Better customer service: Vanguard or Fidelity?

[LXEX55]

I need to move my 401k from Wells Fargo to either an IRA with Vanguard or Fidelity. Most of what I am moving is to bland vanilla money market fund, so fund choice is not an issue here. Tie breaker is custmer service. Any suggestions or does it really not matter, they both good? Thanks!

 

[tdv2]

I have had an outstanding experience with Fidelity for many years now. The customer service reps are professionals. My impression is that they hire smart people and provide them with extensive training.

 

[MRG]

Depends on how you define best. For years I received great service from the local KC branch. Now I'm in a remote area with no branches nearby. Vanguard wins hands down for remote support.

 

[SumDay]

Vanguard gets my vote. When I first moved our 401(k)'s to Vanguard IRA's I made some frantic, really annoying calls with stupid newbie questions. They are great at hand holding, and when all else fails, they'll do it for you. I see some complain about their website, but I have become pretty adept at self-service.

 

[travelover]

Depends on how you define best. For years I received great service from the local KC branch. Now I'm in a remote area with no branches nearby. Vanguard wins hands down for remote support.

Good advice. If you live near a Fido office, it is convenient to have a face to face.

 

[euro]

From the info you are providing I'd say: "it doesn't matter much".

I have dealt with both firms extensively and in MY experience, I'd give Fidelity a small edge over VG in terms of online and phone customer service. Obviously, a large edge if you like face to face and have a branch nearby. Fidelity website is leaps and bounds better than VG but it doesn't sound like that will matter much to you. You really can't go WRONG.

 

[kgtest]

Look at VG Flagship if you have 1MM+ Otherwise I love Bogle's principles and the idea that his employees are shareholders...a little extra incentive to provide better Service IMHO...doesn't mean the human you connect with is having a grand ole day and is ready for that though.

 

[Another Reader]

Vanguard bungled a rollover and could not find the money for six weeks... Turns out the software did not allow the money to be "seen" during the process. No one knew this, and the reps insisted they had not received it.

Never had a high level of confidence in them after that. Majority of accounts are at Fido, although I still have some managed funds at T Rowe and a relatively small taxable account at Schwab. I do have money at Vanguard, can't beat their money market rates and the missing rollover that magically reappeared is mostly in Wellington.

 

[ER Eddie]

I find Vanguard's website more customer friendly than Fidelity's, but the one time I called Vanguard on the phone, the rep sounded like he was only half paying attention, and the transaction I was requesting never went through. It was an attempted rollover, similar to what Another Reader mentioned above.

 

[braumeister]

From the info you are providing I'd say: "it doesn't matter much".

I have dealt with both firms extensively and in MY experience, I'd give Fidelity a small edge over VG in terms of online and phone customer service. Obviously, a large edge if you like face to face and have a branch nearby. Fidelity website is leaps and bounds better than VG but it doesn't sound like that will matter much to you. You really can't go WRONG.

Same opinion here. I have accounts at Fido, Schwab, and Vanguard. Of the three, I would rank Vanguard's service lowest, but still acceptable.

 

[Brat]

Fidelity is best.

 

[cbo111]

I have a VG Voyager-Select account, which assigns me a specific advisor that I can contact when necessary. I recently converted funds from tIRA to Roth. This was the first time I have done this, and my advisor was very helpful with the execution, including his asking a bunch of questions regarding strategies for RMD's down the road. If I don't like his advise in the future, I can select another CFP from their list. So far there have been no issues working with VG in my 10 years with them.

 

[bada bing]

I love Vanguard investment products and almost all of my equity investment is in Vanguard index ETF's.

I dumped Vanguard as a custodian about 5 years ago and would not go back. Fidelity and Schwab (my favorite) both beat Vanguard customer service and their CSRs exhibit some bit more competence IME. I have accounts at Fidelity (401K, Mega-backdoor Roth IRA, deferred comp and company pension) and at Schwab (solo401K, taxable and regular backdoor Roth). I am not a preferred client anywhere, I only have ~$750K at both Fidelity and Schwab. I have accounts a bit more complex than simple IRAs (solo401K and mega-backdoor Roth). I wouldn't trust regular retail Vanguard CSRs to not screw up those type accounts, but think they are probably fine for plain vanilla IRAs.

IMO there is no reason to accept less than the best in customer service, and that isn't Vanguard IME. Doesn't mean I don't have a soft spot for Vanguard products and Bogle philosophy, but I can get that with better service - and good lobby coffee - at Schwab and Fidelity.

 

[Another Reader]

I love Vanguard investment products and almost all of my equity investment is in Vanguard index ETF's.

I dumped Vanguard as a custodian about 5 years ago and would not go back. Fidelity and Schwab (my favorite) both beat Vanguard customer service and their CSRs exhibit some bit more competence IME. I have accounts at Fidelity (401K, Mega-backdoor Roth IRA, deferred comp and company pension) and at Schwab (solo401K, taxable and regular backdoor Roth). I am not a preferred client anywhere, I only have ~$750K at both Fidelity and Schwab. I have accounts a bit more complex than simple IRAs (solo401K and mega-backdoor Roth). I wouldn't trust regular retail Vanguard CSRs to not screw up those type accounts, but think they are probably fine for plain vanilla IRAs.

IMO there is no reason to accept less than the best in customer service, and that isn't Vanguard IME. Doesn't mean I don't have a soft spot for Vanguard products and Bogle philosophy, but I can get that with better service - and good lobby coffee - at Schwab and Fidelity.

Damn, I'm going to have to try the coffee next time I'm in the office. It's been a couple of years since I have had to make a personal visit.

T Rowe Price experimented with offices about ten years ago. There was one up in Walnut Creek I think. I believe they closed those a few years ago.

 

[Dtail]

Only have dealt with Fidelity. Big thumbs up for them.
No pressure selling/truly understand the DIY crowd/receive advice for free when needed.

 

[GrayHare]

Much of your experience will be colored by the rep to whom you happen to be assigned. I've had excellent reps and poor ones. If you are disappointed ask for a new rep.

 

[davebarnes]

I moved from Vanguard because Fidelity has a local retail office.
I moved from Janus because wider selection, lower fees and local office. (I went with Janus in the first place because they were headquartered in Denver and had a storefront. Was not happy when they closed the storefront.)
Very happy with Fido. I think the website is very good and the retirement planner is also.

The junior member of my Fido team (the one who does all the handholding) is going to be promoted soon and he is in his 30s. Hopefully, he will be my "forever" rep.

 

[free2020]

Fidelity.

20+ Years of being a satisfied customer. The reason I picked Fidelity was that they were our 401K custodian in three companies I worked in. Rolling over to IRA was a breeze. Their virtual bank is awesome and their credit card sends big cash rewards.

No reason for me to try anything else.

 

[pjm-7]

Fido closed my money market account when it fell below the minimum. After that I moved out my IRA. That was 25 years ago and I never went back. I don't want to try their service again.

 

[gwraigty]

We've experienced poor service with Vanguard, great service with Fidelity and Schwab.

 

[HI Bill]

Vanguard bungled a rollover and could not find the money for six weeks... Turns out the software did not allow the money to be "seen" during the process. No one knew this, and the reps insisted they had not received it.

I experienced this multiple times (one rollover, one inherited IRA rollover, and a couple of other tranfers), but only for a week or two. The accounts would show transfer in process, but the $ dissappear for a while. It's disconcerting to not see your $ anywhere, but any good representative there should know that. I'm also not a fan of having $500K checks being mailed from one institution to another....

 

[KenZ71]

Worked at Fido '96 to 01 they treated me pretty good and left my $$ there until about 18 months ago.

Why the switch? Could not buy some of the preferred stock I wanted without talking to a phone rep. Went to Schwab - very happy. Only regret is their money market sweep stinks.

 

[stephenson]

Fidelity.

I have Vanguard account, as well, but Fidelity burns with intensity in comparison ...

 

[rk911]

i think you’d be fine either way but if i had to choose i’d say Vanguard.

 

[Qs Laptop]

I can't comment on Vanguard. I currently have accounts at Fidelity and TD Ameritrade. I previously had accounts at Edward Jones.

For do-it-yourselfers Fidelity is much better than TD Ameritrade, especially navigating and understanding their website and downloading account information. Fidelity has hundreds of articles about investing and "how to" articles. Also archives of webinars. Fidelity phone support is also better but I've noticed TD Ameritrade is making great progress at improving their phone support. I recently opened a solo 401k plan there and they were very knowledgeable and helpful. Why didn't I open a solo 401k plan at Fidelity? Because they don't offer a Roth option at Fidelity, only traditional tax deferred.