Yes, you are in fact misunderstanding the point. We don't wrap anything. We use the same Vanguard funds as you would find in a Vanguard plan. It's the exact same costs. We don't make money based on AUM fees. You're also forgetting about all the other services you need in a 401(k), fiduciary, compliance, education etc. Not available via Vangaurd you have to hire it out and pay AUM fees.
