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Monday, June 24, 2013

McNabb Says It's Still 'Early Innings'

News summary by MFWire's editors

Jason Kephart at InvestmentNews has come to the conclusion that Vanguard [profile] is winning a mano-a-mano fight with Capital Group's [profile] American Funds.

The story is not pegged to any current news event per se rather, it is part of InvestmentNews' self-celebratory 15th anniversary shindig.

Kephart takes a long, slow journey through the journey of the two firms. If you lived, through it, you already know what happened. If not, read the original story here.

As usual, no executive from Capital Group makes an appearance in the story.

As is his wont, Bill McNabb takes the chance to throw a jab at the rest of the industry.

"There's a lot of room to go here, McNabb said. "This message of low-cost investing really works. We're in the early innings of this."

McNabb also said something that may catch Jack Bogle's attention: Vanguard's top execs now think advisors are important.

"The single biggest value-add an adviser can offer is steely professional discipline," he said. "Behavior finance guys will tell you all day that people act irrationally. Advisers can serve clients very well by just keeping them disciplined."  

Edited by: Casey Quinlan

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