It doesn't quite smell right to me.
It really bothers me that he says "For the 10 years ended Dec. 31, 2012, my moderate (60% equity) portfolio at Fidelity returned 7.8%; in that same period my moderate Vanguard portfolio returned 9.1%" and "My all-equity recommendations over the same period, according to Hulbert Financial Digest, produced returns of 8.7% at Fidelity and 10.3% at Vanguard" but doesn't name the specific funds.
I can't imagine where you could get a 1.3% or 1.6% difference in returns, using apples-to-apples comparable Vanguard and FIdelity funds.
Even if you look at international index funds, where the funds follow different indexes. Until recently, the closest equivalent to Vanguard Total International (VGTSX) would have been Fidelity Spartan International Index (FSIIX). I don't have the history of those funds in my head nor do I actually know where to look them up, but FSIIX is developed markets only, while VGTSX included emerging markets during a period of time when they emerging markets were doing very well. Yet the 10-year return for VGTSX is 9.75%, compared to 8.95% for FSIIX. That's only 0.80% difference. And that's mostly due to the difference in fund composition, not due to greedy Fidelity charging at fat ER. Again I don't know the history but FSIIX currently has an 0.20% ER compared to... hmmm.... 0.22% for VGTSX. (I won't look at Admiral/Advantage shares because $10,000 Admiral shares weren't available over most of that time).
Then, too, he seems to be mixing up Fidelity the mutual fund company with Fidelity the brokerage, and ditto for Vanguard. I--yes, I'll use the word love--Vanguard, and I closed my Fidelity account a couple of years ago. But a sane investor who, say, wanted to be able to visit a storefront, could certainly prefer to use Fidelity as their brokerage, while using a mix of funds and ETFs from various companies.
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.