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Sources: 1 Vanguard's study based on their Alpha framework.  Putting a value on your value: Quantifying Vanguard Advisor's Alpha, Vanguard Research, 2014. 2 The study of 14 large retirement plans with more than 723,000 individual participants and over 55 billion in assets, by Aon Hewitt, a consulting firm, and Financial Engines, an investment advisory firm, between 2006-2012.  

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