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Vanguard to Offer Financial Advice to AmEx Credit-Card Customers

Clients in Invest for AmEx by Vanguard can schedule one financial-planning phone call in their first year of enrollment, and those with at least $100,000 in advised assets get unlimited access to Vanguard advisory services.

(Bloomberg) -- Vanguard Group Inc. will give some American Express Co. credit-card customers access to financial advice, a business the fund manager is working to build up.

Clients in the program, called Invest for AmEx by Vanguard, can schedule one financial-planning phone call in their first year of enrollment, and those with at least $100,000 in advised assets get unlimited access to Vanguard advisory services, the Valley Forge, Pennsylvania-based firm said in a statement Tuesday. 

The agreement pairs two very different brands: Vanguard is a paragon of low-cost, index-based investing, while New York-based American Express is known for its points programs with perks for travel, dining and shopping. The new program has an investment minimum of $10,000 and an annual gross advisory fee of 0.5%, with fees waived for the first 90 days for new members.

“As Vanguard seeks to make our advice more accessible, we are excited to team up with the distinguished brand of American Express to deliver on our mission to give investors the best chance for investment success,” Vanguard Chief Executive Officer Tim Buckley said in the statement.

Vanguard oversaw $8 trillion on behalf of 30 million clients as of the end of February.

Read more: Vanguard’s Pivot Away From the Cult of Bogle Irks Loyalists

--With assistance from Jenny Surane.

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