Wholesaler Bill Arnold said Vanguard is allocating more money and staffers to the advisor channel because ETFs are increasingly profitable for Vanguard, and the firm feels it can dominate the market with its low cost. The average Vanguard ETF carries an expense ratio of 16 basis points while the industry average is 53 bps, according to Lipper.
Vanguard plans to have 70 wholesalers in the advisor channel by year’s end—there are now about 60, said Arnold.
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