Vanguard - last straw?

[RetMD21]

Quote:

Originally Posted by JoeWras Yeah, if I felt compelled to leave VG, I would just modify my spreadsheet. It is all in a spreadsheet already, so theoretically it shouldn't be too difficult.

Any sale of VTI post conversion would involve 2 lots of VTSAX to adjust for fractional shares and the non alignment of share prices. I guess depending on the amounts you are dealing with you could just disregard the fraction. It seems like too much effort to me.

[JoeWras]

Quote:

Originally Posted by RetMD21 Any sale of VTI post conversion would involve 2 lots of VTSAX to adjust for fractional shares and the non alignment of share prices. I guess depending on the amounts you are dealing with you could just disregard the fraction. It seems like too much effort to me.

Yeah, it's when reality meets theory.

[retired1]

Yes Vanguard is unnecessarily making it difficult. I'm trying slowly drift away from Vanguard. For instance, Yesterday I tried to make a short Buy on Vanguard app and it kept asking me for my password even though I was already logged in. I had to go to website instead.
In comparison, Fidelity and Schwab systems seem to be more user friendly. I don't like Schwab charging fee for moving IRA money out to another brokerage. Fidelity has been BEST for me both on the app and website as well as customer service.

[aja8888]

Quote:

Originally Posted by retired1 Yes Vanguard is unnecessarily making it difficult. I'm trying slowly drift away from Vanguard. For instance, Yesterday I tried to make a short Buy on Vanguard app and it kept asking me for my password even though I was already logged in. I had to go to website instead. In comparison, Fidelity and Schwab systems seem to be more user friendly. I don't like Schwab charging fee for moving IRA money out to another brokerage. Fidelity has been BEST for me both on the app and website as well as customer service.

This fee from Schwab must be new as I moved all my Vanguard IRA and brokerage equities and funds to them 2 years ago and was not charged anything.

[USGrant1962]

I just had my first case of bad customer service at Vanguard. I'm agent for my mom's accounts and we turned off her automated RMD in 2020 due to the Covid RMD suspension. Then we did a manual RMD in 2021 due to uncertainty of further regulations. Her RMDs were previously going to her Vanguard MM.

In trying to turn automated RMD back on, it offers no option for distributing to her Vanguard non-retirement account, even though that option is all over the instructions. It only offers "calculate and distribute to your bank account" and "calculate only". So I sent a secure message to CS and get basically a canned response back that says I can select to distribute to her bank or Vanguard account. No!

I just responded reiterating the problem, we'll see...

Oh, and their secure messaging function doesn't seem to have underline or bold functionality so I had to YELL to point out what I needed to point out.

[aja8888]

Quote:

Originally Posted by USGrant1962 I just had my first case of bad customer service at Vanguard. I'm agent for my mom's accounts and we turned off her automated RMD in 2020 due to the Covid RMD suspension. Then we did a manual RMD in 2021 due to uncertainty of further regulations. Her RMDs were previously going to her Vanguard MM. In trying to turn automated RMD back on, it offers no option for distributing to her Vanguard non-retirement account, even though that option is all over the instructions. It only offers "calculate and distribute to your bank account" and "calculate only". So I sent a secure message to CS and get basically a canned response back that says I can select to distribute to her bank or Vanguard account. No! I just responded reiterating the problem, we'll see... Oh, and their secure messaging function doesn't seem to have underline or bold functionality so I had to YELL to point out what I needed to point out.

As noted in my post above, I left VG two years ago based on similar stuff. I had requested a check to be mailed to me from them for my RMD (Solo 401K account) and I was told that was not possible. The RMD had to be distributed into my brokerage account. Even the rep I spoke with agreed that was odd. It was so odd and unbelievable, I transferred all my accounts to Schwab.

[tothemoon]

i've personally never had problems with vanguard. i had an old school mutual fund account, so i logged in once a year to make 1 trade into my IRA and that was it.

then they started nagging me over and over about transitioning to a brokerage account. so i did....to fidelity. sign up was 2 minutes and all funds transferred over in 2 days. sold my vanguard funds (free to sell) and replaced them with ETFs.

[jazz4cash]

Quote:

Originally Posted by aja8888 This fee from Schwab must be new as I moved all my Vanguard IRA and brokerage equities and funds to them 2 years ago and was not charged anything.

I think the fee was for moving funds out of Schwab. My local b try broker did the same to me. Fidelity reimbursed the fee but I had to ask.

[Souschef]

Quote:

Originally Posted by jazz4cash I think the fee was for moving funds out of Schwab. My local b try broker did the same to me. Fidelity reimbursed the fee but I had to ask.

$
Same here. When MS tried to charge me $175 to maintain my account, I said goodbye and transferred my holdings to Fido. The also reimbursed me.

[Perryinva]

Worst refi I ever had was Wells Fargo. The paperwork requests were ridiculous. I’ve refinanced at least 8 times over the many years, and None ever were as stupidly mindless as WFMC. I had to prove to them that a paid off rental property had no HOA and that the $250/yr Homeowners Insurance Policy on it was paid, well before it was due. Cash assets (where a good lart of out income comes from while we do Roth conversions) does not count. Things like that. And the mortgage on this and the last house for many years were with WF. NEVER again.

[RetiredHappy]

When you move your accounts out to another brokerage, remember to ask if they have promo for getting a bonus for transferring into the brokerage. Both Schwab and Fidelity have promos like that. We received $6K for the transfer into Fidelity.

[rkser]

My Flagship Select Rep did not show up for the appointment & stood me up. This is not the first time he did that.

I am gradually moving my accounts to Fidelity & Schwab, both have local offices in our town. I am hoping for better customer service.

Vanguard has become a disappointing experience, and are driving out long standing loyal customers. They just do not care anymore as to show up for a prior scheduled appointment. They know they are the largest Broker in the world & two investors are coming in vs one leaving them.

Sad state of affairs....

[foxfirev5]

Quote:

Originally Posted by USGrant1962 I just had my first case of bad customer service at Vanguard. I'm agent for my mom's accounts and we turned off her automated RMD in 2020 due to the Covid RMD suspension. Then we did a manual RMD in 2021 due to uncertainty of further regulations. Her RMDs were previously going to her Vanguard MM. In trying to turn automated RMD back on, it offers no option for distributing to her Vanguard non-retirement account, even though that option is all over the instructions. It only offers "calculate and distribute to your bank account" and "calculate only". So I sent a secure message to CS and get basically a canned response back that says I can select to distribute to her bank or Vanguard account. No! I just responded reiterating the problem, we'll see... Oh, and their secure messaging function doesn't seem to have underline or bold functionality so I had to YELL to point out what I needed to point out.

Yes indeed. I've never had a problem with them until I needed them.

[rkser]

Quote:

Originally Posted by RetiredHappy When you move your accounts out to another brokerage, remember to ask if they have promo for getting a bonus for transferring into the brokerage. Both Schwab and Fidelity have promos like that. We received $6K for the transfer into Fidelity.

Was the promo of $6k a recent event at Fidelity or in years past ?.

I wonder how much money needs to be transferred for a promo at Fidelity ?

[tulak]

Not related to Vanguard, but I called Fidelity twice, yesterday and today, in different divisions (retirement and retail) and both of my calls started with an investment advisor.

I don’t know if this happens to everyone, or if I passed some sort of threshold, but both asked me if I’ve ever talked with a financial advisor asked questions about my investing style, etc. One of them tried to figure out how much I had in accounts outside of Fidelity (lol).

Neither were pushy and after I told them I wasn’t interested, we moved on to why I called. Except for today’s call (retail) he had to transfer me to a different group, so my call was initially routed to the financial advisors group.

I guess they need to make their money somehow.

[RetiredHappy]

Quote:

Originally Posted by rkser Was the promo of $6k a recent event at Fidelity or in years past ?. I wonder how much money needs to be transferred for a promo at Fidelity ?

About 4 months ago - several million dollars. I think the minimum to get a bonus is a million dollars.

You will need to ask if they are running their promo.

[Perryinva]

Ahhh s e v e r a l millliyun dollars. Out of my league. My several is 2, LOL

No wonder you Retired Happy…

[RetiredHappy]

Quote:

Originally Posted by Perryinva Ahhh s e v e r a l millliyun dollars. Out of my league. My several is 2, LOL No wonder you Retired Happy…

Minimum started at $1M.

[steelyman]

I received a 2021 1099-R form from Vanguard today. It reports a distribution from a Roth IRA that was created in 1998 and had only contributions.

The amount is correct but the taxable amount is not determined (it should be $0). This surprised me since Vanguard should have all records relating to the account. The only thing I can think of that might explain it is the conversion from a mutual fund to brokerage account.

It’s not a big deal as far as doing my tax return is concerned but makes me a bit wary of Vanguard’s handling of the transition. I plan to continue withdrawing from retirement accounts but will favor removing from Vanguard while maintaining my asset allocation.

[VanWinkle]

Quote:

Originally Posted by steelyman I received a 2021 1099-R form from Vanguard today. It reports a distribution from a Roth IRA that was created in 1998 and had only contributions. The amount is correct but the taxable amount is not determined (it should be $0). This surprised me since Vanguard should have all records relating to the account. The only thing I can think of that might explain it is the conversion from a mutual fund to brokerage account. It’s not a big deal as far as doing my tax return is concerned but makes me a bit wary of Vanguard’s handling of the transition. I plan to continue withdrawing from retirement accounts but will favor removing from Vanguard while maintaining my asset allocation.

I do taxes and most 1099Rs other than annuities show taxable amount not determined. That does not mean they are unaware of your records, it is just not their place to determine taxes.