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How Vanguard, BlackRock and State Street -- which manage RIA trillions of AUM for a pittance -- may artfully make the bill come due by beating active managers at their own game

The ETF giants' latest mutual fund-killing trick is free management of ETF portfolios -- perhaps the seeds of a massive freemium model

Wednesday, June 6, 2018 – 9:42 PM by James Picerno
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Robert Tull: It’s a free service today, but the operative word is today.

Related Moves

Dimensional Fund Advisors, long the flagship of factor investing, struggles to chart a course as a nimble rival and big foot competitors cut into its market--and exploit its slow move to ETFs

Vanguard, BlackRock and Avantis rattle a complacent Dimensional Fund Advisors with fee cuts and ETF roll outs based on 'smart beta.'

August 9, 2022 – 1:57 AM

Vanguard Group shows up as 'alpha' disciple with two new fixed-income fund launches as it surpasses PIMCO's $2 trillion with ex-Goldman Sachs partner now calling the shots

The $8 trillion Malvern, Pa. manager owns beta investing, but RIAs are demanding higher income -- hence market timing and cherry picking -- from their fixed-income allocation.

August 10, 2021 – 11:46 PM

Mentioned in this article:

State Street Wealth Manager Services
Asset Custodian
Top Executive: Marty Sullivan



June 7, 2018 — 6:19 PM
Also continues to fuel the demise of traditional TAMPs and any person/outfit that thinks they will be able to charge an additional bps fee program to package together an expensive wrap of 6-9 mutual funds or layer together package priced SMAs with funds & ETFs inside of UMA programs. The playing field for how portfolio management is priced, consumed, and distributed is shifting in a dramatic fashion. There will be players that go extinct unless they can adapt to compete.

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