Ronald Bernardi is quoted in the most recent issue of InvestmentNews.

Cost is one of the most important factors in helping a retail investor determine whether a bond strategy is appropriate and the bond manager is effective, said Ronald Bernardi, chief executive of Bernardi Securities Inc.

“An investor is entitled to know what he or she is paying for a particular service, and I, as a professional, should be able to explain why I’m worth the charge,” Mr. Bernardi said.

[…]

And coming up with the prevailing market price to provide to customers could be a difficult calculation because different brokers are buying different amounts of bonds at slightly varying prices, according to Mr. Bernardi.

“The prevailing market price in the municipal market is very complicated,” he said. “It creates an extra workload for brokers.”

[…]

“The investor might say, ‘It’s too complicated, I’m just going to buy an ETF,'” Mr. Bernardi said. “I’m fearful that market liquidity is going to be hurt because of it.”

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