Vanguard - last straw?

[mathjak107]

i have been with fidelity 33 years .

When I get a rep at fidelity who can’t do what I need done or can’t answer the question they either get someone on the phone with me who can or they have someone call me right back .

The rep at vanguard couldn’t answer my question, passed me to two other reps who eventually passed me to a number no one even answers

And no one called me back to boot .


Fidelity never cancelled out our beneficiaries on a joint account and didn’t even send out a notice that they were doing so .

I only found out when I logged in months later and it said I have to add beneficiaries …when I tried it just wouldn’t accept it so I called .

They tried to sell me a trust when I called .

As far as my opinion there is no comparison

 

[Koolau]

i have been with fidelity 33 years .

When I get a rep at fidelity who can’t do what I need done or can’t answer the question they either get someone on the phone with me who can or they have someone call me right back .

The rep at vanguard couldn’t answer my question, passed me to two other reps who eventually passed me to a number no one even answers

And no one called me back to boot .


Fidelity never cancelled out our beneficiaries on a joint account and didn’t even send out a notice that they were doing so .

I only found out when I logged in months later and it said I have to add beneficiaries …when I tried it just wouldn’t accept it so I called .

They tried to sell me a trust when I called .

As far as my opinion there is no comparison

Interesting. It seems like every other month that either DW or I get a form from V that we have not yet chosen a secondary beneficiary for our accounts.

Sounds like you are done with V and need to move on if you have not already. Best of luck. YMMV

 

[mathjak107]

Interesting. It seems like every other month that either DW or I get a form from V that we have not yet chosen a secondary beneficiary for our accounts.

Sounds like you are done with V and need to move on if you have not already. Best of luck. YMMV

i still use vti but from my fidelity account . i have no more account at vanguard.

on s side note , i did a transfer at maturity of a cd from my bank to fidelity .

fidelity noticed the bank sent it about a week early .

they notified my bank they made an interest deduction they shouldn't have and rode heard on it until the bank sent the difference . that is the service i expect from a brokerage .

 

[nwsteve]

Since Fidelity has been brought up, I learned today that Private Client (PC) client Advisors will have next quarter a separate "pod" of transaction service reps. This Advisor Pod is supposed to be their most knowledgeable service reps and can do more than read a script. The PC Advisors seem to have evolved over last couple years to be almost exclusively focused on client advisory needs. The PC Rep, I believe, are require to refer all transaction issues question to the shared service reps.
Our PC rep is still directly available but if inquiry is not of a portfolio planning, strategic direction, etc they will ask/connect you to a service rep. Apparently enough of the PC customers have fussed about the inconsistent quality and lack of knowledge, Fido is directly addressing this issue by providing the PC Advisors with at least better than average service talent. Well, at least, that is the current story.
Even if it is only half as good as promised, it will be a big step forward for the retail PC customer.

 

[COcheesehead]

I can’t recall a time sitting on hold at Fidelity. I am pretty sure its due to account level though.

 

[Koolau]

i still use vti but from my fidelity account . i have no more account at vanguard.

on s side note , i did a transfer at maturity of a cd from my bank to fidelity .

fidelity noticed the bank sent it about a week early .

they notified my bank they made an interest deduction they shouldn't have and rode heard on it until the bank sent the difference . that is the service i expect from a brokerage .

Wow, that is good service. Glad you have found a great place to assist you in your FIRE life-style.

 

[RetMD21]

ALL flagship clients used to have an assigned rep. That's not the case anymore.

To still have an assigned rep, you have to have significant assets with Vanguard (more than the garden variety flagship customer).

I'll leave it at that.

I wondered about that. Vanguard got some blowback about giving some customers preferential treatment when they started Flagship and Voyager status and even admiral shares. I guess they are more discrete now. It does sound like they could benefit from a little more investment in infrastructure.

 

[travelover]

i have been with fidelity 33 years .

When I get a rep at fidelity who can’t do what I need done or can’t answer the question they either get someone on the phone with me who can or they have someone call me right back .

The rep at vanguard couldn’t answer my question, passed me to two other reps who eventually passed me to a number no one even answers

And no one called me back to boot .


Fidelity never cancelled out our beneficiaries on a joint account and didn’t even send out a notice that they were doing so .

I only found out when I logged in months later and it said I have to add beneficiaries …when I tried it just wouldn’t accept it so I called .

They tried to sell me a trust when I called .

As far as my opinion there is no comparison

This the Humane Society calling. Give it up.

 

[RunningBum]

I'm tired of reading these "I hate Vanguard service" threads. They are like Walmart, someone always hates the big winners. I have accounts at Vanguard and at Fidelity. I see no difference in the service, but I don't see anyone bashing Fidelity on an almost weekly basis.

I don't mind being informed of what kind of problems others are seeing. I'm not leaving VG because of someone else's problem, but some of the recent reports have me thinking I'd pull the trigger faster if it happened to me. As it is I've had a few things happen that made me worry for my account integrity, but not enough to make me move my account. Yet.

 

[purplesky]

No problem , with service and company policy’s like they have I deserve to be fired

The crazy thing is Vanguard is now so successful that people leaving for Schwab and Fidelity is not even a concern for Vanguard. Vanguard does not care.

People switch to Schwab and Fidelity and buy VTI or VYM or VIG and give their money right back to Vanguard. lol

I own VTI at Fidelity and Schwab and in my 401k.
I own SCHD at Vanguard. lol

It sounds like Fidelity is a better fit for you so that's good.
The Fidelity Visa 2% cash back is my favorite thing about Fidelity.

 

[mathjak107]

The crazy thing is Vanguard is now so successful that people leaving for Schwab and Fidelity is not even a concern for Vanguard. Vanguard does not care.

People switch to Schwab and Fidelity and buy VTI or VYM or VIG and give their money right back to Vanguard. lol

I own VTI at Fidelity and Schwab and in my 401k.
I own SCHD at Vanguard. lol

It sounds like Fidelity is a better fit for you so that's good.
The Fidelity Visa 2% cash back is my favorite thing about Fidelity.

I have the fidelity card but I rarely use it . I have better cards

 

[Koolau]

I wondered about that. Vanguard got some blowback about giving some customers preferential treatment when they started Flagship and Voyager status and even admiral shares. I guess they are more discrete now. It does sound like they could benefit from a little more investment in infrastructure.

Heh, heh, imagine that! Giving more perks to folks who invest more money. What IS the world coming to.

Actually, I was kinda excited about Admiral status 'cause it saves me money. I don't want investing help, only functional help once in a while. YMMV

 

[Katsmeow]

I'm tired of reading these "I hate Vanguard service" threads. They are like Walmart, someone always hates the big winners. I have accounts at Vanguard and at Fidelity. I see no difference in the service, but I don't see anyone bashing Fidelity on an almost weekly basis.

VW

Maybe Fidelity does less that result in bashing. I mean, of course, every company (including Fidelity) can have someone who provides poor service. I also have accounts at Vanguard and Fidelity.

My perception is that the quality of service is, overall, better at Fidelity. I did have someone at Fidelity who gave me completely incorrect information. My former employer had discontinued the 401(k) plan and I was being switched to an IRA. The first person I spoke to gave wrong info as to how the process would work. However, she transferred me to someone who did know how it would work and he quickly told me she was wrong.

My accounts are not complex and so I rarely have to talk to anyone. But, overall, I've found Fidelity to be a bit more helpful.

Also, I think Vanguard's website is behind the times in many ways. I don't like to have all of my money at one place but I have toyed with switching the Vanguard portion to Schwab.

 

[The Cosmic Avenger]

I have the fidelity card but I rarely use it . I have better cards

Really? Which ones? The only other ones I've had that have been better are my current Amazon Chase Visa, which is 5% for Amazon purchases only, and the Amex Blue Preferred which offered 6% on groceries but with a yearly limit on that and an annual fee that meant it only gained us about $200/year overall, not worth a third card and more complicated rules about when to use them. If there's one with better, unlimited rewards and no annual fee I might switch!

 

[Katsmeow]

Really? Which ones? The only other ones I've had that have been better are my current Amazon Chase Visa, which is 5% for Amazon purchases only, and the Amex Blue Preferred which offered 6% on groceries but with a yearly limit on that and an annual fee that meant it only gained us about $200/year overall, not worth a third card and more complicated rules about when to use them. If there's one with better, unlimited rewards and no annual fee I might switch!

I am glad you asked this because I wondered the same thing. I use the exact same card you use except I also use the Chase Freedom Unlimited card. It gives you 3% on Restaurants and drugstores.

I do use the Amex Blue Preferred on some other categories as well. They give 6% on streaming subscriptions (HBO, YouTubeTV) and 3% on gas stations so I also use them for that as well as the grocery store of course.

Oh, also, I have an Apple card and I get 3% on purchases from Apple. We have phones from Apple and a MacBook Pro that I used that on. Also we have their premium subscription service.

Everything else in Fidelity. Some people who like other cards are people who do a lot of travel and like the travel rewards. That doesn't really affect us as we don't do a lot of travel.

 

[mathjak107]

Really? Which ones? The only other ones I've had that have been better are my current Amazon Chase Visa, which is 5% for Amazon purchases only, and the Amex Blue Preferred which offered 6% on groceries but with a yearly limit on that and an annual fee that meant it only gained us about $200/year overall, not worth a third card and more complicated rules about when to use them. If there's one with better, unlimited rewards and no annual fee I might switch!

I use the citi cash card for groceries which is 5%

I use the chase sapphire reserve ,the chase freedom and freedom unlimited for everything else depending which has the better deals

All the points Get multiplied by 50% when I transfer them to the sapphire and use it for travel via the chase Expedia portal ..

I got 100,000 points for taking the sapphire, 20,000 for referring my wife for the sapphire preferred and she got 100,000 points for taking the preferred.

So 220,000 points which get a 50% boost as we use it for travel.

When my freedom card has 5% on groceries I use that instead of citi and then transfer it to my reserve for a 50% boost.

We like traveling a lot , even if it is just local trips over night …

 

[target2019]

Really? Which ones? The only other ones I've had that have been better are my current Amazon Chase Visa, which is 5% for Amazon purchases only, and the Amex Blue Preferred which offered 6% on groceries but with a yearly limit on that and an annual fee that meant it only gained us about $200/year overall, not worth a third card and more complicated rules about when to use them. If there's one with better, unlimited rewards and no annual fee I might switch!

We're still holding Penfed cash rewards card. 5% at the pump. Target and Lowes are 5% in their stores.

 

[The Cosmic Avenger]

Thanks for the data!

I use the citi cash card for groceries which is 5% <snip>

Is there a yearly limit or annual fee on that? That's pretty good. Although I don't trust travel rewards, I feel like the "points" are not available on the best travel deals and are used to push me to choose more expensive options. But that's more a "me" thing, trying to keep it simple; when I'm actually retired and can travel whenever I want I'll probably try to evaluate the actual value of travel points.

We're still holding Penfed cash rewards card. 5% at the pump. Target and Lowes are 5% in their stores.

That's pretty good considering how much you can spend at Lowes....and now at the pump! I had discounted gas rewards as inconsequential, but even though we both work from home we still need to drive for errands, and that's becoming more significant!

 

[mathjak107]

Thanks for the data!

Is there a yearly limit or annual fee on that? That's pretty good. Although I don't trust travel rewards, I feel like the "points" are not available on the best travel deals and are used to push me to choose more expensive options. But that's more a "me" thing, trying to keep it simple; when I'm actually retired and can travel whenever I want I'll probably try to evaluate the actual value of travel points.

That's pretty good considering how much you can spend at Lowes....and now at the pump! I had discounted gas rewards as inconsequential, but even though we both work from home we still need to drive for errands, and that's becoming more significant!

citi card not only has no fee but we got 300 dollars each as a promo to take it .

we get 500 a month each on what ever catagory we choose that month to be our 5% .

so we can do 1k a month in groceries with our two cards

 

[Chuckanut]

I use the citi cash card for groceries which is 5%

I use the chase sapphire reserve ,the chase freedom and freedom unlimited for everything else depending which has the better deals

All the points Get multiplied by 50% when I transfer them to the sapphire and use it for travel via the chase Expedia portal ..

I got 100,000 points for taking the sapphire, 20,000 for referring my wife for the sapphire preferred and she got 100,000 points for taking the preferred.

So 220,000 points which get a 50% boost as we use it for travel.

When my freedom card has 5% on groceries I use that instead of citi and then transfer it to my reserve for a 50% boost.

We like traveling a lot , even if it is just local trips over night …

Those 5% cards can add up fast when used properly. I don't make a bit production of how to manage them, but the points do add up fast. The current 5% on gasoline from Discover card is useful at the moment. Normally, I use my 2% card for most purchases.

But sometimes, it's not just about the points. For example, I checked into a hotel room earlier this year for a week's stay using the hotel's affiliated card. The card gives me 'status'. I was upgraded from an ordinary room to what was basically a small one bedroom apartment. Very nice. And I got 5x points in their rewards program towards a free future room. (Note: I am not a big fan of rewards programs overall since they can devalue the points at will.)

 

[RetMD21]

Maybe Fidelity does less that result in bashing. I mean, of course, every company (including Fidelity) can have someone who provides poor service. I also have accounts at Vanguard and Fidelity.

Fast Eddie has good customer service too. Fidelity is fine if you know what you are doing and avoid some of their funds. Whereas Fidelity will do what they can to increase revenue from customers, Vanguard tends to generally operate to benefit customer/owners. Vanguard is far from perfect and could use some customer service and technology upgrades.

 

[travelover]

Fast Eddie has good customer service too. .........

I guess it depends on how you define "good". They certainly are not fiduciaries.

 

[mathjak107]

Fast Eddie has good customer service too. Fidelity is fine if you know what you are doing and avoid some of their funds. Whereas Fidelity will do what they can to increase revenue from customers, Vanguard tends to generally operate to benefit customer/owners. Vanguard is far from perfect and could use some customer service and technology upgrades.

So will vanguard .

First vanguard tried to sell us all trusts we didn’t need when they deleted beneficiaries off our joint accounts .

Then the grand pappy of do it yourself investing , who told us we can beat the pros got in to managing money .

Next out comes their study showing how having your money managed can get you much better returns as do it yourself planning and poor investor behavior takes it toll .

Then they told us how great index funds are and now their advertising is promoting their managed funds and not indexing

 

[Helen]

I have an appointment next week with a Fido rep. I had one assigned to me that was horrible, so I had him removed as my account rep. I went through the list of reps to meet with and found two who had CFP credentials. I picked the one who used to work for Vanguard.

Jack Bogle is a hero of mine, but Vanguard's website leaves a lot to be desired IMO.

 

[purplesky]

So will vanguard .

First vanguard tried to sell us all trusts we didn’t need when they deleted beneficiaries off our joint accounts .

Then the grand pappy of do it yourself investing , who told us we can beat the pros got in to managing money .

Next out comes their study showing how having your money managed can get you much better returns as do it yourself planning and poor investor behavior takes it toll .

Then they told us how great index funds are and now their advertising is promoting their managed funds and not indexing

You are a victim of Vanguards success. Success that has made investing better for the average investor everywhere.

If you take a deep breath and step back and look at the big picture.
You would realize that you were part of a movement. But you got selfish and took Vanguards success personally when you helped create it.

Vanguard has something like $7.9 trillion in assets under management, and the number will get much larger.

You abandoned Vanguard. A company that is built to not make a profit.
You are not the only person on the planet who has experienced a long hold time on the phone. Let it go. lol