Phillip Fonseca

The article argues that U.S. auto lending has become a coercive system because car ownership is effectively required for economic participation, leaving borrowers with little real choice or negotiating power. This structural necessity has enabled an originate-to-distribute lending model in which dealers, lenders, and servicers are incentivized to maximize loan volume and upfront fees rather than ensure long-term repayment.

Introduction Interest in wealth management careers among young professionals has increased significantly over the last decade. Yet, aspiring advisors commonly overlook the transformation the industry is undergoing. With the looming question every advisor must confront being “If an algorithm can build a better-performing portfolio at superhuman speeds for a tenth of the cost, then what is the purpose of a human financial advisor?"   In the early 2010s, robo-advisors arrived, promising to...