Advisers can justify traditional fees, but class-action attorneys can justify the inappropriateness of traditional fees as well. (Photo: iStock)

About a decade ago a national conference organizer invited me to speak at a big industry event in Washington DC. I had been making the chicken circuit rounds on the heels of receiving an award for an academic research paper I had authored. It was back in the days, but my head was already in that zone. I had been asked to speak about index funds – the many years have evaporated the memory of the exact topic.

Related: The subject no investment professional wants to discuss

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