If we'd taken expert advice, we'd have set up an 800-number staffed by a bunch of telemarketers and hired a group of wholesalers. But instead, we lectured at industry conferences and wrote articles. We talked with advisors about their interest in learning about passive investing and grew largely by word of mouth.

160

We're constantly in contact with our advisors, who we consider partners. We consider these advisors as institutional clients, who are smart and sophisticated.

123