Vanguard Offers Financial Advice Service to Amex Card Holders

Investment management firm Vanguard has partnered with American Express on a new Vanguard financial advice service which will reportedly cut costs and complexity, a press release says.

The service, INVEST for Amex by Vanguard, will be for American Express members who are eligible and will come with digital financial planning and investment management expertise.

It will pair with American Express’ differentiated rewards and provide access to Vanguard advisors.

The service will add ways for customers to get “better financial outcomes.”

The release notes that INVEST will include a digital experience paired with the guidance of a Vanguard financial advisor, personalized, goals-based finance plans and eligibility to earn rewards.

“Advice is a powerful accelerant for investment success, providing coaching and guidance to help investors avoid financial pitfalls, build wealth, and fulfill their long-term goals,” said Tim Buckley, Vanguard chairman and CEO. “As Vanguard seeks to make our advice more accessible, we are excited to team up with the distinguished brand of American Express to deliver on our mission to give investors the best chance for investment success.”

Meanwhile, Amex CEO and chair Stephen J. Squeri said the collaboration would help “deliver access to a transparent and trusted service to help our Card Members reach their financial goals.”

“American Express continually innovates to provide differentiated value and services to our customers, and INVEST extends our reach beyond their everyday needs helping them plan for the future,” he said.

In related news, a PYMNTS report says the IRS is looking into whether or not American Express sales staff were guilty of giving faulty tax guidance to potential customers, with the eye towards selling them payment card-related services.

Read more: Report: IRS Investigates Amex Pitches to Businesses

The pitch involved business operators deducting card-processing fees from business income for tax purposes. Then they’d transfer the rewards triggered from the fees to AmEx cards they controlled – without paying taxes, reportedly.