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Vanguard is too little and too late to this party. About 20 years ago, they made a half-baked attempt to work with the RIA community, but they were unable or unwilling to accomodate the kinds of things fee-only advisors expect from custodians. Then about 5-6 years ago they tried again. Now they tell us they are serious. Schwab, TD, and Fidelity control most of the RIA business, for better or worse, and until one of them stumbles badly, folks like Pershing and Vanguard will continue to get leftovers, mostly because of their lagging technology, service, and other issues.
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