Vanguard investment firm apologizing to 17,000 millionaires

AP News
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Posted: Feb 03, 2017 9:49 AM

MALVERN, Pa. (AP) — A Pennsylvania-based investment firm is apologizing to about 17,000 millionaire clients.

Philly.com (http://bit.ly/2k3fS3q ) reports Vanguard Group, of Malvern, is reaching out to clients who've invested $1 million or more because of a recent email it sent to them. In sending the email, the names of 100 or so financial advisers who handle the clients were replaced with a supervisor's name, who wouldn't know the clients on a first-name basis.

Vanguard says it considered recalling the email, but nearly half of the investors who received it had already opened it. The company's financial advisers are being asked to apologize to clients personally.

The email encouraged the clients to invest more money, saying that "hoopla" surrounding President Donald Trump's election and other factors should have "limited long-term impact" on investments.

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Information from: Philly.com, http://www.philly.com/