Vanguard's digital advice platform has reached new heights, extending its sheer domination of the robo advice space.
The firm's hybrid advice offering, Personal Advisor Services, is now at $83 billion in assets under management, according to the firm, putting it in position to be the first digital platform to cross $100 billion.
While independent platforms including Betterment and Personal Capital have touted their AUM and new rounds of fundraising, the online advice outpost of Malvern, Pennsylvania-based Vanguard has crossed its asset milestones with virtually no fanfare.
It has set a remarkable growth trajectory and has maintained its asset lead over other digital offerings. Since the first quarter of the year, the platform's assets have experienced a 66% growth increase.
Even during its pilot phase with no paid advertising support, assets for Personal Adviser Services rose from $755 million in 2013 to $10.1 billion at the time of its launch in 2015.
To keep up with demand, the firm is adding CFPs to staff call centers serving the hybrid platform's clients in Scottsdale, Arizona, and Charlotte, North Carolina.
The dominance of the hybrid advice, which many industry observers say was modeled on Personal Capital's approach, has prompted other digital competitors to pivot to the model, including Betterment and Schwab.
The AUM for Vanguard Personal Adviser Services has been corrected to reflect its current total of $83 billion.