Fifty years after 'Bogle's Folly', what comes next for financial advice?

This August marked 50 years since the launch of First Index Investment Trust, the first index fund for retail investors. Its launch, according to Vanguard's founder, Jack Bogle, was an ‘abject failure'. It raised just $11.3m, well short of its target, and quickly became known as ‘Bogle's Folly'.  Fortunately, things changed. Today, index funds are a core part of how millions of people invest, and sit at the heart of pension schemes, adviser portfolios, ISAs and SIPPS.  For financial advisers, however, I think the effect of the development and mass adoption of indexing is best under...