New Vanguard platform?

[CindyBlue]

(I'm sorry if this has been discussed before...if so, could someone send me to that thread?)

I just got an email today from Vanguard regarding the "new platform." I've gotten other notices from them but never made a move because I don't understand what I'm moving to.

So far, I've never done anything with my Vanguard 403b account other than make a shift to another slightly more conservative plan last year when I retired. I don't move things around there or (so far, anyway) need advice from anyone there.

Here's an excerpt. What do you think?

"Vanguard is working toward retiring its old investment platform, which is what you're using today. Please log on to vanguard.com and complete a 3-step transition to our new investment platform. It only takes a few minutes.

We're working toward the retirement of our old investment platform, which supports accounts that only hold Vanguard mutual funds. We'll continue to support clients on this old platform until it's retired from use in 2022 or earlier. But know that some of the features you've used in the past may not be available as we make updates and changes in the future.

We encourage you to transition to the new platform now because, going forward, all of our improvements and enhancements will be focused on the new platform only. So transitioning today will let you enjoy updates to the new brokerage platform, avoid any service disruptions on the old one, and give you access to some of our lowest-cost investments. If you choose to remain on the old platform, we'll notify you when we implement any service changes."

 

[MRG]

You're on the old mutual fund only system, 1990 technology. It's being retired, yeah keeping costs lower, and replaced by the newer brokerage system.

Come on in, the water is fine.

 

[MBAustin]

There have been several threads on this, general consensus is "just do it". I did it almost 2 years ago, no issues.

One point (that I don't think applies in your case): if you have taxable accounts, it's best to do the conversion in early January so you only get one 1099 - when you convert, it becomes a different account so if you do it mid-year you may get two which is a small pain at tax time.

 

[RunningBum]

A few threads here, and one at bogleheads. I did a search of threads with "Vanguard" in the title and quickly browsed the names to come up with these. That means I've probably missed some, or may even show one that doesn't apply.

https://www.early-retirement.org/forums/f28/vanguard-transition-is-too-much-trouble-100605.html
https://www.early-retirement.org/forums/f28/vanguards-new-account-type-100525.html
https://www.early-retirement.org/forums/f28/vanguard-brokerage-account-88692.html
https://www.early-retirement.org/forums/f28/vanguard-notice-about-fund-only-platform-104021.html
https://www.bogleheads.org/forum/viewtopic.php?f=1&t=227511

The two different tax statements was an annoyance, especially since they didn't warn us. 1099s also come later with the brokerage accounts. That's all I remember offhand. I just bristle a bit that they claim there is no change, when in fact there are a few (minor) changes. Not that big of a deal to me, though.

 

[easysurfer]

I'm planning on being one of the stragglers when Vanguard clears the theater moving folks along .

 

[CindyBlue]

Thank you everyone! I feel more comfortable about it now!

 

[bizlady]

What about Quicken- does that have to be reset up or will it continue as is?