The author's points about advertising and hidden fees are well-taken.
Regarding "Stop charging proportional fees": if Vanguard, who charges proportional fees, is operating "at cost" as the author claims, then what is all that extra money paying for? The implication is that technology could be a game-changer because it unlinks the size of the effort from the size of the effect, but surely that is already happening with Vanguard's 12-digit funds.
Regarding "Stop charging proportional fees": if Vanguard, who charges proportional fees, is operating "at cost" as the author claims, then what is all that extra money paying for? The implication is that technology could be a game-changer because it unlinks the size of the effort from the size of the effect, but surely that is already happening with Vanguard's 12-digit funds.