June/July 2017 Dispatches 6 Letter From the Editor 8 Letter From the Board Celebrating 10 Years Phillips Curve 10 What a Tangled Web We Weave Ivory Towers 12 How to Win at Active Management 16 The World's Greatest Investors 17 Key Policy Issues to Watch The Old Squirrel Policy HelloWallet 20 How Do People Receive Advice? 22 Song Remains the Same 24 Americas Greater Europe Behavior Gap Global Briefs 27 Spotlight 30 Tenth Anniversary Issue: A Power Shift Gone are the days when the industry could sell investors high-cost, low-performing funds and services. Today, investors want cheap, easy-to-use instruments that help them meet goals. The successful firms of tomorrow will be the ones that meet, and exceed, these demands. 3