Something is very wrong with the market for wealth management

[Bloomberg View]( A daily digest of opinions and analysis Americans’ Savings Make Wealth Managers Rich Do you know how much your financial adviser takes home in fees? If no, you’re not alone: It took a seasoned financial reporter [hours of investigating]( to learn how much she paid her own money manager. (Spoiler alert: It was lots.) [Noah Smith warns]( that such quasi-hidden fees, which can easily devour a third of someone’s lifetime savings, amount to “a giant slush fund” that distorts other areas of finance as well. Autonomous Ships? We Can’t Wait! Sure, driverless cars get all of the attention, but the future of shipping will be automated as well — and it’s arriving sooner than you might think. [Adam Minter predicts]( that doing away with sailors will make the high seas safer, cleaner, and better for business. For Poorer Countries, Productivity Starts on the Farm Industrial revolutions may be a bit overrated, [Mihir Sharma argues](: In China and elsewhere, boom times start with boring farms. That’s why India and other developing countries should focus on improving agricultural productivity before anything else. Vultures Are Circling as Time Inc. Gasps Time Inc.’s first-quarter earnings, released last week, were dismal: Ad revenue dipped 8 percent, subscription revenue fell 13 percent, and the company reported a quarterly operating loss of $26 million. But of course, the onetime media powerhouse’s woes go back much farther than that. [Joe Nocera examines]( the declines-long decline of what was once America’s most profitable magazine publisher. --------------------------------------------------------------- Before it’s here, it’s on the Bloomberg Terminal. Find out how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](. --------------------------------------------------------------- Ritholtz’s Reads - Life is getting ever more volatile — or is it? ([Tim Harford]() - Amazon’s epic 20-year run as a public company, explained in five charts ([Recode]() - “WannaCry” ransomware attack shows why Apple refused to hack terrorist’s iPhone ([LA Times]() (Read Barry Ritholtz’s full daily news roundup [here](.) Bloomberg Gadfly - Not even T.J. Maxx is immune to [retail’s ills]( - If Etsy’s for sale, here’s [who could be buying]( - Google’s [AI brains]( need to work on their bedside manner (Read more from BV’s sister site for [fast business commentary](.) Bloomberg L.P. ● 731 Lexington Avenue, New York, NY 10022 [Web]( ● [Facebook]( ● [Twitter]( [Feedback]( ● [Unsubscribe](