Even the world’s top firms pay Ray Arnott for advice. He explains why a $1 trillion investing industry is built on a flawed premise — and why that’s hurting retirement savings.

Rob Arnott, the founder and chairman the Pimco subadviser Research Affiliates LLC, is a man whose expertise is so respected that multiple large firms license his investment ideas. In an exclusive interview with Business Insider, Arnott explained why he thinks target-date funds — a wildly popular way to invest for retirement — are a far worse option than many think. See the full list of the 100 people transforming business here.

Rob Arnott is

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