As he accepted his Tiburon CEO award on Wednesday, John “Jack” Bogle threw out some tough love to the mutual fund industry, on which the founder and retired chief executive officer of The Vanguard Group built his reputation.

The mutual fund industry, as it stands today, “is too much of an asset gathering business; it’s too much of a marketing business,” said the 81-year-old Bogle.

Speaking to an audience of chief executives and in conversation with Tiburon principal Chip Roame, Bogle recounted his personal history within the mutual fund.

But Bogle also wanted to make a point. And what the industry — and even Vanguard, the company he founded in 1971 — needs right now is competition, Bogle said.

And what Bogle wants, he said, is a better industry—one that focuses on the needs of people and not just making money. It’s a perspective that is relevant to the financial advisory industry as well.  After all, today’s advisor has come through the financial crisis of the past couple years a bit battle-scarred but definitely wiser when it comes to the idea that they are serving the needs and wants of their clients—real people with real challenges and real dreams.

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