Vanguard [profile] is taking advantage of its powerful brand and putting advisor-focused wholesalers into the field for the very first time. Jason Kephart of Investm entNews reports that the Valley Forge, Pennsylvania-based low-cost mutual fund and exchange-traded fund giant is also more than doubling the size of that sales force, to 220 reps from 100. Advisors now work with about $250 billion of Vanguard's $1.75 trillion in assets.

"We're late to the game. But we've never offered commission-based products, so there wasn't much reason to actively be selling to advisors," Martha King, managing director of Vanguard's financial advisor services division, told InvestmentNews. "We've been getting really good results from working with financial advisrs but we can penetrate further into that market."

Vanguard previously based its advisor-sold sales reps in its Valley Forge headquarters or in its Scottsdale, Arizona central sales office. Yet with the expansion, the new reps will placed in the field across the U.S. 

Edited by: Neil Anderson, Managing Editor


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