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Vanguard Notice About Fund Only Platform
05-26-2020, 08:09 AM
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#1
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2008
Posts: 13,132
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Vanguard Notice About Fund Only Platform
I just got another email from Vanguard asking to make the transition away from Mutual Funds only to the "new and improved" investment platform.
At least now there is a year of 2022 or sooner to retire the old platform.
I'm still loitering and lingering until the deadline comes closer as funds area all I need. Index investing and rebalance once a year. Don't need the fancy stuff .
__________________
Have you ever seen a headstone with these words
"If only I had spent more time at work" ... from "Busy Man" sung by Billy Ray Cyrus
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05-26-2020, 08:18 AM
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#2
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,474
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Wow, I thought the year they were going to force it was 2020! If it was me, and they told me 2022, I wouldn't do it yet.
After many such emails I got suckered into making the change to a brokerage account last year. When you log in the interface looks the same, and isn't too hard to figure out, but there are a few minor differences that I don't like (such as having to keep a low interest rate money market settlement account, even though I already had Prime Money Market).
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Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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05-26-2020, 08:24 AM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2008
Location: On a hill in the Pine Barrens
Posts: 9,686
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We are also clinging to the past, and will transition on the 5th of never. Okay, I get it, they will force it on us at some time.
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05-26-2020, 08:26 AM
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#4
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2008
Posts: 13,132
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Quote:
Originally Posted by target2019
We are also clinging to the past, and will transition on the 5th of never. Okay, I get it, they will force it on us at some time.
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Yep, I'm waiting until I get run out of the building .
__________________
Have you ever seen a headstone with these words
"If only I had spent more time at work" ... from "Busy Man" sung by Billy Ray Cyrus
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05-26-2020, 08:29 AM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,004
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You will be assimilated...
__________________
Numbers is hard
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05-26-2020, 08:43 AM
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#6
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2013
Posts: 11,078
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Probably saves them, us, 10 million every year in maintenance and support costs. Besides this allows the development team to focus on the future instead 35 year old code.
ETA: Of course this could related to third-party software they utilized in the application. If product X release Y goes out of support a responsible vendor will make sure they're able to support their customers needs. It's quite possible to code yourself into a corner when a third party solution goes away.
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05-26-2020, 08:45 AM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2008
Posts: 13,132
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Quote:
Originally Posted by MRG
Probably saves them, us, 10 million every year in maintenance and support costs. Besides this allows the development team to focus on the future instead 35 year old code.
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Probably all true.
But I just don't like instant replay with baseball.
__________________
Have you ever seen a headstone with these words
"If only I had spent more time at work" ... from "Busy Man" sung by Billy Ray Cyrus
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05-26-2020, 08:46 AM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2008
Location: On a hill in the Pine Barrens
Posts: 9,686
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Quote:
Originally Posted by easysurfer
Yep, I'm waiting until I get run out of the building .
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Waiting will give me time to decide if I really want 4 Vanguard brokerage accounts...with 4 additional money funds. Maybe I'm wrong about that?
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05-26-2020, 08:53 AM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2005
Posts: 17,205
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Quote:
Originally Posted by target2019
Waiting will give me time to decide if I really want 4 Vanguard brokerage accounts...with 4 additional money funds. Maybe I'm wrong about that?
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I think I got 8 or 9 different ones...
The other BIG problem that I have is statements... I am old fashion and want paper for annual statements but that is (or at least was) not an option... before, I had only one brokerage account and the rest on the old platform... I got a consolidated stmt for all accounts and they had a total for them all.
Now, I get a stmt for each account! I called to get my consolidated back and they are sending something but it is not the same.... so when stmt time I get a bunch of paper stmts that are useless...
BTW, you can keep the Prime MM account, it is just not your sweep account anymore...
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05-26-2020, 09:37 AM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2008
Posts: 13,132
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My hope is that when 2022 rolls around I'll get another email telling me to convert before the old way of doing things gets retired in around a few years after that .
Hasn't the request to kick people out and move to the new way been going on for about 4 years now?
__________________
Have you ever seen a headstone with these words
"If only I had spent more time at work" ... from "Busy Man" sung by Billy Ray Cyrus
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05-26-2020, 09:47 AM
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#11
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2008
Location: On a hill in the Pine Barrens
Posts: 9,686
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Quote:
Originally Posted by easysurfer
My hope is that when 2022 rolls around I'll get another email telling me to convert before the old way of doing things gets retired in around a few years after that .
Hasn't the request to kick people out and move to the new way been going on for about 4 years now?
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Probably at least 4 years, maybe more.
A thought I had was how our positive interactions with a competitor (Schwab) during this time has left me wondering if the Vanguard brokerage experience will leave me frustrated? Only time will tell, I suppose.
I will definitely leave 2 out of 4 accounts at Vanguard. But 2 others can be eliminated or consolidated elsewhere.
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05-26-2020, 10:10 AM
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#12
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,474
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Quote:
Originally Posted by Texas Proud
BTW, you can keep the Prime MM account, it is just not your sweep account anymore...
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Obviously they don't obliterate Prime MM when you make the big transition. So lucky me, every time any money goes into or out of my VMFXX ("Federal MM Fund", = settlement MM) account, I have to log into Vanguard and manually transfer that money to or from Prime MM if I want the slightly better interest rate it provides. It's just so annoying.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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05-26-2020, 10:12 AM
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#13
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Thinks s/he gets paid by the post
Join Date: Nov 2013
Location: Twin Cities
Posts: 3,927
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I made this change years ago when they first requested it and don’t understand what the big deal is for some. All companies their websites constantly, which is all this change feels like to me. It hasn’t cost me any money that I know of.
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05-26-2020, 10:13 AM
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#14
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,474
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Quote:
Originally Posted by easysurfer
My hope is that when 2022 rolls around I'll get another email telling me to convert before the old way of doing things gets retired in around a few years after that .
Hasn't the request to kick people out and move to the new way been going on for about 4 years now?
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At least 4 years. And they always make it seem so urgent. My guess is that your hope will become your reality in 2022.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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05-26-2020, 10:27 AM
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#15
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Administrator
Join Date: Apr 2006
Posts: 22,973
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I still have the traditional Vanguard accounts, and I am unwilling to switch until I find out what the catch is. I am like Danny Moses in Michael Lewis' book "The Big Short"
Quote:
When a Wall Street firm helped him to get into a trade that seemed perfect in every way, he asked the salesman, “I appreciate this, but I just want to know one thing: How are you going to f*** me?”
Heh-heh-heh, c’mon, we’d never do that, the trader started to say, but Danny, though perfectly polite, was insistent.
We both know that unadulterated good things like this trade don’t just happen between little hedge funds and big Wall Street firms. I’ll do it, but only after you explain to me how you are going to f*** me. And the salesman explained how he was going to f*** him. And Danny did the trade.
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__________________
Living an analog life in the Digital Age.
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05-26-2020, 10:39 AM
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#16
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2012
Posts: 6,135
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I had already performed this action on my tIRA to allow direct transfer to a new Roth IRA, so no big deal in my view. I received the notice for my taxable account and already performed the transition. I have not noticed anything different, and it is one less thing for me to be "nagged" about.
They are better than Fidelity,.I still have to call to transfer funds from my tIRA to Roth IRA because my tIRA account is "too old (likely meaning non-brokerage) so I cannot do online transfers. No indication from them yet that anything can be done about it (though in truth I have not raised a fuss about it).
__________________
FIREd date: June 26, 2018 - "This Happy Feeling, Going Round and Round!" (GQ)
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05-26-2020, 10:42 AM
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#17
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2008
Location: On a hill in the Pine Barrens
Posts: 9,686
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So we have another line of demarcation. Those that transitioned willingly, and those of us who are like Danny Moses.
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05-26-2020, 11:56 AM
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#18
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Thinks s/he gets paid by the post
Join Date: May 2005
Location: Portland
Posts: 1,708
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Quote:
Originally Posted by easysurfer
Probably all true.
But I just don't like instant replay with baseball.
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what are your feelings on the Designated Hitter?
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05-26-2020, 12:13 PM
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#19
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2008
Posts: 13,132
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Nope. I want pitchers to bat.
Back to the Vanguard thing. IMO, asking me to switch to the new method I compare to as if I'm a left-handed hitter asked to be a switched hitter. Why should I switch if I'm totally content batting on one side. Sure, there may be some advantages for some folks, but I'm happy just being who I am.
__________________
Have you ever seen a headstone with these words
"If only I had spent more time at work" ... from "Busy Man" sung by Billy Ray Cyrus
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05-26-2020, 12:54 PM
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#20
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Thinks s/he gets paid by the post
Join Date: Jul 2009
Posts: 1,934
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Quote:
Originally Posted by Markola
I made this change years ago when they first requested it and don’t understand what the big deal is
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+1
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And if I claim to be a wise man, it surely means that I don't know.
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