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  • Aren't Vanguard's "digital financial planning", "VG Personal Advisor Services (older/original)", "VG Digital Advisor (newer)" different versions of its robo-advisor?
  • They provide different levels of human service. The two earlier packages, and likely this new one, are based on Vanguard's robo-advisor.

    The Digital Advisor is pure robo. It costs 20 basis pts/year, but that is reduced by the revenue Vanguard gets from funds in the managed portfolio. Vanguard estimates that a robo-managed portfolio of Vanguard ETFs would have a net advisory cost of 0.15%. (That is, you'd be paying 0.20% including the ERs for the Vanguard ETFs.)

    Portfolio Advisory Services is a hybrid robo-advisor. You get periodic conversations with a dedicated advisor ($500K+) or with some program advisor ($50K+).

    This new INVEST for Amex by Vanguard service appears to take one step closer to a wrap account. At least for $100K+ accounts, where one gets unlimited access to human advisors.
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