Conflict of Interest Disclosure: What Investment Advisers and Fund Sponsors Must Tell Investors and How
On August 29, 2025, the SEC charged Vanguard Advisers with failing to adequately disclose conflicts of interest in its Personal Advisor Services managed account program. The enforcement order found that Vanguard paid its advisers financial incentives, including bonuses, salary increases, and certain promotions, to enroll clients in the fee-based program. The same disclosures that should […]