Customer Service Experience Vanguard vs. Schwab and Fido

[kevink]

Do you know if it is possible to transfer a Vanguard fund )from a mutual fund account) to Schwab account (borkerage acct already established)?

I was actually looking for this in my Vanguard account online yesterday but did not find the way.

Thanks!

I'd initiate the process from the Schwab side.

 

[Ncc1701]

Yeah but once those shares of the actively-managed funds are at Schwab you can only sell shares and never buy additional ones, which defeats the purpose (especially because those funds don't permit automatic reinvestment of dividends).

This is false. Reinvestments on my VWIAX at Schwab go thru just fine.

 

[Ncc1701]

I'd initiate the process from the Schwab side.

Correct. Always start a transfer at the gaining firm.

 

[Ncc1701]

I don't see any indication on the Schwab site of any kind of premium service except for Private Client status that required 1M in assets minimum and in exchange for .80% of AUM gets you a whole suite of advisory and wealth management services. Not an attractive proposition IMHO given that I can get the same services for a $3000-4000 fixed fee from FA's who use Schwab as their custodian but provide access to institutional class funds not available to Schwab retail clients (e.g. DFA, various CEF's, etc.).

.

There is. If you have at least $250K, you can be assigned to a local Financial Consultant. Use him or her and their Client Relationship Specialist as your go to for service. If you are calling the 800#, you may be designated "heavy hitter" based on assets. These designations include Pinnacle (usually $2M+) or Chairman's Circle ($20M+). The phone system will route your call appropriately after you enter your account number

 

[CRLLS]

We used to be in some kind of heavy hitter category at Schwab and I suppose we still are. The Customer Service number I have is not the one they advertise publicly. IIRC having a personal advisor assigned at Schwab requires assets of $100K or $250K. For us, IIRC the heavy hitter category was based on assets -- $1M maybe? You can call them and ask about all this stuff.

I was just thinking that some sort of automatic algorithm as opposed to first call in - first out might explain the different reports of hold times we are getting in this, and other posts regarding this topic, even among the various companies. Personally, I am a Fido client. I never had a problem contacting them via the phone number shown on my monthly statements. I do believe I am in their Private Client Group. (no AUM fees but a dedicated person)

 

[MRG]

So does anyone think that the callback centers at Vanguard, Schwab, Fido and others prioritize the callback list based on some back office algorithm like attained level of service, having a personal advisor, gross assets, number of calls made in the past, etc? Or do you really think it is first call in gets the first callback?

Bear in mind that this time of year is a busy time for all with end of year rebalancing, tax season, end of year bonuses needing to be invested and such.

Call centers in the fund world can be very complicated. Look at the logistics, multiple call centers in different time zones with callers from multiple time zones. Now add in the complexity of your relationship with these entities. A call center representative for retail investors has a very different skill set from the 401k side. They use different systems and have completely different knowledge. These places have a lot of people who staff phones, it's very hard to retain quality people(I remember having beers with some folks in Boston and the discussion about how they would bounce between fund providers for a slight upgrade in pay).

Now pretend you are the person responsible for paying all these "bums in seats" and they're expensive, especially if they aren't helping customers. Sure they can share calls but what do you do when it's 5pm? These people are paid by the hour and an expense for the funds to absorb. I'm not suggesting what level of service a fund company should provide but Vanguard is clearly low cost, low hand holding fund company. I'd suggest American Funds staffing per account holder is higher than Vanguards, is it worth a 6% FE load and 10x fees? Not for me..

 

[kevink]

This is false. Reinvestments on my VWIAX at Schwab go thru just fine.

Thanks for correcting me on this! Indeed dividend reinvestments are allowed for all of these funds, though purchase of additional shares is not. I apologize for the error.

 

[kevink]

There is. If you have at least $250K, you can be assigned to a local Financial Consultant. Use him or her and their Client Relationship Specialist as your go to for service. If you are calling the 800#, you may be designated "heavy hitter" based on assets. These designations include Pinnacle (usually $2M+) or Chairman's Circle ($20M+). The phone system will route your call appropriately after you enter your account number

It's 500K, not 250 and they offer to refer you to a fee-charging FA (see "Investment Management Fees & Minimums in this document):

https://www.schwab.com/pricing#acc1-component--acdefault74726

Good to know about the Pinnacle and Chairman's Circle tiers. I continue to be really impressed with the value-for-money Schwab delivers.

 

[target2019]

Keeping Admiral Shares at Schwab isn't a big stretch. You can buy Admiral shares of Index funds at Schwab and if you have at least $1M, you can do it without a fee. For actively managed Admiral shares like VWIAX, I buy at Vanguard but then transfer to Schwab. The transfer process can be done completely online without paperwork or cost.

Do you know if it is possible to transfer a Vanguard fund (from a mutual fund account) to Schwab account (brokerage acct already established)?

I was actually looking for this in my Vanguard account online yesterday but did not find the way.

Thanks!

edited for spelling

I'd initiate the process from the Schwab side.

Yes, it is possible to initiate this from Schwab. But I was specifically asking Ncc1701 about the transaction process he mentioned, where it is all done online at Vanguard.

I went through the support FAQ and eventually landed at this question and answer:

Transferring assets from Vanguard to another investment company
In order to transfer money out of Vanguard, please reach out to the institution you’re transferring money to, they should be able to help you from there.
If you're transferring assets from a 401(k), 403(b), or other employer-sponsored retirement plan held at Vanguard, log on to our retirement plans participant website for additional information.

I haven't yet found a link or hint on the Vanguard site to transfer one mutual fund (in a taxable Vanguard mutual fund account) to a Schwab brokerage account. Maybe it requires a different account type on the Vanguard side.

 

[Ncc1701]

It's 500K, not 250 and they offer to refer you to a fee-charging FA

Kevink - the $500K minimum is for enrollment in Schwab Private Client or Schwab Advisor Network. Those are fee based advisory services and that's not what I'm talking about. If you have $250K, you can be assigned to a Schwab Financial Consultant in the branch. NO portfolio management or extra fees to pay for. All you have to do is ask.

"How can I get access to a Financial Consultant?
Dedicated Financial Consultants are generally made available to clients with $250,000 or more in assets at Schwab. Of course, any Schwab client can talk to an investment professional anytime."

 

[Ncc1701]

Yes, it is possible to initiate this from Schwab. But I was specifically asking Ncc1701 about the transaction process he mentioned, where it is all done online at Vanguard.

Hi Target 2019, I never stated the transaction process is done on the Vanguard website. If you hold an Admiral share at Vanguard in either a MF only or brokerage account, you can start the transfer process at Schwab on their website and just input your Vanguard account number. It takes a week for the fund to transfer, no fees and you'll be able to reinvest at Schwab no matter which share class it is.

Here is the link to do it: https://client.schwab.com/Apps/Service/TransferOfAccounts/#/getting-started

 

[OldShooter]

Kevink - the $500K minimum is for enrollment in Schwab Private Client. That's not what I'm talking about. If you have $250K, you can be assigned to a Schwab Financial Consultant in the branch. NO portfolio management or extra fees to pay for. All you have to do is ask.

FWIW I don't recall that we even asked. It just happened. In probably 15-20 years with Schwab we've probably had three or four. Our current guy has been with us 5+ years. He is very helpful with admnistrivia and answering questions. He is not there to sell, though he does get spiffs if someone in his book buys an annuity or sign$ up for advisory service. I think he is not permitted to make specific recommendations. Not sure about that but he never has.

 

[target2019]

Hi Target 2019, I never stated the transaction process is done on the Vanguard website. If you hold an Admiral share at Vanguard in either a MF only or brokerage account, you can start the transfer process at Schwab on their website and just input your Vanguard account number. It takes a week for the fund to transfer, no fees and you'll be able to reinvest at Schwab no matter which share class it is.

Here is the link to do it: https://client.schwab.com/Apps/Service/TransferOfAccounts/#/getting-started

Thank you. I see I misinterpreted your statements. Sorry about that.

 

[Ncc1701]

FWIW I don't recall that we even asked. It just happened. In probably 15-20 years with Schwab we've probably had three or four. Our current guy has been with us 5+ years. He is very helpful with admnistrivia and answering questions. He is not there to sell, though he does get spiffs if someone in his book buys an annuity or sign$ up for advisory service. I think he is not permitted to make specific recommendations. Not sure about that but he never has.

Oh he's definitely there to sell...I used to be one of them ...LOL

But yes, depending on the geographical area, clients may be automatically assigned to a consultant.

 

[Texas Proud]

Do you know if it is possible to transfer a Vanguard fund (from a mutual fund account) to Schwab account (brokerage acct already established)?

I was actually looking for this in my Vanguard account online yesterday but did not find the way.

Thanks!

edited for spelling

Not sure about Schwab but I transferred a few accounts to Fidelity with zero problems... and all completed in a couple of days...


Really shocked how quickly they were able to do it compared to Vanguard....

 

[target2019]

Not sure about Schwab but I transferred a few accounts to Fidelity with zero problems... and all completed in a couple of days...

Really shocked how quickly they were able to do it compared to Vanguard....

The fund was successfully transferred by pulling from Vanguard. The fund is in the transfer process now and will show up in our Schwab brokerage on Monday. So it is likely to be 3 business days total.

Thanks to all for the help.

 

[bbqcoder]

I never really have a reason to call them. What kind of questions are people asking that they need to call in? I generally prefer to use secure message or chat.

I have accounts with E*TRADE, Fidelity, Vanguard and TD Ameritrade.

I think E*TRADE and Fidelity have the best websites. Vanguard is the worst.

I recently tried to send them a secure message and the form crashed with a 404 error. Basically was trying to see if there was a way i could deposit money from my bank using the routing number and account number. I don’t think it’s possible to do this. You can initiate a transfer from Vanguard side but not the other way around.

 

[jazz4cash]

I’ve been pretty pleased with Fido. I called on a Friday, last day of the month, high volume day based on all the Reddit excitement and they put me in the callback queue. I found the info I needed on their website and missed the callback but they tried twice at 15 and 25 minutes after my request.

 

[target2019]

I never really have a reason to call them. What kind of questions are people asking that they need to call in? I generally prefer to use secure message or chat.

I have accounts with E*TRADE, Fidelity, Vanguard and TD Ameritrade.

I think E*TRADE and Fidelity have the best websites. Vanguard is the worst.

I recently tried to send them a secure message and the form crashed with a 404 error. Basically was trying to see if there was a way i could deposit money from my bank using the routing number and account number. I don’t think it’s possible to do this. You can initiate a transfer from Vanguard side but not the other way around.

We have links from Bank to Vanguard (and Vanguard to Bank), so we can push to Vanguard from our Bank. But you have to establish the link with trial deposits and withdrawals, and then verify those amounts.

Hope I understood your comment.

 

[indiajust]

I did 18 rollovers, all but one to schwab. Never had any customer service issues. I had an account number issue presaging divorce (deposits went to old account, withdrawals from new) that led to many bouced checks. Schwab fixed the whole thing at their time and expense.

They don't provide hand-holding, no sales pressure. I have only called once or twice a year, never any issues. I have used their internal chat service that works quite well on the website. The TD merger has strained relations with RIA folks that custody, but small beer for the current retail user.

I have been steady on with schwab now since early 90's. I am on my third consultant now, since I moved house and lost my local folks in Raleigh.

I only used Fido and VG with 401k's, all of which ultimately rolled to IRA, and thence to Roth.

 

[Doc0]

Vanguard is ridiculous. The entire experience is crap especially the web interface. Vanguard does NOT want you trading so they place time barriers to clearing a trade. I sold some TLT 10 days ago and the trade still hasn't cleared. Vanguard has basically become an ETF business with ETF's traded on every major platform. One of my professionally managed 401K's, with custody on FIDO, went from JP Morgan funds to Vanguard target funds, so there is no special advantage to owning Vanguard on the Vanguard platform. ETrade is a good trading or investing platform but their tax dox ore crap. Fido is the best IMHO. They have the best interface easy to trade, easy to invest, easy to pay bills, a cash back credit card. Most everything can be done on the website without a need for a human. The tax dox are very easy to navigate.

 

[FREE866]

I've been with Schwab for 20+ years and if you asked me even a year ago I'd say "they are great", but last 12 months the chat feature is really weak and I emailed a week ago and just realized I never heard back. Pretty disappointing.

 

[RVplusDog]

Vanguard is ridiculous. The entire experience is crap especially the web interface. Vanguard does NOT want you trading so they place time barriers to clearing a trade. I sold some TLT 10 days ago and the trade still hasn't cleared. Vanguard has basically become an ETF business with ETF's traded on every major platform. One of my professionally managed 401K's, with custody on FIDO, went from JP Morgan funds to Vanguard target funds, so there is no special advantage to owning Vanguard on the Vanguard platform. ETrade is a good trading or investing platform but their tax dox ore crap. Fido is the best IMHO. They have the best interface easy to trade, easy to invest, easy to pay bills, a cash back credit card. Most everything can be done on the website without a need for a human. The tax dox are very easy to navigate.

I’m hoping to be able to import the tax docs straight in to TurboTax (back to this after 3 yrs of HRB). Does the e*Trade data not import properly? They are a candidate firm for me still.

I’m still evaluating all the brokerages for a potential home for my IRAs. I don’t love Fidelity’s mobile app so far, but I really think I must move from Vanguard. VG can’t handle my level of account/trade data, it seems. It’s literally click - wait one thousand Mississippi x10 - next click. My DH has much simpler accounts and far less queued activity and gets response in less than two Mississippi. Hopefully Fido or eTrade won’t bog down on me once I get everything all set up over there.

 

[ERhoosier]

Long time customer of both. Same 'asset class' at both. Service at Schwab is FAR better than Vanguard over past few years. The only reason I still have a Vanguard account is that my employer 401k is there and I am still getting some employer contributions.

 

[GreenEggs]

Nobody here is switching to Robinhood?