Vanguard Group Makes Big Move on RIA Custody by Ending Commissions on 1,700 ETFs in Bid to Become Walmart of Financial Services

The Malvern, Pa.-based giant 'face slaps' Charles Schwab & Co. by undercutting it on ETF distribution fees the way Schwab did to it on ETF management fees

Author By Lisa Shidler July 4, 2018 at 2:51 AM

2 Comments

Michael Kitces: It’s an explicit slap in the face to custodians that insist they “must” have revenue-sharing payments to run their businesses. And here’s Vanguard eschewing them entirely.

Alan Moore

TD Ameritrade

Fidelity Investments

The Vanguard Group

Charles Schwab & Co.

Sammy

July 5, 2018 — 12:07 AM

Vanguard is tier C. No story here.

David

July 5, 2018 — 6:31 PM

What about the major investment firms that also have their own custodial infrastructure; will that be part of the landscape going forward in order to attract advisors as part of vertical integration?

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