Vanguard's move to require advisers to purchase the new Signal share class instead of the Admiral share class on certain index funds did not sit well with some advisors, Investment News
reports. The Signal shares have the same expense ratio as the Admiral shares, lower than that of Vanguard's entry-level investor share, but they come with a catch. Advisers will now have to come up with $5 million minimum per fund at the firm level to buy them. According to some advisers, this will constrict their ability to offer clients Vanguard's index funds at the cheapest price.
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