The evolution of Vanguard Advisor’s Alpha
The evolution of Vanguard Advisor's Alpha?
From portfolios to people
FOR FINANCIAL ADVISORS ONLY. NOT FOR PUBLIC DISTRIBUTION.
Agenda
Evolution of advisor's alpha Current influences, lasting impressions
Evolution of advisory offerings Evolution of the advisor
FOR FINANCIAL ADVISORS ONLY. NOT FOR PUBLIC DISTRIBUTION.
2
The evolution of
advisor's alpha
FOR FINANCIAL ADVISORS ONLY. NOT FOR PUBLIC DISTRIBUTION.
3
Advisor's alpha timeline
Advisor's alpha
2001
2014
Quantifying advisor's alpha
Evolution of advisor's alpha
2018
FOR FINANCIAL ADVISORS ONLY. NOT FOR PUBLIC DISTRIBUTION.
4
Vanguard Advisor's Alpha
The Vanguard Advisor's Alpha concept outlines how advisors can reframe their value proposition by prioritizing client-centric, relationship-oriented services, rather than solely portfolio management
FOR FINANCIAL ADVISORS ONLY. NOT FOR PUBLIC DISTRIBUTION.
5
Quantification of Vanguard Advisor's Alpha
Vanguard Advisor's Alpha strategy Suitable asset allocation using broadly diversified funds/ETFs Cost-effective implementation (expense ratios) Rebalancing Asset location Spending strategy (withdrawal order) Total-return versus income investing Behavioral coaching Potential value added
Value-add relative to "average" client experience
(in basis points of return)
>0*
40 35 0 to 75 0 to 110 >0* 150 "About 3%"
Source: Francis M. Kinniry Jr., Colleen M. Jaconetti, Michael A. DiJoseph, Yan Zilbering, and Donald G. Bennyhoff, 2016. Putting a value on your value: Quantifying Vanguard Advisor's Alpha. Valley Forge, Pa.: The Vanguard Group.
* Return value-add for numbers one and six was deemed significant but too unique for each investor to quantify. Also, for "Potential value added," we did not sum the values because there can be interactions between the strategies. Bps = basis points. Note: "About 3%" means 3 percentage points of additional net return over an unspecified period of time.
FOR FINANCIAL ADVISORS ONLY. NOT FOR PUBLIC DISTRIBUTION.
6
Current influences, lasting impressions
Regulations, fees, and technology
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7
Regulatory environment--Global, not local, considerations
? Emphasis on transparency and disclosure ? Genie is out of the bottle: "Great awakening" of investors ? Global phenomenon
United States
DOL fiduciary rule
Australia
Future of Financial Advice
United Kingdom
Retail Distribution Review
European Union
Markets in Financial Instruments Directive II
Canada
Client Relationship Model I/II
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8
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