Need Vanguard Educated, Please.

[kgtest]

I would like to switch our stuff to Vanguard. I am hesitant because there are no offices I can visit for direct help should the need occur. Also, my understanding is Vanguard's customer service is sometimes lacking. Is there a place I can get some coaching and or reading materials/how to? I need to change in the next 3 months for a reason I choose not to disclose. I prefer Vanguard because of cost. I currently feel lost. Thanks

I can assure you the customer service is not lacking...and they are very patient. I will say, I notice a difference in protocol/service when MOVING money to VG vs just a general "Hey I called and have a question".


One thing that seems to be important to people is multiple ways to navigate the website, and vanguard offers this. You can do the same function a few different ways and IMHO that is a good design.


I listened in on an over hour long conference call as someone I advise moved over half a million in a direct rollover, with intentions of roth converting a portion of that. The VG Consultant was on point, and many VG reps walked the client through all the questions. He had questions from the other broker house on after tax basis and how that would transfer and some other trickier questions they handled them all just fine... everyone there is super helpful. I would have all of my money there if I could but I am still accumulating and bound to my companies plan for some of our AUM.


You can ask the stupidest or most sophisticated or same question 3 times and they always have good answers. Sure there is always the exception. But my advice, don't call on a weekend of after hours as you get different service. Call on a Tuesday or Wednesday morning.

 

[kgtest]

My only difficulty with VG was when I tried to obtain authority to access my wife's account. They wanted a notary public signature and two witnesses....I got the notary public signature before I noticed the two witness requirement. PITA...but they are rigid to protect people and assets. Which would you rather have, someone who provides access with few controls, or someone who lets an outsider clean out your accounts?

Agreed rigidness and honesty are always the best policy. The issue comes down to identity and they want to ensure they are dealing with identities properly. I just call them WITH my wife and she verbally authorizes things. Then, for MFA she just gives me the PIN from her iPhone and I login from my device to manage. easy peasy. DW might not even remember she has a VG account lol, but I do.

 

[Midpack]

Agreed rigidness and honesty are always the best policy. The issue comes down to identity and they want to ensure they are dealing with identities properly. I just call them WITH my wife and she verbally authorizes things. Then, for MFA she just gives me the PIN from her iPhone and I login from my device to manage. easy peasy. DW might not even remember she has a VG account lol, but I do.

That's what we do as well. However, I can do almost anything on her behalf online, without her presence or consent since I have her login info. She only logins herself if I force her to...

 

[gwraigty]

My only difficulty with VG was when I tried to obtain authority to access my wife's account. They wanted a notary public signature and two witnesses....I got the notary public signature before I noticed the two witness requirement. PITA...but they are rigid to protect people and assets. Which would you rather have, someone who provides access with few controls, or someone who lets an outsider clean out your accounts?

This has nothing to do with the types of issues that Vanguard gave me every time I tried to place a trade in my husband's VBO in his 401k, which he gave me legal authority to do, as Vanguard allows/advertises, and according to Vanguard's procedures. To sum up my rant above, Vanguard employees didn't/don't seem to understand their own policies/procedures. They offer a VBO option in 401k plans, but they're clearly 2 different departments, and they're not communicating effectively between them, or with the customer. BTW, making a trade isn't the same as cleaning out someone's account.

To add to that, during one of our joint phone calls with Vanguard, after asking for all other possible identifying information, the rep asked my husband a security question. He prefers to give fake answers, so we had to take a few extra seconds (literally) to locate the answer in our password file. I said something to my husband like, "Let me bring that up." The rep got really angry. While she was going off on us, he gave the answer, which led to a stunned silence for a few seconds. She really thought we were a couple of crooks trying to access someone else's account.

I will give you this positive experience though, for fairness. While I was typing this post, Vanguard just called about a tender offer on a bond in the VBO. Of course, the rep asked for my husband. I said he was at work, but they could talk to me because I have POA and trading authority. I gave him my name. He asked for my date of birth, the address on the account (which isn't a secure piece of information anyway ), and the email address on the account. He was satisfied and he took my instructions.

All competent financial firms will have adequate security measures in place. I handle the household finances. I've had to pass security any time I've had to call, which is rare, thankfully. It's SOP. No one but Vanguard has made it consistently so difficult to transact ordinary business.

 

[bingybear]

Probably best to wait for the OP to way in. OP isn't listed as online since his post.

 

[Nick12]

I have been with Vanguard from my college years to present day. That's been about 30 years. I have not been exposed to brick and mortar stores. I am very satisfied with Vanguard customer service. I have been an index funds guy and this allowed me to FIRE at age 51. I had been my father's caregiver for the last several months until recently when he passed away surrounded by me and my family at home. My Pa was a long time Vanguard customer and when I called Vanguard regarding my father's passing, the Vanguard associate was extremely professional and compassionate. Kudos to Vanguard. Vanguard for life!

 

[gwraigty]

Probably best to wait for the OP to way in. OP isn't listed as online since his post.

+1

Do you think OP will be back? It seems like there are drive-by posts lately. At any rate, it's easy enough to transfer assets from one firm to another, if dissatisfied for any reason.

 

[bja1234]

Thanks so much for the experiences and opinions as I am the OP. Still scratching my head on this subject. As a side note I have been reading the er forum for a couple years and really appreciate everyone's efforts and honesty on each subject. Thank you

 

[gwraigty]

Sorry, I've been trying to work on not explaining things to death unless asked, which has become a bad habit of mine. And since you've asked...

The issues started when a VBO option became available in his 401k.

<snip wall of words from post #22>

All purchases are made online now, just ETFs. When my husband leaves his employer, Vanguard is losing our business.

Yeah, I haven't had any notable troubles with VG over my 14+ years with them, but I don't expect much. I know they won't provide the kind of service Fidelity or Schwab will, but I don't need that anymore.

However, I can well understand why gwraigty was

I hope I'm not prematurely doing a happy dance, but my husband forwarded an email to me today from his work. Effective September 17th, Vanguard is changing their provider to TD Ameritrade. All 401k brokerage assets will be transferred to TDA. The regular 401k assets will stay with Vanguard. (Current plan rules allow up to 50% to be in the brokerage side, otherwise I'd gladly make it 100%.)

The brokerage assets will be traded directly through TDA, while the regular 401k assets will still be invested through Vanguard. The transition is supposed to be seamless with minimal impact, completed by early October.

I've not heard of a 401k being split among 2 providers like this. Anyone else?

 

[OldShooter]

IMO as companies, Fido and Schwab are not that much different. I would interview both companies to see what, if any differences, they have in your exact situation. One thing to find out is whether they, at your asset level, will assign a dedicated rep. You can also, I think, review both companies' compensation policies on their web sites. Schwab, for sure.

We have a dedicated rep at Schwab. I don't think he is permitted to make specific investment recommendations and he is definitely not commissioned. His job is to coach his customers, discuss strategies, etc. and also to help with administrative problems. We use him primarily for the latter. For example, how to wire some money to South AFrica for deposit on a vacation. I also contacted him when I heard the VG would be making Admiral shares available through third parties and he explained the plan to me. One time I had him run Schwab's portfolio analysis report for me. Another time I asked about leveraged loan funds and he pulled a recently published report for me. He is no investing genius but he is prompt, intelligent, and helpful. That counts for a lot.

This is a long way of saying that you may find selecting a specific rep to be more important than the company he/she works for. Interview three or four after telling the branch managers what your priorities are. Young or old? specific reas of expertise? Male or female? How much experience? Other clients like you? Etc.

Truth be told I have probably met my rep face to face less than once a year, but I too like having that option.