ETFs were supposed to kill the salesman. They didn’t

The Bahnhofstrasse in Zurich. Photo: Wikimedia.
The Bahnhofstrasse in Zurich. Photo: Wikimedia.
The fund salesman was supposed to lose relevance as cheap ETFs made investing easier. Instead, record flows and the rise of active ETFs are creating demand for a new breed of highly paid, increasingly technical sales specialists. ETFs automated the product. They did not automate the sale.

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