Vanguard changes course

Throughout the 1990s Vanguard was a staunch supporter of the do-it-yourself investor and bagged on the idea of paying for investment advice.

Times have changed. Vanguard, according to InvestmentNews, has increased the number of financial advisors on its payroll from 50 to about 220, or an increase of 300%.

In quietly assembling an adviser force, Vanguard is charting a dramatically different path than those of its fiercest competitors. In recent years, such companies as Fidelity Investments in Boston and Charles Schwab & Co. Inc. in San Francisco have cemented relationships with outside advisers through their custodial accounts and referral programs.

Isn't it funny what a few rocky years in the market will do.