In what looks like a push to concentrate on well-established, asset-loaded firms, and on the heels of several articles in the press saying Vanguard is going after more affluent clientele, the firm has cut back on services to advisers with less than $5 million in custody with the company.

They are losing such perks as the ability to have their fees deducted from client assets, to do daily transaction downloads and to use consolidated position reporting.

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