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DOL favorite Vanguard has issues with fiduciary proposal

The fund company that may be the standard bearer for the DOLs vision for the retirement advisory industry has issues with the DOL's proposed fiduciary rule.

By Nick Thornton | Updated on July 27, 2015
Pi Pizzeria kitchen manager Freddie Melgar, left, shows U.S. Secretary of Labor Thomas Perez how they make pizzas, in Miami Beach, Fla., where Perez spoke with labor and business leaders. (AP Photo/Wilfredo Lee)

Vanguard, the fund company that oversees more than $3 trillion in assets and that has built its brand largely on its low-cost, passively managed indexed mutual funds, has been cited by Labor Secretary Thomas Perez in public comments and in testimony before Congress as a company that operates with its clients’ best interests in mind.

On one occasion, Perez quoted Vanguard founder Jack Bogle in an interview with CNBC in which he defended Labor’s initiative to craft a new fiduciary standard for all retirement advisors.

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Nick Thornton

Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.

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