This column is about robo advisers. But let’s start with an ugly truth about the advisers, humans included, who are held by law to the fiduciary standard. They don’t always behave like fiduciaries—that is, always putting the client’s interest first—no matter what the regulations dictate. The trust department of a major bank, for example, manages money for a friend of […]
Whatever happened to all the cowboy stockbrokers who relied on chutzpah and grit to lasso clients? Their stories made us laugh even as we cringed at the shameless antics. Like Prospector Cat: Years ago, a broker drove to posh neighborhoods and released his cat to roam the streets. Its collar ID said, “Call this number if you find me.” Inevitably, […]
I’m editing The Pell Heist, my novel about an art heist on a college campus outside Newport, RI. Recently, I disappeared down an Internet rabbit hole and compared student debt by college versus starting salaries.
My question: Is elitism self-propelling?