By Randy Cass, Founder and CEO of Nest Wealth
Over the course of his career, many looked up to Jack Bogle for his remarkable determination to change the wealth management industry for the betterment of the individual investor. In this blog post, we remember Jack Bogle for his success in demanding more from his wealth management industry peers and more importantly, recognize Jack Bogle as the inspiration behind low-cost investing.
They say that the books we cherish show us the values that remain closest to us. There’s a library of books stored neatly across from my desk at Nest Wealth. These are books that resonate or inspired the way I felt business should be done. Jack Bogle’s, “Don’t Count On It” is one of my favorite pieces. Not only for the timeless investment advice and entrepreneurship idealism it conveys, but also because I had the pleasure of having it signed by the man himself.
Jack Bogle who passed away Wednesday, January 16, 2019, at age 89, was an inspiration to the creation of Nest Wealth. And, as many would agree, a game changer in the world of wealth management.
To those who aren’t familiar with the name, Jack Bogle founded Vanguard Group in 1975 and remained its chairman and CEO until 1996.
Unlike traditional wealth managers, who would promise their wealthy investors high returns in exchange for significant fees, Jack Bogle believed all investors could affordably save. At Vanguard Bogle created the world’s first low-cost index mutual fund which continues to serve as a core ingredient for low-fee investing. In an industry that promised things it couldn’t deliver, he taught us that watching our pennies and the fees while “staying the course” would be better for our savings in the long run.
In advocating for and enabling change in how wealth management was practiced, Bogle helped to make investing accessible and affordable to all.
You might not know the name but I can guarantee you that you have more wealth today because of the changes that Bogle brought to this industry.
Even as the man has passed on, his investment philosophy benefits millions of people and helps families secure their financial future. He personally sacrificed billions in personal net worth to grow Vanguard as a business of the people and for the people. He will be remembered for his success in democratizing wealth management and refusing to bend on any of his principles or ethics.
Here at Nest Wealth, he has influenced our mission. He has created a generation of ‘Bogle Heads’ that continue to spread his message that passive low-cost products can do the job for most retail investors. We will do our best to fulfill Jack Bogle’s vision by continuing to help all Canadians access a solution that is here, not to maximize the industry’s profits, but instead to maximize the individual investor’s wealth.
Thank you Jack Bogle.
Founder and CEO of Nest Wealth