It was seven years ago that I first met Rick Ferri. I was at a Bogleheads conference in Pennsylvania — an annual event to discuss and celebrate the philosophy of the late Jack Bogle — and I was interviewing Rick for a documentary about low-cost, passive investing.
I remember Rick explaining what he describes as his “a-ha moment” — a defining flash of wisdom that changed his life. It was the moment when, in his own words, “after years of research, I finally pierced through the complex web of confusion created by the investment industry and saw with great clarity how things truly were and what my job was supposed to be.”
I’ll admit, I didn’t really know what he meant at the time, but I did understand precisely what he meant, a few weeks later, when I had an “a-ha moment” of my own.
Rick is my guest on the latest episode of the TEBI Podcast, and in it he explains in more detail how his life-changing moment came about. A former US Marine Corps officer and fighter pilot, he talks about his experiences as a stockbroker at a large Wall Street firm, and how he became disillusioned with the industry, its sales culture and its high fees.
He explains how he built a business called Portfolio Solutions, which enabled investors to achieve much better results by cutting the amount of fees and charges they paid. He also discusses his latest business venture, Ferri Investment Solutions, a pay-by-the-hour financial advice service, and offers his views on how the advice profession is changing.
Rick, who produces the Bogleheads on Investing Podcast, remains a proud Boglehead himself. He also assures me that, despite Jack’s passing in January, the organisation continues to go from strength to strength.
“Last year, when Jack was going to be speaking, the Bogleheads conference sold out in two hours,” he explains. “This year we were wondering how long it would take to sell out, and it did take a little longer. It took almost six hours!”
It comes as no surprise to Rick that Bogleheads is growing, both inside the US and around the world. “(Bogle) was the icon, and we were the followers,” he says. “I’m not saying this is a religion, but when you look at religious leaders in the past, when that icon passes, it doesn’t stop. The philosophy continues to spread.”
It’s a real privilege to have Rick on the TEBI Podcast, and it’s an even bigger honour is that Rick has agreed to write regular posts for The Evidence-Based Investor. There are very few people who explain investing better than Rick does, or who place so much emphasis on putting the interests of the investor first. We are extremely fortunate.
It really is a pleasure, Rick, to have you on the team.
You can listen to the podcast here:
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Robin is a journalist and campaigner for positive change in global investing. He runs Regis Media, a niche provider of content marketing for financial advice firms with an evidence-based investment philosophy. He also works as a consultant to other disruptive firms in the investing sector.
