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Is Vanguard too big? Some customers think so

$5tn money manager’s pristine reputation is taking a hit as it deals with technical snafus and other customer-service issues

Is Vanguard too big? Some customers think so

Louise Robbins bought shares in an exchange traded fund last Friday afternoon as markets fell, knowing that she had enough money in her Vanguard Group settlement fund to pay for the trade.

Tuesday morning, the 60-year-old Boston book editor received an erroneous email saying her settlement account did not have sufficient funds to pay for the transaction. A Vanguard spokesman confirmed that other retail clients received similar messages and the problem would be resolved without customers having to take any action.

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