Advizent added the Vanguard [profile] founder to its Independent Board of Standards as a senior chairman, according to a news release. The Board of Standards is in charge of providing investment advice for advisors that "embody the best practices of true fiduciary advisors."
Adviznet is an organization of investment advisors that works to "combat the marketing and product machine that has become much of Wall Street."
"I have worked for over sixty years to give investors a fair shake. Yet, there is still too much talk about what the industry needs as opposed to what investors need. Setting and enforcing a set of high standards that clearly meet the investor's best interests is what clients deserve," stated Bogle.
Company Press Release
John C. Bogle, Founder of The Vanguard Group, to Serve as Senior Chairman of Advizent's Independent Board of Standards
BOULDER, CO, Jul 31, 2012 (MARKETWIRE via COMTEX) -- ADVIZENT today announced that John C. (Jack) Bogle, founder of The Vanguard Group, Inc., and President of Vanguard's Bogle Financial Markets Research Center, will serve as Senior Chairman of Advizent's Independent Board of Standards. The Independent Board is charged with developing a concise set of Standards of Excellence for all advisors providing investment advice; standards that embody the best practices of true fiduciary advisors.
"I have worked for over sixty years to give investors a fair shake. Yet, there is still too much talk about what the industry needs as opposed to what investors need. Setting and enforcing a set of high standards that clearly meet the investor's best interests is what clients deserve," said Bogle.
"The individual investor needs straight talk about who is a fiduciary and what fiduciary advice means. Our Independent Board will develop a set of strict standards that we believe will be objective and unbiased and hold advisors accountable. Advizent is focused on educating the public about the value of fiduciary advice while holding its members to these strict standards," added Mr. Bogle.
Advizent is a membership organization of independent investment advisors that has been formed to combat the marketing and product machine that has become much of Wall Street. Through a campaign focused on education and access, the company has set its sights on raising the bar for the entire industry; separating advisors qualified to provide fiduciary advice from those who sell products or are not equipped to properly serve investors. Member firms meeting the Standards of Excellence established by the Independent Board will be able to use the Advizent mark to signify their skills and commitment to serving the investing consumer.
"I cannot think of a better champion for this cause. Jack Bogle has demonstrated in words and deeds a history of candor and insight in serving the investor," commented Charles Goldman, co-founder of Advizent and former industry executive. Steve Lockshin, co-founder, adds, "The balance of the Board members, to be announced in the following months, will be as well-qualified to serve the investor and -- most importantly -- this Board is completely independent and without conflict; just as anyone who holds themselves out as an investment advisor should be."
About Advizent, LLC
Advizent is a membership organization whose mission is to empower investors through education and by providing access to true fiduciary investment advice. It does so by establishing objective Standards of Excellence created by Advizent and its independent board of investor advocates and by identifying independent wealth management firms willing to rigorously and consistently meet and be held to those Standards. Launched in 2012 by two industry veterans who helped pioneer the growth of the independent invest advisory business, Advizent serves the investor by highlighting the differences in the universe of wealth management solutions and providing access to top tier advisors committed to acting in the investor's best interest.
About John C. Bogle
John C. Bogle (Bryn Mawr, PA) is Founder of The Vanguard Group, Inc., and President of the Bogle Financial Markets Research Center. He created Vanguard in 1974 and served as Chairman and Chief Executive Officer until 1996 and Senior Chairman until 2000. He had been associated with a predecessor company since 1951, immediately following his graduation from Princeton University, magna cum laude in Economics. The Vanguard Group is the largest mutual fund organization in the world. Headquartered in Malvern, Pennsylvania, Vanguard comprises more than 100 mutual funds with current assets totaling about $1.7 trillion. Vanguard 500 Index Fund, the largest fund in the world, was founded by Mr. Bogle in 1975. In 2004, TIME magazine named Mr. Bogle as one of the world's 100 most powerful and influential people, and Institutional Investor presented him with its Lifetime Achievement Award. In 1999, FORTUNE designated him as one of the investment industry's four "Giants of the 20th Century." In the same year, he received the Woodrow Wilson Award from Princeton University for distinguished achievement in the nation's service.
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