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

But the bill would require the SEC to do extensive consumer testing before it introduces rules that require new disclosures for individual investors. matched

The SEC would argue that the bill requires the agency to do what it has been doing and therefore maybe isn't necessary. matched

Right. matched

But my interpretation of the scope of the bill is that it calls for additional testing beyond what the SEC already has done. matched

Arguably, the tests that the SEC did before it rolled out this new disclosure matched

showed that, you know, people don't understand disclosures very well, including these. matched

Now, what the SEC did find is that people said the new disclosure was much better than the old one. matched

But then when they got tested on how much time they spent understanding it, the results were not so encouraging. matched

Yeah, what I think is missing from this regulation and from pretty much all the approaches to disclosure we have in the marketplace is they all focus on the what and they completely neglect the why. matched

people need to know why am I – why is reading this disclosure good for me? matched

Why should I know the answer to this question? matched

And so if you're reading a disclosure about fees, the first thing that disclosure should explain is why do fees matter to you? matched

So I would like to see a disclosure that starts by saying of all the – matched

elements to an investment program, the only one that is predictable is your fees and expenses. matched

The more you pay, the less you will keep. matched

And that puts it in context that I think would make it more valuable for people. matched

People need to be told up front that they are likely to assume with or without evidence that the person they're talking with has their best interest at heart. matched

When in fact, everyone has conflicts of interest and no financial advisor, no person. matched

is conflict-free. matched

And those conflicts can affect the quality of the advice people get. matched

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