Vanguard has scored distribution for its VIPERS exchange-traded fund series with brokerages including Smith Barney, Morgan Stanley, Union Bank of Switzerland, Raymond James and Park Avenue Securities, confirmed Vanguard spokesman John Demming.

The firms' advisors will now be able to access VIPERS to build model portfolios. In some cases, such as with Union Bank of Switzerland and Morgan Stanley, Vanguard's ETFs will appear on the firms' recommended list.

While some reports characterized the action as Vanguard doing the unthinkable, Demming countered that the fund firm is not paying for distribution with the firms.

Vanguard has been "working with financial advisors for … 20 years," said Demming, also attributing the move to the increase in fee-based advisors  

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