Lessons from Vanguard’s Canadian launch: Don’t underestimate the banks

Five years into its Canadian expansion, Vanguard isn’t exactly where it hoped to be.

Famous for its low-cost exchange-traded funds that track major share indexes, the global giant had big ambitions when it launched here in 2011. Vanguard’s cheap fees were thought to stand out because Canada had some of the highest mutual fund costs in the world, and its size and brand name were considered a gravitational force that would attract investors.

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