Vanguard
[
profile] is
taking advantage of its powerful brand and putting advisor-focused wholesalers
into the field for the very first time. Jason Kephart of
Investm
entNews reports that the Valley Forge, Pennsylvania-based low-cost
mutual fund and exchange-traded fund giant is also more than doubling the size
of that sales force, to 220 reps from 100. Advisors now work with about $250
billion of Vanguard's $1.75 trillion in assets.
"We're late to the game. But we've never offered commission-based products, so
there wasn't much reason to actively be selling to advisors,"
Martha
King, managing director of Vanguard's financial advisor services division,
told
InvestmentNews. "We've been getting really good results from
working with financial advisrs but we can penetrate further into that market."
Vanguard previously based its advisor-sold sales reps in its Valley Forge
headquarters or in its Scottsdale, Arizona central sales office. Yet with the
expansion, the new reps will placed in the field across the U.S. 
Edited by:
Neil Anderson, Managing Editor
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