For investors with more than $100,000 at Vanguard, the news is good: reduced costs, broader services, and for the highest bracket, access to some mutual funds that had been closed. For advisors, this may be yet another layer of competition.

Vanguard CEO John Brennan announced September 5 that the firm has divvied its services into three tiers. Voyager class shareholders with $100,000 to $500,000 in assets at Vanguard will get a financial plan from a CFP for $250, and assorted other privileges which include a “dedicated service team,” exemption from account maintenance fees, and discounted equity commissions. Clients with $500,000 to $1,000,000 in Vanguard investments qualify for Voyager Select status and get an enhanced version of the above. Those with more than $1 million get all of the above, “anytime consultation with a CFP,” deeper equity trade commission discounts, access to certain closed Vanguard funds, and a “dedicated service associate.”– Kathleen M. McBride