This was an extremely disruptive change for financial planners and advisers at the time. In the fall of 2017, TD Ameritrade changed its “no-transaction-fee” ETF platform, removing virtually all of the Vanguard funds, and inserting State Street funds instead. As of November 2019, the Malvern-based fund giant managed a record $6 trillion of investor money. and globally, and furthers Vanguard’s reputation as the original low-cost provider. The salvo is part of a broader, ongoing fee war with firms such as Schwab-TD Ameritrade, State Street, and BlackRock. Additionally, more than 3,000 non-Vanguard mutual funds have no transaction fee when traded online. (ETFs represent baskets of shares that trade like a stock). Vanguard has been commission-free on all of its mutual funds since 1977, on all Vanguard ETFs since 2010, and on nearly every ETF in the industry since 2018. The latest move means that anyone with a Vanguard brokerage account can trade stocks for free.
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Since the 2008 financial crisis, Vanguard has led the movement to lower fees across Wall Street, first by attracting hundreds of billions of dollars in index fund assets then by cutting fees on thousands of exchange-traded funds in 2018, and last week, by announcing free online trading for all brokerage clients.
And it achieved that in the midst of an ongoing fee war with Schwab-TD Ameritrade, which continued last week. (Philadelphia Inquirer) Vanguard reached $6 trillion in assets late last year.
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