Vanguard contacted me through my university's career network and offered a phone interview. The call last approximately 1.5 hours. Most of that time was the interview itself (behavioral) which consisted of probably somewhere around 15 questions. After I was offered a second, on-site interview, the woman spoke told me about the interview process, in detail, and what would be expected of me. I haven't worked in any professional positions yet, so it was shocking how much detail she offered about the on-site interview. She even told me that I would be asked specific questions about news in the field and there would be a role-play. It made the on-site interview less intimidating that I already knew what would happen.
So Vanguard flew me from my university to site, picked me up at the airport and paid for my hotel stay, all that stuff. The on-site interview lasted about 4 or 5 hours.
1st hour: Q&A about the company
2nd hour: another behavioral interview, with some questions about general intuition (How would you advise a client who wants to do ______ ?)
3rd/4th hour: elaborate on the resume and role play for client assistance
5th hour: presentation about Vanguard which was mostly about their benefits*
*this was pretty weird... at one point they went on and on about the fact that they have a nice, big gym (big deal, every company has a gym)... totally unnecessary.
I heard back from Vanguard less than one week after the on-site interview.
Overall, the interview process was straightforward, high-quality without being unnecessarily intimidating, and, as I and other interviewees with whom I spoke afterwards, enjoyable.