Actually, IMO that is A Very Good Thing. For Vanguard, it allows them to keep money that might otherwise be transferred to bank trust departments. For customers, it keeps money out of the hands of bank trust departments, which are historically very expensive and historically poor investors.
Schwab is doing the same thing and I got a copy of their rates from my guy yesterday. They are hugely cheaper than banks and I am sure that Vanguard will be competitive with Schwab.
Many here, including us, have estate plans that include testamentary trusts. We have sent the Schwab info to our attorney and will explore further what is involved in working with Schwab. Most trustees have certain requirements for trust documents, so we have to see if theirs are compatible with our needs. Looking at cost only, Schwab and Vanguard will probably be no-brainers. We'lllook at Vanguard too, but Schwab is convenient because we already have a fairly large relationship.