Vanguard apparently entering senior healthcare field

[EarlyandLate]

Yes that's a facetious title. Here's a quote from a notice I received from Vanguard.
"When you name a trusted contact, you authorize us to communicate with that person if we ever have concerns that you may be a victim of financial exploitation orare experiencing cognitive decline."

My bold emphasis there. EXCUSE ME!! What could ever qualify them to diagnose someone as suffering dementia? Will they employ doctors or mental health professionals to evaluate "old" people?

 

[Aerides]

My bold emphasis there. EXCUSE ME!! What could ever qualify them to diagnose someone as suffering dementia? Will they employ doctors or mental health professionals to evaluate "old" people?

I think that's a reach of an interpretation.

A) this will only apply if you have designated someone as a trusted contact
B) their reps talk to a whole lot of people every day, and presumably will get some training for red flags, to know when to notify that trusted contact

 

[youbet]

EarlyandLate:

Where did they say that this program would apply only to "old" people? (As you put it.)

 

[Chuckanut]

I think they are just trying to help out in the event some con-artist tries to take advantage of older people who aren't as sharp as they used to be.

Otherwise, Dad calls Vanguard and tells them sell his index fund, cut a check to Carole Conartist for $250,000, and Vanguard does just that.

Never let the perfect become the enemy of the good.

 

[youbet]

I think that's a reach of an interpretation.

+1

In fact, I think "a reach" is the "youbet understatement of the day." Congrats!

 

[youbet]

I think they are just trying to help out in the event some con-artist tries to take advantage of older people

Schwab has a similar program and it is NOT limited to geezers. They'll check on anyone's specific situation if it falls into a recognized "con" pattern.

 

[Time2]

Yes that's a facetious title. Here's a quote from a notice I received from Vanguard.
"When you name a trusted contact, you authorize us to communicate with that person if we ever have concerns that you may be a victim of financial exploitation orare experiencing cognitive decline."

My bold emphasis there. EXCUSE ME!! What could ever qualify them to diagnose someone as suffering dementia? Will they employ doctors or mental health professionals to evaluate "old" people?

If you are withdrawing $50,000 to send to your online boyfriend in Nigeria,
it might raise some suspicion.

 

[Midpack]

Looks like Vanguard has pretty well thought this out. It's up to the account holder to identify an agent to act on their behalf in advance. Vanguard isn't diagnosing anything, they are alerting the representative you chose (in advance) in the event they see something suspicious. Ideally, the account holder and the agent would transfer authority in a timely manner. What else would you suggest Vanguard do?

https://corporate.vanguard.com/cont...n-and-preparation-US-ISGRCD_082021_Online.pdf

 

[Morgan22]

When I set up our Fidelity accounts a few years back they had this as an option. I should add one of my kids, but still haven't done that yet.

 

[RunningBum]

Agree with all the answers given.

And if the OP doesn't want this, they should simply not list a trusted contact. Issue solved.

 

[RetMD21]

My mother's credit union tipped me off that she was having trouble managing her payments. I was glad that they let me know. There was no real harm done and I was able to get online access and straighten things out.

 

[SecondAttempt]

Obviously if you are transferring money away from Vanguard you are either being exploited or are in cognitive decline!

No I don't really mean that. I was a big fan of Vanguard for decades but they seem to be rapidly self destructing, IMO.

 

[Alan]

I think having a trusted contact on record for banks and brokerages is a good thing. If a bank sees suspicious transactions that may be the consequences of fraud or dementia they can at least contact that person to notify them what is happening. My sister was the trusted contact for my Dad in his declining years and my wife’s brother played a similar role for their father.

As stated above, these things are all optional.

 

[Chuckanut]

Schwab has a similar program and it is NOT limited to geezers. They'll check on anyone's specific situation if it falls into a recognized "con" pattern.

And, I like that also.



I think the OP probably over reacted a bit. I do that also from time to time. It's good to see people are still concerned about their privacy.