FAI: There's one thing money managers need to do if they're going to survive

FA Insights is a regularnewsletter from Business Insider that delivers the top news and commentary for financial advisors.Bill McNabb, theCEO of $3.9 trillion fund giant Vanguard, has a message for money managers everywhere:Drop your fees.Some are asking whether active management is "dead," he saidin a blog post. His firmhas been one of the biggest beneficiaries of the shift towards indexfunds."Active management can survive-and even succeed-but only if it's offered at much lower expense," McNabbsaid.Elsewhere in investing news, George Soros reportedly lost about $1 billion after Trump's election. And the CIO of a $490 billion fund told us the one "guaranteed losing approach" to investing.SPONSOR CONTENT BY OPPENHEIMERFUNDS Find out why OppenheimerFunds believes revenue weighting is a better way to access the market. Read more here.Lastly, Morgan Stanley has released a big report on the "Big Debates" of 2017, which highlights the key questionsthey think will shape global marketsover the next 12 months.And here's a roundup of stories from across Wall Street:The strength of the US dollar is forcing China down a path it has been trying to avoid for years, pushing it to slow the money machine that has propelled its economy since 2008. This is a moment many China watchers have been waiting for ' it just didn't come how, when, or why they thought it would.In banking, ajob advert for 'Assistant Head Butler' at Rothschild & Co offers a rare glimpse inside one of the oldest investment banks in the world.And in autos, the EPA is now going after Fiat Chrysler for emissions cheating, and its shares are plunging.In tech news,Amazon says it will create 100,000 full-time, full-benefit jobs in the US.Apple isreportedly planning a major push into original TV shows and movies. AndBlackberry is quietly trying to make a comeback ' but not with phones.Lastly, here are the 25 best beaches in the world.SEE ALSO:22 maps that explain AmericaJoin the conversation about this story
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