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Vanguard is betting that demand for financial advice will explode over the next decade, as the world’s second-largest asset manager steps up its push into the fragmented market. The Pennsylvania-based group is opening an office next year in Dallas, which is regarded as having an attractive pool of potential clients to tap as well as investment advisers to recruit.
“Growth is accelerating and this year it is nearly double what we saw at the same time last year,” Jon Cleborne, head of Vanguard Personal Advisor Services, told the Financial Times. “Advice is really in the early innings, the need will keep growing as baby boomers retire and millennials face new challenges in their objective of saving for the long term.” Launched in 2015, VPAS, provides a combination of digital tools and human advice for clients who have at least $50,000 to invest.
https://www.ft.com/content/fb3c706c-7b22-4e26-ae9d-eb33d9a0151e?shareType=nongift
