I would always advise young people to follow their star - not my star. They have to live their own life. If they decide they want to go into the investment business, do it, but make it a better business than it is today.
John C. BogleRead
A fiduciary standard means, basically, put the interests of the client first. No excuses. Period.
Interpretation
What this quote means
A fiduciary standard emphasizes the obligation to prioritize a client's best interests over personal gain.
John C. Bogle's quote highlights the essence of fiduciary responsibility in finance, which requires those in positions of trust, such as financial advisors or investment managers, to act in the best interests of their clients without exceptions. This standard is crucial for maintaining ethical practices and ensuring that clients receive honest and unbiased advice in managing their financial affairs.
Themes
FiduciaryClientTrustInterestsFinanceEthics
In practice
Example use cases
This quote can be used in a financial advisory seminar to emphasize the importance of client-first practices.
More from John C. Bogle
All quotes βWhen our financial system - essentially our money managers, marketers of investment products and stockbrokers - put up zero percent of the capital and assume zero percent of the risk yet receive fully 80% of the return, something has gone terribly wrong in our financial system.
John C. BogleRead
Entrepreneurs or international conglomerateurs, or large financial institutions buy or create mutual fund management companies to create a return on their own capital. It's capitalism at work, where the rewards tend to go to the managers rather than the investors.
John C. BogleRead
Net return is simply the gross return of your investment portfolio less the costs you incur. Keep your investment expenses low, for the tyranny of compounding costs can devastate the miracle of compounding returns.
John C. BogleRead
Investing is a virtuous habit best started as early as possible.
John C. BogleRead
Wise investors won't try to outsmart the market.
John C. BogleRead
Similar quotes
The first step in taking control of your money is to stop borrowing money. Start using cash today.
Dave RamseyRead
If you make time each month to give your money some attention, you'll start the next year in fabulous financial shape.
Suze OrmanRead
When you sell options, you get paid for assuming risk. That can be a profitable business, but it does not mix well with the risks inherent in a leveraged portfolio.
George SorosRead
Saving is a fine thing. Especially when your parents have done it for you.
Winston ChurchillRead
I have a saying: There are no brave old people in finance. Because if you're brave, you mostly get destroyed in your 30s and 40s. If you make it to your 50s and 60s and you're still prospering, you have a very good sense of how to avoid problems and when to be conservative or aggressive with your investments.
Stephen A. SchwarzmanRead
If I subscribed to the efficient market theory I would still be delivering papers
Warren BuffettRead