In what looks like a push to concentrate on well-established, asset-loaded firms, Vanguard has cut back on services to advisers with less than $5 million in custody with the company.

Those advisers will still be able to maintain accounts on clients' behalf at Vanguard. But they are losing perks like the capability to have their fees deducted from client assets, to do daily transaction downloads, and to use consolidated position reporting.

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