Vanguard Group Inc. will give some American Express Co. credit-card customers access to financial advice, a business the fund manager is working to build up.
Clients in the program, called Invest for AmEx by Vanguard, can schedule one financial-planning phone call in their first year of enrollment, and those with at least $100,000 in advised assets get unlimited access to Vanguard advisory services, the Valley Forge, Pennsylvania-based firm said in a statement Tuesday.
The agreement pairs two very different brands: Vanguard is a paragon of low-cost, index-based investing, while New York-based American Express is known for its points programs with perks for travel, dining and shopping. The new program has an investment minimum of $10,000 and an annual gross advisory fee of 0.5%, with fees waived for the first 90 days for new members.
“As Vanguard seeks to make our advice more accessible, we are excited to team up with the distinguished brand of American Express to deliver on our mission to give investors the best chance for investment success,” Vanguard Chief Executive Tim Buckley said in the statement.
Vanguard oversaw $8 trillion on behalf of 30 million clients as of the end of February.
The move to charge data aggregators fees totaling hundreds of millions of dollars threatens to upend business models across the industry.
The latest snapshot report reveals large firms overwhelmingly account for branches and registrants as trend of net exits from FINRA continues.
Siding with the primary contact in a marriage might make sense at first, but having both parties' interests at heart could open a better way forward.
With more than $13 billion in assets, American Portfolios Advisors closed last October.
Robert D. Kendall brings decades of experience, including roles at DWS Americas and a former investment unit within Morgan Stanley, as he steps into a global leadership position.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
