Vanguard to Open Texas Base for Advisors, Tech Staff

Vanguard plans to open its fifth U.S. office in the Dallas-Fort Worth region early next year. It will be staffed by financial advisors who are part of the asset manager’s virtual Personal Advisor Services program and work remotely with investor clients, as well as technology-focused employees. 

“Establishing a new office in Dallas reflects our continued commitment to hiring top advisor and technology talent to support our advised clients,” Vanguard CEO Tim Buckley said in a statement Friday.

Other Vanguard offices with Personal Advisors Services advisors are located in Valley Forge, Pennsylvania, where the fund giant is based; Scottsdale, Arizona; and Charlotte, North Carolina. Including another Vanguard office in Washington, D.C., these five facilities have a combined staffing level of about 15,500.

Staff hired for its Dallas office are set to work remotely until the new office opens in early 2022, it says. 

Vanguard’s Personal Advisor Services program, which it started in 2015, now has about $231 billion of assets. It combines online tech-based services with behavioral finance and other help offered by a financial advisor. Overall, Vanguard manages $7.5 trillion in global assets and has some 438 funds. 

The Dallas metropolitan area is a growing hub of financial firms. Earlier this year, Charles Schwab opened its new 70-acre headquarters in Westlake, after it wrapped up the purchase of former rival TD Ameritrade for $22 billion. 

Schwab said Friday that it had total client assets of $7.34 trillion as of April 30, a 4% increase from March 31.