I am moving out of Vanguard :(

[wanaberetiree]

I moved a large portion of my assets to VG ~10 years ago and was a happy camper.

I did not use anything specific but loved that I had a live person assigned to me so we were able to chat once in a while, they used to allow an annual complimentary consultation with CFA and it was useful. I really loved MF like Wellington and Wellesley (moved to index ETFs later)

It's all gone now

When I call now, I feel like it's not somebody who is holding a significant part of your wealth, but sounds really like my health insurance company

I needed to find out some details about margin loans last Friday and it took me literally no time to accomplish it with Schwab, but with VG it was practically impossible.

So after several years of observing the changes at VG I am mostly out (kept one position for the time being).

Just wanted to share my experience and also wonder if other people noticed negativity with customer support at VG.

Thx

 

[UnrealizedPotential]

I quit vanguard maybe 5 years ago. I felt their customer service was lacking. It was like they didn't care if I kept my money with them or not. So I left to where I was treated better. YMMV.

 

[OldShooter]

Quality, Service, Price. Pick any two. I sympathize with these individual investor oriented brokerage houses like Schwab, VG, and Fido. Customers expect all three.

Edit: Not criticizing the OP in any way, just making an observation.

 

[jazz4cash]

Quality, Service, Price. Pick any two. I sympathize with these individual investor oriented brokerage houses like Schwab, VG, and Fido. Customers expect all three.

Edit: Not criticizing the OP in any way, just making an observation.

I certainly expect all three. Maybe not #1 in each category for every product, but I’m very happy at Fido. We have VG also. I’ve really only heard consistent complaints of customer service at VG. I think the overly cost conscious culture at VG prevents them from making value judgements that could provide better service without increasing cost.

 

[RetiredAt55.5]

Quality, Service, Price. Pick any two. I sympathize with these individual investor oriented brokerage houses like Schwab, VG, and Fido. Customers expect all three.

Edit: Not criticizing the OP in any way, just making an observation.

Vanguard used to thread the needle better trying to balance all three.

Now, they run TV commercials to attract even more customers, even though they are perennially one of the top $ inflow leaders and they struggle to keep up with their existing customers.

They used to value their Flagship clients. Now, they seem to value their advice clients more. So, great, the expense ratios are so low, but you have to pay extra (via advice fees), to get great service. I feel like I paid for my ticket to get into the rides at Magic Kingdom, but now I have to pay extra to get into the fastpass lines.

 

[target2019]

Vanguard fell behind in IT and Service. They squeeze two pennies and try to make a nickel.

 

[RetMD21]

Somehow I still have great access with Flagship. Allan Roth thinks that a lot of the issues are IT related https://www.etf.com/sections/index-...anguards-it-systems-breaking-point?nopaging=1

 

[steelyman]

I’m a very low maintenance Vanguard client since the early 90s. I like my fund choices but I don’t put any new money in Vanguard. I make annual withdrawals and prefer taking them from Vanguard (vs Fidelity, where I also have accounts). Ultimately I’ll drain my Vanguard holdings but I’m not in a hurry.

I only have mutual funds at Vanguard, individual stocks are at Fidelity.

 

[Midpack]

Not my favorite YT channel by any means, but Is Vanguard at a Breaking Point is all about their antiquated IT systems and waning customer service. I am still a Vanguard customer, but they're nothing like they used to be in terms of customer service.

 

[ShokWaveRider]

Where are folks going after dumping Vanguard? Schwab, Fidelity, Edward Jones

 

[wanaberetiree]

Where are folks going after dumping Vanguard? Schwab, Fidelity, Edward Jones

I still have Fido, VG and Schwab

Mostly in Schwab now

 

[VanWinkle]

You will find numerous threads on Vanguard's "poor service" but it seems that a new one starts several times per month. A search will give you plenty of ammo to feel like you made the right choice. There are also Fidelity threads every once in a while. Mostly good for Schwab, although I've read about certain of there programs holding large amounts of cash in your portfolio to help their bottom line. I sometimes wonder how many times Vanguard gets nailed, but I haven't kept count of the threads. If you want to invest on margin, Vanguard is likely not the best place.