Unified Financial Services of Indianapolis in late April launched six index funds and an actively-managed Internet fund. All of the funds have expense ratios of only 0.35 percent.

"I'm a huge fan of Vanguard and [Vanguard founder] Jack Bogle. We believe the investor deserves a break, just like Bogle does," said Jack Orben, the head of Fiduciary Council, one of Unified's 22 subsidiaries.

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