Vanguard Financial Planning

[Alan]

Quote:

Originally Posted by Midpack I rarely talk live to 'my rep' or anyone else at Vanguard, and I am sure I wouldn't at Fidelity if I still had accounts with them. There are undoubtedly some unusual exceptions, but I can't remember any transaction that can't be done online. All my buy, sell and transfers are done online - instantly or at the next close of business day. We've also done four transfers from 401ks to rollover IRAs at Vanguard, each was completely painless. I've never talked to anyone or had a transaction of any kind held up, not once. YMMV

There is a little anomaly that we've had with FIDO that we haven't had with VG. We each had tIRA's at FIDO (DW) and VG (me) and then rolled over our 401k's to rollover IRA's Shortly after we each created a ROTH IRA to receive conversions. With VG I can do conversions from either the Rollover or tIRA into the ROTH online. With FIDO we can do online conversions to ROTH from the Rollover IRA but not from the tIRA; that requires a telephone call. Not a problem going forward because this year we moved the last of DW's money from the FIDO tIRA to her ROTH so she now only has a ROTH and a Rollover IRA, so conversions can be handled online.

[Animorph]

Quote:

Originally Posted by Alan There is a little anomaly that we've had with FIDO that we haven't had with VG. We each had tIRA's at FIDO (DW) and VG (me) and then rolled over our 401k's to rollover IRA's Shortly after we each created a ROTH IRA to receive conversions. With VG I can do conversions from either the Rollover or tIRA into the ROTH online. With FIDO we can do online conversions to ROTH from the Rollover IRA but not from the tIRA; that requires a telephone call. Not a problem going forward because this year we moved the last of DW's money from the FIDO tIRA to her ROTH so she now only has a ROTH and a Rollover IRA, so conversions can be handled online.

That's strange. I've done a backdoor Roth contribution for DW the last couple of years. That was from a tIRA created just for that purpose to a Roth IRA created at the same time.

And I have no idea what special circumstances would lead to requiring a reason for moving money. I do it all via EFT and have transferred plenty of cash from Fidelity to online banks this year. Was it perhaps after receiving a bonus for moving new funds to Fidelity, which might be contingent on leaving them there for a period of time?

[nwsteve]

I have had a similar experience with needing to call to do a Roth conversion from rollover ira at Fido--explanation was that there certain holdings in the account that require a rep handle the transfer. I think it has something to do with account valuation of funds. The item reference was a traded bond position. No bond, no problem with on line conversion.
Nwsteve

[Alan]

Quote:

Originally Posted by Animorph That's strange. I've done a backdoor Roth contribution for DW the last couple of years. That was from a tIRA created just for that purpose to a Roth IRA created at the same time. And I have no idea what special circumstances would lead to requiring a reason for moving money. I do it all via EFT and have transferred plenty of cash from Fidelity to online banks this year. Was it perhaps after receiving a bonus for moving new funds to Fidelity, which might be contingent on leaving them there for a period of time?

Quote:

Originally Posted by nwsteve I have had a similar experience with needing to call to do a Roth conversion from rollover ira at Fido--explanation was that there certain holdings in the account that require a rep handle the transfer. I think it has something to do with account valuation of funds. The item reference was a traded bond position. No bond, no problem with on line conversion. Nwsteve

The rep told us it was because the ROTH and rollover IRA were in a brokerage account and the tIRA was in a Mutual fund account and the online software simply doesn't allow a member to transfer monies between the two. Note that regardless of which account the money is in, it is held in mutual funds. I've attached a screen snippet to show the accounts. The call to give the instructions was easy enough and the transaction went through that day.

[jerome len]

Yes, I'm a member of their private client group. Whenever I call my rep I get voicemail and then a return phone call from his assistant. Then, if I want to withdraw funds I get asked why and, frankly, it just isn't their business. So, it's easier for me when I want to withdraw funds to call their help desk and handle business directly. The only time my "private banker" contacts me is when they want to sell me something like an annuity.......my fido banker is my fido salesperson. I'm busy, hate always getting a voice mail, hate having an assistant call me back instead of my "private banker" . When I get a phone call from a business associate I return my calls myself. And......finally I NEVER have my assistant dial the number while I sit on the sidelines and when my party answers ask them to hold while they get me on the line......my fido "private banker" does that as well. Sorry to sound off.......maybe some of this is my fault but I HATE going through all the cr*p when I need cash from my fido money market fund which, by the way, is only paying me .01% at this time. Like Midpack I prefer doing most of my business on line. fido, however, will not let you remove more than $100,000 on line without talking to a rep......they will, however, let you invest over $100,000 without talking to a rep. I had a substantial real estate sale this year and needed to send my favorite Uncle a check for over 100k........impossible to do without talking to a live person who wants to ask you "why" you're removing the money from your account......apologize, again, for sounding off.......but, they wasted a couple hours of my time just to give me my money.

[Alan]

Quote:

Originally Posted by jerome len Like Midpack I prefer doing most of my business on line. fido, however, will not let you remove more than $100,000 on line without talking to a rep......

That sounds like an understandable security check. Maybe you can sign some document that says fido are not in anyway responsible for online fraud on your accounts.

[Options]

Quote:

Originally Posted by Midpack There are undoubtedly some unusual exceptions, but I can't remember any transaction that can't be done online.

Precisely. What. Pizzas. Me. Off. I can't do it all effortlessly online.

I cringe when someone's going to provide me with "service" because it's usually not as good as i could have done myself anyway. I'm a totally self-service individual and if i could do all of this myself i would (to eliminate the very problems i'm encountering now). unfortunately, in order to consolidate my holdings to VG i need what is referred to as the current (highly substandard) "concierge service ()" they're providing me in order to do it.

i will be kicking ashtray with VG next week if this doesn't get resolved. i have much better things to do with my time. [end of rant]

[pb4uski]

Quote:

Originally Posted by jerome len ....Then, if I want to withdraw funds I get asked why and, frankly, it just isn't their business. ...

+1 I guess that I wouldn't mind having to do transactions over a certain amount by phone rather than on line, but I would not put up with having to give them a reason why. Like you say, none of their damn business. It would only happen once for me and then I would tell them if it ever happens again they will have a good sized account walking out the door to another service provider.

[jerome len]

Quote:

Originally Posted by Alan That sounds like an understandable security check. Maybe you can sign some document that says fido are not in anyway responsible for online fraud on your accounts.

I don't mind security checks......they do that as well and I appreciate it. My challenge is asking me "why" I'm asking for my own money. whenever you call fido you will go through a thorough security check prior to any discussion about your account. That's appropriate and appreciated.

[REWahoo]

If I was a FIDO customer (I'm not) and was asked "why do you want to withdraw the money", my answer would be the same every time: NYDB.

[Sarah in SC]

I have never heard of Schwab asking someone why they wanted to move money. Ever. It is their money to do with what they choose.

[Midpack]

Quote:

Originally Posted by Sarah in SC I have never heard of Schwab asking someone why they wanted to move money. Ever. It is their money to do with what they choose.

Fidelity never challenged me either in the 15 or so years I was with them. Not even when I abruptly moved my entire portfolio to Vanguard. They called once and asked if there was anything they could do to change my mind. I politely said 'no' and they thanked me for my (past) business. It was a 1 minute call at most. Just one data point FWIW...

[In-control]

I thought that it was 1 million for the plan to be free but that might have changed. As a Flagship member you get a bunch of things at deep discounts or free. Some of them not listed, like free checking. I enjoy my discussion with the VG financial planner each year. They are honest, don't try to sell me anything or skimp on time.

They also told me last year, based on the information I had given them, that I could retire. Since I was 50 it was the first person in that industry that said that.

Additionally I have $ in Fidelity Spartan index funds and they have never told me to transfer them. So they they get big points in my mind for that.

Their are not many people that you can talk to about this subject - as most seem to think that your not serious or just bragging.