FSI Revamps Web site

The Financial Services Institute (FSI), an advocacy-driven organization for independent financial services firms and independent financial advisers, has redesigned its Web site.

FSI explained that on the old site, the home page was difficult to navigate and visitors didn’t know where to find the information they were looking for. Therefore, the home page has been entirely redesigned, as have internal pages.   

“This new and improved site will enhance our members’ ability to forcefully advocate in Washington, D.C. and in the states,” said Dale E. Brown, FSI President & CEO. “Our new site leaves nothing to chance – visitors know without a doubt where to look to find the latest industry news, issues, Calls to Action, FSI events and ways to donate to the cause.”

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FSI reports that so far this year, more than 2,000 letters were written by California financial adviser members through the site. These letters helped take advisers out of the California Assembly’s independent contractor legislation, which FSI says would have been detrimental to its members.

In addition, this summer FSI unveiled a new Twitter page: @FSIwashington.  FSI says it will continue to accelerate its online efforts ahead of the upcoming election year.

Vanguard Cuts Costs on Six Funds

Vanguard has lowered costs on six index funds.

According to the announcement, six Vanguard stock index funds have added “ultra-low-cost Admiral Shares,” providing shareholders with what Vanguard termed “expense savings of more than 50% over the corresponding Investor Shares in some cases”.

The new shares are available for four domestic stock index funds, featuring estimated expense ratios ranging from 0.10% to 0.21%, and two international stock index funds with projected expense ratios of 0.12% and 0.18%.

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A total of 74 Vanguard funds now offer Admiral Shares, including 38 index funds. To qualify for Admiral Shares of Vanguard index funds, shareholders need an account balance of $10,000 or more, while Investor Shares require a balance of $3,000.

Vanguard says it will automatically convert qualifying Investor Shares into the lower-cost Admiral Shares of the same fund over the next several months. Clients may also convert qualifying shares on Vanguard.com. Share conversions within the same fund are tax-free.

The impacted funds are listed on the following page.

 

Fund

Admiral Shares
Estimated Expense Ratio

Investor Shares
Expense Ratios

Savings

Basis
Points

Savings

%

Domestic Stock Index Funds

    

Vanguard Mid-Cap Growth Index Fund

0.10%

0.26%

16

38%

Vanguard Mid-Cap Value Index Fund

0.10%

0.26%

16

38%

Vanguard Small-Cap Growth Index Fund

0.10%

0.26%

16

38%

Vanguard Small-Cap Value Index Fund

0.21%

0.37%

16

57%

International Stock Index Funds

    

Vanguard Developed Markets Index Fund

0.12%

0.22%

10

55%

Vanguard FTSE All World EX-US Index Fund

0.18%

0.35%

17

51%

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