(May 19 – 9:25 ET) – Mutual fund naysayer Steven Wallman will speak at the upcoming annual conference of The Investment Dealers Association
Wallman, a former commissioner of the Securities and Exchange Commission and founder of FOLIO (fn) Inc. will deliver a speech called, “The Challenges of Regulating in the Midst of Globalization, Technological Change and Convergence”.
Wallman says that mutual funds cost too much, underperform the market and are too tax-inefficient. He has created a company that lets investors create do-it-yourself equity funds over the Internet. FOLIO charges investors US$295 a year to set up three do-it-yourself funds, with up to 50 stocks in each fund. Investors can rebalance their funds as frequently as twice a day for free.
Wallman will appear at the IDA conference on June 14 in Toronto.
Other speakers include Michel Finzi, senior vice president wholesale sales at Instinet Corp., who will speak on “The Evolving Structure of US Equity Markets”. And Paul Ingrassia, president of Dow Jones Newswires, who will speak on “Brand Quality in the Internet Age”.
IDA members will also hear the story of Charles Schwab Corp., and attend panel on the retail investor.
-James Langton