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Michael Kitces – The Past, Present & Future of Financial Advice - [Invest Like the Best, EP.122]
Invest Like the Best with Patrick O'Shaughnessy
The Evolution of the Financial Adviser Business Model
Stockbrokers all the way up to the 19 seventies got paid commissions to execute stock trades. The industry lobbied for a new option in mutual funds, this thing called a 12 b, one fee ere advisers could get paid an ongoing shareholder servicing fee. You don't need a financial adviser to buy a mutual fund. Just come to our web sit and you can buy it yourself. That was literally the e trade commercial at the time. And so we saw the first shift of commission base advisers getting paid an ongoing fee in the rise of the mutual fund erra in the eighties and nineties. In 19 98, when schwab launched one source, virtually 100 % of advisers
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