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April 12, 2022 at 01:52 PM
What You Need to Know
- INVEST for Amex by Vanguard has an investment minimum of $10,000 and a fee of 0.50%.
The $8 trillion asset management firm Vanguard and American Express announced Tuesday that they were launching a Vanguard financial advice service for Amex U.S. consumer credit card holders.
The new service, INVEST for Amex by Vanguard, will provide access to Vanguard’s financial advisors and include digital financial planning and investment management.
The service is limited to Amex members with a consumer card issued by the American Express National Bank who reside permanently in the United States, U.S. Virgin Islands and those who have military or diplomatic mailing addresses.
Enrollment requires an eligible Vanguard brokerage account with at least $10,000, according to the companies. The service has an annual gross advisory fee of 0.50%. Amex will receive up to half this fee as a “promoter fee,” according to a disclosure on its website. Advisory fees are waived for the first 90 days for first-time enrollees.
