Does Wall Street want us to be Financially Literate?

The financial post has an interesting article on financially literacy and the incentives of large institutions:

Banks, brokerage firms, fund companies and insurance companies make their billions off investors who are “clueless financial illiterates,” Farrell said, listing seven reasons Wall Street doesn’t want savvy customers. “Revenues would drop substantially if financial literacy really did work.”

He attributed to University of Chicago professor Richard Thaler the quip Wall Street “needs investors who are irrational” and “woefully uninformed.”

Read the full article here.

The article touches on a theme I've talked about on in other posts. For examples, see Who's on the Little Guy's Side,  and Are Mutual Funds A Scam.