Jason Zweig

speaker

906 appearances 17 recordings 1 series first heard Jan 2018 last heard Sep 2022

Jason Zweig’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · It's About Time Financial Advisers Spoke in Plain English · 6 Nov 2019 podcast

And there was a lot of concern. matched

That there would be confusion in the marketplace between investment advisors and brokers and that consumers wouldn't necessarily understand the services they were being delivered. matched

Exactly. matched

And there's also a lot of potential for confusion because many brokers act sometimes as advisors and sometimes not. matched

So sometimes they have your best interest and sometimes they don't. matched

So by unifying all those people under one standard, the thinking was now we need a new kind of disclosure. matched

Yeah, that's correct. matched

Well, I mean, to be fair, making something easy is hard. matched

And I think the length of this disclosure rule or the length of this rule about disclosure shows just how hard it is to make it simple. matched

I think the real problem with this regulation is that while it does give investors more of what they need to know in terms that are somewhat easier to understand, I think it overestimates the knowledge base of a lot of American investors. matched

And the thing that most people need is to be told why something is important, not just to be told what it is. matched

Yeah. matched

What they found, people typically spend an incredibly short amount of time processing this kind of information. matched

As I recall, I think the amount of time people spent reading about fees and expenses was 47 seconds. matched

And the amount of time they spent on conflicts of interest was 22 seconds. matched

And conflict of interest is very important information in these disclosures. matched

It's hugely important. matched

But one of the things we know from a lot of research in psychology is that matched

It's hard for people to process why conflicts of interest matter. matched

And the easiest way I use to explain that is most of us think of ourselves as capable and very ethical people, which most of us probably are. matched

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