsprout.com/1973223

Anyway, I'm almost through listening to the 47th episode that Rick posted above - which is phenomenal. Would recommend. :happy
When there are multiple solutions to a problem, choose the simplest one. ~Jack Bogle
User avatar
nedsaid
Posts: 19275
Joined: Fri Nov 23, 2012 11:33 am

Re: New "Bogleheads on Investing" podcast featuring Michael Kitces and Dr. Nicole Boyson

Post by nedsaid »

This was an excellent podcast, thanks to Michael Kitces and Nicole Boyson for being guests. Yes, the Advisory industry is changing and changing for the better. I could see this evolution from my vantage point as an individual investor and as someone who has worked in the industry a couple of times. Thank you Rick Ferri for doing these very informative podcasts.
A fool and his money are good for business.
User avatar
Stinky
Posts: 14149
Joined: Mon Jun 12, 2017 11:38 am
Location: Sweet Home Alabama

Re: New "Bogleheads on Investing" podcast featuring Michael Kitces and Dr. Nicole Boyson

Post by Stinky »

As always, an excellent podcast, with two fine guests.

I must say that I rarely get riled up when I listen to a podcast. But it really raised my hackles when I heard tales of some of the abuses that individual investors have been subjected to by “financial advisors” over the years. I just hate that so many people have been taken advantage of.

I’m glad that the Boglehead organization exists, and that so many folks are being helped by this Forum, the podcasts, and everything else that the Bogle Center does.
Retired life insurance company financial executive who sincerely believes that ”It’s a GREAT day to be alive!”
ROIGuy
Posts: 2452
Joined: Sun May 08, 2016 10:10 am

Re: New "Bogleheads on Investing" podcast featuring Michael Kitces and Dr. Nicole Boyson

Post by ROIGuy »

I really enjoyed listening to it. It also makes me sad when you hear the research of how advisors sell products and try to cheat the system. I think the term fiduciary is really a joke and really does not hold much value with many of these planners. It has become more of a selling tool instead of a standard. Unfortunately most of the general public is woefully unaware of these practices and the long term damage many of these salespeople do their clients financial future.
User avatar
happyisland
Posts: 915
Joined: Thu Oct 03, 2013 1:36 pm
Location: nos baranca tan stima

Re: New "Bogleheads on Investing" podcast featuring Michael Kitces and Dr. Nicole Boyson

Post by happyisland »

GREAT podcast, Rick. Thanks for all the effort you put into producing these. I really enjoy them.

Both Kitces and Boyson were fantastic guests. Boyson, in particular, made me wonder if there is some kind of cheat sheet of dishonest/conflicted practices to watch out for. Other than 12b fees and brokers using multiple fund families to keep fees high, is there anything else to watch out for when scanning a brokerage statement?
User avatar
FoundingFather
Posts: 407
Joined: Fri Dec 18, 2020 9:20 pm

Re: New "Bogleheads on Investing" podcast featuring Michael Kitces and Dr. Nicole Boyson

Post by FoundingFather »

Stinky wrote: Sat Jul 02, 2022 2:21 pm As always, an excellent podcast, with two fine guests.

I must say that I rarely get riled up when I listen to a podcast. But it really raised my hackles when I heard tales of some of the abuses that individual investors have been subjected to by “financial advisors” over the years. I just hate that so many people have been taken advantage of.

I’m glad that the Boglehead organization exists, and that so many folks are being helped by this Forum, the podcasts, and everything else that the Bogle Center does.
I wholeheartedly agree. My parents invested a large sum of money with a "financial advisor" in the late 80s, and continued investing thereafter. Ten years later, the amount had not grown at all - all of the considerable returns completely eaten up with fees. While my parents savings rate was enough to overcome this headwind, they ended up about $10 million behind where they would have been had someone just stuck them into an S&P500 index fund.

I now manage their investments, using boglehead principles, and they are getting better returns than they have ever experienced. I am grateful that this community exists to protect my family, my parents, and my friends that will listen from the more unsavory elements of the investing world.

Great podcast!

Founding Father
"I do not think myself equal to the Command I am honored with." -George Washington (excerpt from Journals of the Continental Congress, 16 June 1775)
User avatar
LadyGeek
Site Admin
Posts: 95686
Joined: Sat Dec 20, 2008 4:34 pm
Location: Philadelphia
Contact:

Re: New "Bogleheads on Investing" podcast featuring Michael Kitces and Dr. Nicole Boyson

Post by LadyGeek »

Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.
User avatar
Barry Barnitz
Wiki Admin
Posts: 3353
Joined: Mon Feb 19, 2007 9:42 pm
Contact:

Re: New "Bogleheads on Investing" podcast featuring Michael Kitces and Dr. Nicole Boyson

Post by Barry Barnitz »

Hi all:

Our transcript team has completed a transcript of Episode 47. You can access the transcript at Bogleheads on Investing with Michael Kitces & Nicole Boyson

regards,
Additional administrative tasks: Financial Page bogleheads.org. blog; finiki the Canadian wiki; The Bogle Center for Financial Literacy site; La Guía Bogleheads® España site.
User avatar
Topic Author
Rick Ferri
Posts: 9707
Joined: Mon Feb 26, 2007 10:40 am
Location: Georgetown, TX. Twitter: @Rick_Ferri
Contact:

Re: New "Bogleheads on Investing" podcast featuring Michael Kitces and Dr. Nicole Boyson

Post by Rick Ferri »

Barry Barnitz wrote: Mon Jul 04, 2022 11:36 am Hi all:

Our transcript team has completed a transcript of Episode 47. You can access the transcript at Bogleheads on Investing with Michael Kitces & Nicole Boyson

regards,
Thank you Barry and team!

Rick Ferri
The Education of an Index Investor: born in darkness, finds indexing enlightenment, overcomplicates everything, embraces simplicity.
User avatar
Topic Author
Rick Ferri
Posts: 9707
Joined: Mon Feb 26, 2007 10:40 am
Location: Georgetown, TX. Twitter: @Rick_Ferri
Contact:

Re: New "Bogleheads on Investing" podcast featuring Michael Kitces and Dr. Nicole Boyson

Post by Rick Ferri »

happyisland wrote: Sun Jul 03, 2022 9:29 am GREAT podcast, Rick. Thanks for all the effort you put into producing these. I really enjoy them.

Both Kitces and Boyson were fantastic guests. Boyson, in particular, made me wonder if there is some kind of cheat sheet of dishonest/conflicted practices to watch out for. Other than 12b fees and brokers using multiple fund families to keep fees high, is there anything else to watch out for when scanning a brokerage statement?
I have many. Here are a few:

- More than a dozen funds (who needs more than a dozen).
- Humpty Dumpty portfolios (instead of TSM, there is small growth, small value, mid growth, mid value, large growth, large value).
- Multiple funds with similar investment objectives.
- Large capital gain distributions from funds at year-end.
- Fund expenses that are over 0.7% (average for active management).
- More than one commodities fund.
- Propriety funds.
- Leveraged funds.

Rick Ferri
The Education of an Index Investor: born in darkness, finds indexing enlightenment, overcomplicates everything, embraces simplicity.
User avatar
happyisland
Posts: 915
Joined: Thu Oct 03, 2013 1:36 pm
Location: nos baranca tan stima

Re: New "Bogleheads on Investing" podcast featuring Michael Kitces and Dr. Nicole Boyson

Post by happyisland »

Rick Ferri wrote: Mon Jul 04, 2022 12:22 pm
happyisland wrote: Sun Jul 03, 2022 9:29 am GREAT podcast, Rick. Thanks for all the effort you put into producing these. I really enjoy them.

Both Kitces and Boyson were fantastic guests. Boyson, in particular, made me wonder if there is some kind of cheat sheet of dishonest/conflicted practices to watch out for. Other than 12b fees and brokers using multiple fund families to keep fees high, is there anything else to watch out for when scanning a brokerage statement?
I have many. Here are a few:

- More than a dozen funds (who needs more than a dozen).
- Humpty Dumpty portfolios (instead of TSM, there is small growth, small value, mid growth, mid value, large growth, large value).
- Multiple funds with similar investment objectives.
- Large capital gain distributions from funds at year-end.
- Fund expenses that are over 0.7% (average for active management).
- More than one commodities fund.
- Propriety funds.
- Leveraged funds.

Rick Ferri
Thanks for the reply! I'll use your post as a tool if/when anyone wants help thinking through their investment relationship with their broker.
VanGar+Goyle
Posts: 603
Joined: Sat May 29, 2021 1:31 pm

Re: New "Bogleheads on Investing" podcast featuring Michael Kitces and Dr. Nicole Boyson

Post by VanGar+Goyle »

nedsaid wrote: Fri Jul 01, 2022 1:49 pm Yes, the Advisory industry is changing and changing for the better. I could see this evolution from my vantage point as an individual investor ...
Yes, 8.5% load funds, $1/8 bid/ask spreads, and week delays to process buying funds by check by mail are mostly a thing of the past.
You kids don't know how good you have it, we had to pay commissions uphill both ways in the snow. :wink:
User avatar
LadyGeek
Site Admin
Posts: 95686
Joined: Sat Dec 20, 2008 4:34 pm
Location: Philadelphia
Contact:

Re: New "Bogleheads on Investing" podcast featuring Michael Kitces and Dr. Nicole Boyson

Post by LadyGeek »

Dr. Nicole Boyson mentioned Form ADV in the interview. That's the one which describes an investment advisory firm's fees.

The wiki has some background info: Investment adviser - Bogleheads (Investment adviser firm)

For example, Ameriprise was mentioned in the interview. Go to the SEC's IAPD - Investment Adviser Public Disclosure - Homepage.

- Click on the "Firm" tab
- Enter "Ameriprise"
- Click on AMERIPRISE FINANCIAL SERVICES, LLC (the only one registered)
- "Part 2 Brochures" has a bunch of links

The first link AMERIPRISE FINANCIAL SERVICES, LLC - Brokerage/Investment Adviser Firm opens a PDF file titled "Client Disclosure Brochure (Wrap Fee Program) (Part 2A Appendix 1 of Form ADV)". That's one one you want to read.
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.
User avatar
nedsaid
Posts: 19275
Joined: Fri Nov 23, 2012 11:33 am

Re: New "Bogleheads on Investing" podcast featuring Michael Kitces and Dr. Nicole Boyson

Post by nedsaid »

VanGar+Goyle wrote: Tue Jul 05, 2022 2:44 pm
nedsaid wrote: Fri Jul 01, 2022 1:49 pm Yes, the Advisory industry is changing and changing for the better. I could see this evolution from my vantage point as an individual investor ...
Yes, 8.5% load funds, $1/8 bid/ask spreads, and week delays to process buying funds by check by mail are mostly a thing of the past.
You kids don't know how good you have it, we had to pay commissions uphill both ways in the snow. :wink:
Yep. Sort of like walking to school back in the day in five feet of snow, not only that it was uphill both ways. We had it pretty rough. :wink:
A fool and his money are good for business.
Post Reply