Vanguard to provide financial advice to Amex credit-card customers
(Bloomberg) — Vanguard Group Inc. Some will give American Express Company credit-card customers access to financial advice, a business that fund managers are working to build.
Clients in the program, called Investing for MEX by Vanguard, can schedule a financial-planning phone call in their first year of enrollment, and those with at least $100,000 of advisory assets can be hired by Vanguard Advisory Services, Wally. Forge, Pennsylvania gets unlimited access. based firm said in a statement on Tuesday.
The agreement connects two very different brands: Vanguard is a paradigm of low-cost, index-based investing, while New York-based American Express is known for its points programs for travel, dining and shopping. The new program has a minimum investment of $10,000 and an annual gross advisory fee of 0.5%, with fees waived for the first 90 days for new members.
Vanguard Chief Executive Officer Tim Buckley said in the statement, “As Vanguard seeks to make our advice more accessible, we are committed to fulfilling our mission of giving investors the best chance at investment success with the iconic brand of American Express. Excited to be together.” ,
Vanguard handled $8 trillion on behalf of 30 million customers as of the end of February.
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–With assistance from Jenny Surane.