After today's interaction with a Vanguard Flagship rep, I have about decided that Vanguard and I are not made for each other. Perhaps the Board will weigh in if I am being too harsh.
Situation: I call in to verify what is required to sell specific lots of mutual fund to establish ST loss/gain. Also want to understand what "mechanism" will be used to establish the 1% redemption fee (Energy).
Rep says he is not sure and will have to call me back. Odd to me that a Flagship rep does not know the answer.
He calls back (the good) and proceeds to lecture me about average cost basis and importance of choosing and that once chosen have to live with for everything--WRONG (bad news). Actual IRS rule per Pub 564 is that your costing basis choice is tied to each fund not the "universe". On top of that bad advise, I have to drilll down on him to get the answer on the redemption fee which turns out to be simply FIFO (first in, first out). Every transaction starts with oldest and layers itself though purchase "layers" until it hits layers less than a year old when redemption fee is charged.
Am I unreasonable to expect a Flagship rep to be able to provide the correct answer without research? I am Private Access with Fidelity and have never come across any rep so poorly informed.
nwsteve
Situation: I call in to verify what is required to sell specific lots of mutual fund to establish ST loss/gain. Also want to understand what "mechanism" will be used to establish the 1% redemption fee (Energy).
Rep says he is not sure and will have to call me back. Odd to me that a Flagship rep does not know the answer.
He calls back (the good) and proceeds to lecture me about average cost basis and importance of choosing and that once chosen have to live with for everything--WRONG (bad news). Actual IRS rule per Pub 564 is that your costing basis choice is tied to each fund not the "universe". On top of that bad advise, I have to drilll down on him to get the answer on the redemption fee which turns out to be simply FIFO (first in, first out). Every transaction starts with oldest and layers itself though purchase "layers" until it hits layers less than a year old when redemption fee is charged.
Am I unreasonable to expect a Flagship rep to be able to provide the correct answer without research? I am Private Access with Fidelity and have never come across any rep so poorly informed.
nwsteve