For three decades, the retirement industry has fought a losing battle. Not against regulators. Not against Congress. Against competition. Competition drove investment management fees relentlessly downward. Vanguard built an empire on low-cost indexing. Fidelity now indexes roughly one-third of the assets it manages. BlackRock became the world’s largest asset manager largely through index investing. Large … Continue reading The Great Fee Recapture: Why Wall Street Is Leaving SEC Mutual Funds for State-Regulated Collective Trusts