Investing - Theory, News & General • Re: Fidelity introducing fees on ETFs from 9 firms [one year later]

This article that Meb Faber linked to on X is very intersting. It says Vanguard is pissed and they aren't going to take it and instead are going to go after the heart of the RIA businesses at Schwab and Fidelity.

Competition is great and all, but I find the "how dare Schwab and Fidelity charge anything for their services" attitude that seems be coming from the RIAs to be a bit ridiculous. I'm sure these same RIAs charge a lot more than what 15% of the ETF expense ratios comes to for their services.

Rather than providing free services to RIAs, I think the quote from Andrew Besheer, principal of Besheer & Assoc. in that article is probably closer to where Vanguard is going with this:
I’d also question whether new Vanguard is as aligned with the RIA business as Bogle Vanguard might have been…it certainly feels like they’re building out a full-service, advised, WM channel [Vanguard Personal Advisor Services] that competes with everyone in the space including RIA’s.

Statistics: Posted by jeffyscott — Thu Sep 03, 2026 7:03 am