If there was ever an industry in transition, it’s the investment management industry. The pace of change is accelerating and transforming investing.

This continuous march in industry transformation began in the mid-1970s with the de-regulation of commissions, which unleashed disruption that is still present. On May 1, 1975, and for the first time in 180 years, trading fees were set by market competition, instead of the government.

Online trading further accelerated this industry disruption, bringing trade commissions down from hundreds of dollars to just a few only 20 years later.

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