10 Questions with...Mercer Bullard on Advocating for Mutual Fund Shareholders

May 2004
Journal of Financial Planning;May2004, Vol. 17 Issue 5, p12
Academic Journal
The article presents an interview with Mercer Bullard, founder of Fund Democracy, on advocating for mutual fund shareholders. He organized Fund Democracy to be a vehicle for providing a formal outlet for shareholders' voices on mutual fund reform. He claims that it also provides the legal status necessary to bring certain kinds of claims and it is a symbol around which interested persons can rally when mutual fund issues emerge. He added that mutual funds are still the best option for most people's retirement because they are more efficient and they provide diversification and easy access at fairly low costs that are unmatched. He has doubts that the U.S. Senate banking committee takes seriously the importance of enacting legislation. He said that one reason is that they think the U.S. Securities and Exchange Commission (SEC), which has ignored these problems for decades, is suddenly an agency that should be looked to solve them. He suspects that the history of the SEC will be an indication of its future, and that these problems will continue to be unaddressed without the U.S. Congress's action. The issue of disclosing how much brokers get paid, he says, is the result of a position that the SEC took in 1979.


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