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For those who transitioned their Vanguard accounts
Old 01-14-2021, 02:19 PM   #1
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For those who transitioned their Vanguard accounts

How did you answer the required personal questions regarding annual income and liquid net worth?



I was going to finally transition my account (just an old TIRA) but I do not want to answer those questions.
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Old 01-14-2021, 02:43 PM   #2
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I put in the lowest number possible. It's none of their business. Furthermore the transition is really not mandatory. Those in the brokerage business as well as my 91 yo mom who was in the business do not have to transition. If course this was a VG rep so your results may vary.
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Old 01-14-2021, 02:50 PM   #3
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Make up any number you want, you are not under oath, and it's not a gov't form you are filling out.
It's just so their marketing dept, know how often to call you, or to offer you nicer choices.
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Old 01-14-2021, 02:52 PM   #4
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You don't have to transition accounts right now.
If I had to fill in answers to financial questions I'd make up something. Low as possible sounds correct.
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Old 01-14-2021, 03:27 PM   #5
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Honestly they don't care its not on your permanent record.
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Old 01-14-2021, 04:30 PM   #6
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I don't remember them asking for that... I probably would have answered the income question but not the NW question.
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Old 01-14-2021, 07:09 PM   #7
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Honestly they don't care its not on your permanent record.
True, but when I see "official" and "gov regs", I sort of sit up and take notice. LOL.

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Originally Posted by pb4uski View Post
I don't remember them asking for that... I probably would have answered the income question but not the NW question.
I wonder if it's new? I had to answer my investing goal (growth, income, etc), something else I can't remember, and the income and NW questions. All were required fields. It was odd. I answered the first few, but canceled the process when I got the income and NW questions. I'll look at it again tomorrow and see if I want to bother transitioning or not. I only tried today since it was the new year and I thought I might move a wee bit to play in stocks. Also, I'd get rid of the annoying "transition now" button and messages.
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Old 01-14-2021, 07:40 PM   #8
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It seems my original post was eaten by the internet so I'm trying this again.

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Originally Posted by foxfirev5 View Post
I put in the lowest number possible. It's none of their business. Furthermore the transition is really not mandatory. Those in the brokerage business as well as my 91 yo mom who was in the business do not have to transition. If course this was a VG rep so your results may vary.
That was my first thought, too, but it sounded so official!

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Make up any number you want, you are not under oath, and it's not a gov't form you are filling out.
It's just so their marketing dept, know how often to call you, or to offer you nicer choices.
You might be on to something here. The question about my 'investing goals' was odd.
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You don't have to transition accounts right now.
If I had to fill in answers to financial questions I'd make up something. Low as possible sounds correct.
Yeah, but I figured now that it was a new year, it would be a good way to get rid of the annoying reminders and allow me to do a little trading.

I'll definitely read the stuff again in the morning and see where I want to go from there.
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Old 01-14-2021, 11:59 PM   #9
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IIRC, wasn't there some SEC rule instituted some years ago requiring brokers, etc. to send out a form with specific questions to investors asking this information? Some send out the form yearly. I'm real hazy on it now, seems it had something to do with suitability of products for different "classes" of investors.

If I get a chance Friday, I'll try to dig one of these out, there may have been a fine-print statement at the bottom that specified the organization requiring it, and maybe a spec number.

I just put down Growth, Income as objectives, leave the NW lower from years ago, and put down knowledgeable investor. IIRC, there is a requirement for brokers to update this every year, but if there is "no change", you don't have to respond . The broker meets their obligation by sending one out/getting you to fill one in. If you choose not to make any changes year to year, that's not their problem, they did their duty.

We just got done converting a bunch of Vanguard mutual funds to same mutual funds in brokerage accounts. Decided to go ahead and do it, as we plan on moving more business over to them this year, and some new accounts will need to be created for some of it. And new accounts are brokerage. Converting a taxable trust account was NOT fun. We did Roth, etc. first, and instructions weren't too bad (but not real good, either). For trust, once we got started, their instructions just left us hanging, confused and bewildered. Finally got through it, figuring if we screwed it up, nothing would transfer and I'd have to spend life on the phone. I guess we made the right choices. Some of the right choices probably was purely by accident. The trust-route instructions suck big-time. There's no nice way to put it. Seems like just another case of people designing things that they themselves don't use.

Once we thought we were done with the trust conversion input, and signed off on it, it took about a week and a half for VG to put it in place. They say 5 to 7 days, so that was close enough. We really expected them to call or email us with questions, but it seems we got through the maze somehow on our own. Amazing! You can keep using the original mutual fund account until they complete the transfer, so you do not lose access to funds or the ability to buy/sell during the conversion time. We, being ever-mindful of the infinite ways that SCHTF, would not make any $ changes until the new account is up and running.
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Old 01-15-2021, 06:55 AM   #10
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Quote:
Originally Posted by Telly View Post
IIRC, wasn't there some SEC rule instituted some years ago requiring brokers, etc. to send out a form with specific questions to investors asking this information? Some send out the form yearly. I'm real hazy on it now, seems it had something to do with suitability of products for different "classes" of investors.


If I get a chance Friday, I'll try to dig one of these out, there may have been a fine-print statement at the bottom that specified the organization requiring it, and maybe a spec number.


I just put down Growth, Income as objectives, leave the NW lower from years ago, and put down knowledgeable investor. IIRC, there is a requirement for brokers to update this every year, but if there is "no change", you don't have to respond . The broker meets their obligation by sending one out/getting you to fill one in. If you choose not to make any changes year to year, that's not their problem, they did their duty.

We just got done converting a bunch of Vanguard mutual funds to same mutual funds in brokerage accounts. Decided to go ahead and do it, as we plan on moving more business over to them this year, and some new accounts will need to be created for some of it. And new accounts are brokerage. Converting a taxable trust account was NOT fun. We did Roth, etc. first, and instructions weren't too bad (but not real good, either). For trust, once we got started, their instructions just left us hanging, confused and bewildered. Finally got through it, figuring if we screwed it up, nothing would transfer and I'd have to spend life on the phone. I guess we made the right choices. Some of the right choices probably was purely by accident. The trust-route instructions suck big-time. There's no nice way to put it. Seems like just another case of people designing things that they themselves don't use.

Once we thought we were done with the trust conversion input, and signed off on it, it took about a week and a half for VG to put it in place. They say 5 to 7 days, so that was close enough. We really expected them to call or email us with questions, but it seems we got through the maze somehow on our own. Amazing! You can keep using the original mutual fund account until they complete the transfer, so you do not lose access to funds or the ability to buy/sell during the conversion time. We, being ever-mindful of the infinite ways that SCHTF, would not make any $ changes until the new account is up and running.
Yeah, and they even linked to the regulation. Since I was in banking years ago, when I hear the words "money laundering, SEC, and regulation", it catches my attention. Combine that with my natural inclination to be honest, and it just makes me uncomfortable to answer by just clicking something. Once I get some coffee into my system, I'll read it all again and see how I feel.

Interestingly, just a few years ago when we opened our brokerage account, all we had to click was an 'agree' type thing about changing our mutual funds to a platform that goes with the brokerage. I wonder if we did that before the new regulation went into effect? I'll have to check on that.

I'm glad your transitions went well. It sounds like a scary mess. Thankfully, this is just a decades-old TIRA, so it should be smooth. (and now, I'm sure I just jinxed myself!)
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Old 01-15-2021, 07:44 AM   #11
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For those that converted and have Quicken- any issues there?
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Old 01-15-2021, 08:31 AM   #12
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FYI. The suitability questions (income. net worth, objectives) are regulatory requirements for all brokerage accounts. This is not for marketing. If you are working with an advisor the advisor must know what is suitable for you. It is no different than being truthful with your doctor.
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Old 01-15-2021, 09:12 AM   #13
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Put in anything you want. This is not something to agonize over.


I put in our actual numbers when we transitioned our vanguard accounts, and nothing has changed, No calls from them soliciting their personal advisor services, no increase the once a quarter email solicitation for those services, etc.
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Old 01-16-2021, 03:24 PM   #14
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I finally got around to transitioning today. For questions related to income I just entered my pension amounts.

The transition has already started (I see the new accounts online). I waited until Iíd completed my 2021 rebalancing.
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Old 01-16-2021, 04:01 PM   #15
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What is the transition that we're talking about at Vanguard?
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Old 01-16-2021, 04:10 PM   #16
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I finally got around to transitioning today. For questions related to income I just entered my pension amounts.

The transition has already started (I see the new accounts online). I waited until Iíd completed my 2021 rebalancing.
There were recommendations to do the transition early in the year before you have any transactions, so that you'd only get one set of 1099s next year at tax time. But since you've done rebalancing, if it involved your taxable account then know that you will get two sets of 1099s for 2021.

I hadn't realized this when I transitioned. I got notice that my 1099 was ready, and let TurboTax download the 1099. I couldn't figure out why it seemed off. Then I got notice about another set of 1099s. When I had TT download from VG again, it got the new one and doubled up the old. It was kind of a pain to straighten it all out.
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Old 01-16-2021, 04:13 PM   #17
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What is the transition that we're talking about at Vanguard?
Moving from whatever you call the "old" style account to a brokerage account. If you've only had your VG account for a few years it might've been the new style brokerage account. Otherwise you would probably be getting nag mails from VG asking you to convert.
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Old 01-16-2021, 04:19 PM   #18
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What is the transition that we're talking about at Vanguard?
From the old mutual fund accounts back in the day to the brokerage account format. Lose some conveniences while they call it an upgrade .For example I can no longer reinvest dividends from one fund to another. Not a deal breaker to most people.
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For those who transitioned their Vanguard accounts
Old 01-16-2021, 04:39 PM   #19
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For those who transitioned their Vanguard accounts

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There were recommendations to do the transition early in the year before you have any transactions, so that you'd only get one set of 1099s next year at tax time. But since you've done rebalancing, if it involved your taxable account then know that you will get two sets of 1099s for 2021.

I hadn't realized this when I transitioned. I got notice that my 1099 was ready, and let TurboTax download the 1099. I couldn't figure out why it seemed off. Then I got notice about another set of 1099s. When I had TT download from VG again, it got the new one and doubled up the old. It was kind of a pain to straighten it all out.

I didnít know this. I have a taxable account thatís had transactions (additions) and a Roth IRA where rebalancing has occurred in 2021 (thatís ďretirement moneyĒ which is what I subject to rebalancing).

Iíll be alert to the likelihood of more forms than usual from Vanguard next year. Thanks for the heads up.

The Roth was established when first made available (1998?) so it would be nice if they record that although Iím old enough that it probably doesnít matter.
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Old 01-16-2021, 04:52 PM   #20
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I've had my vanguard account for probably 15-20 years. I know when I passed 500k they said I'm eligible for something but I ignored it. Vanguard had an old email address for me until about 6 months ago so I didnt get their emails until then.
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