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Discussing The Current State Of The Investment Industry with Eric Balchunas
FYI - For Your Innovation
I Think the Primary Function of Advisers Is Actually as a Psychologist
i think advisers primary function is actually as a psychologist. It's like they should serve as the emergency stop button on the person who's trying to sell the funds at the wrong time or try to buy them at the right time. But i think they overrate how hard that is, if the person's in a cheap index fund. I just think vanguard's going to push advisers to get niche. And there's a middle that's disruptible - but that middle is big.
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