But this is for their &quot;brokerage&quot; service, not their mutual fund arm.  Vanguard being a big brokerage should mean its less directed and more diverse (and therefore more valuable) than a small brokerage.<p>Though Vanguard probably (I don&#x27;t know this) also uses at least one of these firms for their execution services on the mutual fund side as well, if only because that is the cheapest way to get good execution rates.  I wouldn&#x27;t be surprised if they pay for this, not get paid for it though.