CCinOC asks<<You're making my point for me. Vanguard's advertising & marketing expenses as a percent of assets under management is a small fraction of what high-fee, low-value shops like Merrill-Lynch, Morgan-Stanley, Ameriprise, etc. spend.>>And you know this how? </snip>I have an MBA in Marketing and keep track of this kind of thing in my general reading.For example:AdAge Financial Services Report for 2012http://gaia.adage.com/images/bin/pdf/AdAgeFinancial%20Servic... Note the Table on Page 6 of the Top 25 Financial Services advertisers. Vanguard is not among them -- heck they're probably not even in the Top 100 since they only spent $54 million on advertising.By assets, Vanguard ranks 4th, just behind JPMorgan, BankofAmerica, and Citigroup.intercst
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