While the landscape for low-cost fund options for do-it-yourselfers is expanding, John Bogle, founder and retired CEO of the Vanguard Group, believes DIY product offerings are too often inappropriate for long-term investors, who are at risk of being led astray.

Take Motif Investing, which makes it easier than ever for individual investors to create their own ETF-like investment funds around specific themes and social causes, for example. It's not just the everyman investor who's drawn to this idea, though. The company has support from some bold face names as well, with board members including Arthur Levitt, former SEC chairman, and Sallie Krawcheck, former wealth management honcho at Bank of America and Citigroup. While the premise - a do-it-yourself approach to portfolio construction - has struck a chord with many people, it's the ability to personalize one's finances that's the main draw for investors. Bogle, however, is not a champion of this DIY initiative.

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