The Vanguard Group has long led the mutual fund industry down the path of lower fees for investors.

And now both founder John C. Bogle and CEO William McNabb support a new government rule that would “require financial advisers to put clients’ best interests ahead of their own,” according to a Philadelphia Inquirer report by Joseph DiStefano.

The rule was crafted by the Obama Administration, but its rollout has been delayed by the Trump Administration until June 9.

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“Vanguard strongly believes that investors should always receive investment advice that is in their best interest, and those who provide investment advice should be held to a fiduciary standard,” McNabb said.

However, the Malvern mutual fund giant is also asking for changes.

“Vanguard continues to support the (Department of Labor’s) efforts to codify best-interest advice with the fiduciary rule, (but) the rule must be well crafted to ensure that regulations do not curtail access to critical advice services.”

Read more about the proposed fiduciary rule and its delay in the Philadelphia Inquirer here, and check out previous VISTA Today coverage of Vanguard here.

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