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Rating:Vanguard to Cease RIA Custody Services Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, March 06, 2003

Vanguard to Cease RIA Custody Services

by: Sean Hanna, Editor in Chief

Starting today, registered investment advisors are no longer able to tap Vanguard for custody services. The Valley Forge, Pennsylvania-based firm said it will no longer provide the services and that it is referring its existing RIA customers to TD Waterhouse for those services. Vanguard will continue to offer RIAs investment support services and is retaining its advisor-focused support team.

The decision to cease offering custody services came after Vanguard conducted a broad, strategic evaluation of the RIA market to determine how to deliver the highest value to these investment professionals, said Martha Papariello, principal, Vanguard Institutional Investments Group.

"Advisers have sought Vanguard in the past for our disciplined, low-cost investment offerings, but, quite frankly, we have not always made it easy for them to do business with us," added Papariello.

"Historically, Vanguard has offered custodial services to a small number of investment advisers. However, the custodial services required by these clients have become far more complex during the past several years as the custody business has evolved. Given that comprehensive services are available through several firms that specialize in providing custody services to investment advisers, we determined that we could better serve advisers and their clients by focusing on their investment-related needs, which is our core strength," she added.

J. Thomas Bradley, Jr., president of TD Waterhouse Institutional Services, said that his firm welcomes the new business being referred from Vanguard. "We have formed a joint service team that will be dedicated to making the custodial transition as seamless as possible for advisers and their clients," he added.

RIAs will have the choice of whether to move their accounts to TD Waterhouse or find another custodian. If they wish to make the move they need only call Vanguard. The firm designated a special number for the calls (800-984-5792).  

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