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Vanguard customer service is horrible

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  • billy
    replied
    vanguards new app didnt allow me to buy today using my bank account- it only allowed money already in the settlement account. Big fail. I used the website, but lil things like this are slowly turning me into a fidelity person

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  • Tim
    replied
    Originally posted by Kamban View Post
    I am curious to know

    A long time ago Schwab and Fidelity had high fees and high ER funds that helped maintain their offices and pay those FA and support staff. Vanguard had just a website and a phone number and had low or no fees.

    Now the other two have the same no/low fees and ER as Vanguard on most shares, ETF and funds in similar tiers. So how do they make money to maintain those offices and staff and provide these services and keep low ER ratios as Vanguard and Vanguard cannot even provide proper telephone support? Where is the money going to in Vanguard.
    The messaging was that the unique legal structure, the funds actually own the parent was supposed to mean lower fees. Basically any money paid to the parent would actually then reduce the amount charged in mgt fees. The assumption is control and where the management company actually chose to spend money.
    Jack Bogle has been gone for a long long time from Vanguard's management.

    Well, as an owner of a significant amount of shares maybe one should call the Corporate Office and complain. The point is the ownership structure is effective "messaging". Not fiduciary, it's a brokerage.

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  • Hawkeye225
    replied
    One of my son in law's works for Fidelity. The training they obtain is fabulous though just like any business, there are outliers. I have said for 15-20+ years that they have the best customer service of ANY company I've ever dealt with regardless of the type of business (financial, retail, cable, etc).
    Last edited by Hawkeye225; 04-22-2022, 05:10 PM.

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  • Kamban
    replied
    I am curious to know

    A long time ago Schwab and Fidelity had high fees and high ER funds that helped maintain their offices and pay those FA and support staff. Vanguard had just a website and a phone number and had low or no fees.

    Now the other two have the same no/low fees and ER as Vanguard on most shares, ETF and funds in similar tiers. So how do they make money to maintain those offices and staff and provide these services and keep low ER ratios as Vanguard and Vanguard cannot even provide proper telephone support? Where is the money going to in Vanguard.

    Leave a comment:


  • Tangler
    replied
    Originally posted by Bmac View Post
    If I had $0.05 for every Vanguard customer service-bashing thread on Bogleheads…

    Unhappy with the service? Move to Fidelity or Schwab. End of.
    Well, it is like watching a friend's kid who was a really good kid with great grades start doing meth.

    Sure, you could just ignore the kid and not let your kids play with him but it still is a sad situation.

    Bogle basically founded VG to be better and more helpful and less greedy than Fid and Schwab et al. and this forced those critters to lower prices.

    VG had low prices AND great customer service when I got starting investing in earnest circa 2009.

    Hate to see a good kid go bad. What a waste.

    Leave a comment:


  • Nysoz
    replied
    Originally posted by billy View Post
    Cant you also go VTSAX-->VTI (shouldnt incur capital gains at vanguard I think), then transfer the etfs in kind to an outside brokerage?
    From the website below. Italic is my own highlight. But yeah, this is what I would do if I had vanguard and wanted to switch to a different brokerage by transferring in kind. You can buy ETFs for basically free anywhere. It costs quite a bit to buy vanguard mutual funds at other brokerages.

    ---

    Can I convert my conventional Vanguard mutual fund shares to Vanguard ETF Shares?

    Yes. Most funds that offer ETF Shares will allow you to convert from conventional shares of the same fund to ETF Shares. (Four of our bond ETFs—Total Bond Market, Short-Term Bond, Intermediate-Term Bond, and Long-Term Bond—don't allow for conversions.)

    Conversions are allowed from both Investor and Admiral™ Shares and are tax-free if you own your mutual fund and ETF Shares through Vanguard.

    Keep in mind that you can't convert ETF Shares back to conventional shares. If you decide in the future to sell your Vanguard ETF Shares and repurchase conventional shares, that transaction could be taxable.

    If you have a brokerage account at Vanguard, there's no charge to convert conventional shares to ETF Shares. If you own your Vanguard mutual fund shares through another broker, keep in mind that some brokers may not be able to convert fractional shares, which could result in a modest taxable gain for you. Other brokers may also charge a fee for a conversion. Contact your broker for more information.

    Leave a comment:


  • Bmac
    replied
    If I had $0.05 for every Vanguard customer service-bashing thread on Bogleheads…

    Unhappy with the service? Move to Fidelity or Schwab. End of.

    Leave a comment:


  • Tangler
    replied
    Originally posted by Larry Ragman View Post

    I also used to have a specific Flagship rep, but Vanguard changed their model. Now even Flagship Services forces you to a screen that first tries to get you to read some FAQs before giving you an “appropriate” number. Once you have seen it it is easy to step through with a few clicks to get a number. Not what I would label good customer service though.
    I think the bad press “might” lead to improvement.

    Who knows?

    They must have hired some morons.

    The website is fine for 99.99% of what i need.

    They need to save $, i get that but they have made foolish mistakes.

    For example they “upgraded” the iphone app and actually made it less useful.

    i cannot manipulate my solo 401k or my LP funds in the new app but could easily do this in the old app.

    Not all change is progress.

    In 2013 I had a direct line to Tom (Flagship dude) and he had a few functional neurons.

    They took away that phone # and now i go into the bs hold and push 1 for English type crap.

    VG was great in 2010, now it is not as good IMO

    Get off my lawn.

    Leave a comment:


  • Larry Ragman
    replied
    Originally posted by Hatton View Post
    I have never had a problem with VG. I assume everyone posting here has a flagship account with an assigned rep. I do not call with financial questions just account issues so I rarely call. Maybe once every other year.
    I also used to have a specific Flagship rep, but Vanguard changed their model. Now even Flagship Services forces you to a screen that first tries to get you to read some FAQs before giving you an “appropriate” number. Once you have seen it it is easy to step through with a few clicks to get a number. Not what I would label good customer service though.

    Leave a comment:


  • Tangler
    replied
    https://www.inquirer.com/business/va...outputType=amp

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  • billy
    replied
    Cant you also go VTSAX-->VTI (shouldnt incur capital gains at vanguard I think), then transfer the etfs in kind to an outside brokerage?

    Leave a comment:


  • GasFIRE
    replied
    Originally posted by doctorbone View Post

    can you transfer VG mutual fund to Schwab without selling them?
    You can transfer-in-kind so no selling occurs, you keep the shares you own. I would use the transfer form of the receiving brokerage. Typically they’ll also want a copy of the latest statement from your current VG account.

    Leave a comment:


  • Tim
    replied
    Originally posted by docnews View Post
    Calling on a weekend before tax day = bad service at every financial institution. Plus I'm willing to accept a wait to keep my basis points costs low.
    Not for me at Fidelity. 24/7 I get a live voice. Usually knowledgeable, but all departments aren’t open 24/7 (never expected that either). I do get prompt answers and at least assistance.

    Leave a comment:


  • Kamban
    replied
    Originally posted by doctorbone View Post
    can you transfer VG mutual fund to Schwab without selling them?
    Normally it should not be problem but I am apprehensive about doing it. I fear that incompetent reps might "mishear" me and sell the mutual funds and transfer the money and I will be left holding the bag with capital gains. Right now I only have a small Roth , a UTMA for my daughter and a brokerage account at Vanguard and since I don't need that money now and have no issues with Vanguard funds ( only their customer service) I thought I will let sleeping dogs lie for a few more years.

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  • doctorbone
    replied
    Originally posted by Kamban View Post

    I had posted here last year about converting my traditional IRA to Roth. I also had a small 401K from an employer that I had transferred to a solo IRA ( could/did not do solo 401) at Vanguard that I also wanted to convert at the same time. That was the 3 hours of wasted call time. Luckily with help from this forum and some trial and error I could convert it. OTOH, I went to the local Schwab and a rep helped fill the paperwork on his computer to convert the traditional IRAs of my spouse and mine to Roth and all we had to do was sign. It got done in 3 days. I also got my TD brokerage account transferred to Schwab since Schwab bought them and I wanted to consolidate things.
    A couple of weeks later I went in on a Friday and made a 7K deposit to my traditional IRA x 2 and the rep took care of posting it to the right account and transferring it to the Roth on Monday for the backdoor Roth. No extra steps needed to be done by me.
    Just recently I heard the Schwab checking with its debit card allowed for me to withdraw foreign currency at foreign ATM with no extra fees. Went in and opened 2 checking accounts and transferred money to it and all I had to do was sign. They filled in the paperwork. I now have the debit / ATM card and ready to go travel internationally this summer ( I already have no foreign transaction fee credit cards. I wanted ATM card).
    Finally for small things like having designated beneficiaries, opening a Roth and brokerage for my daughter and other issues it is so easy to pop into their office and clarify things face to face or get things done. I anyway have to go to that part of town to go to the hospital or visit my CPA and it is not out of the way. I am not going back to Vanguard.

    And I have paid a cent for these services. My ETF / mutual fund expense ratio at Schwab are the same as Vanguard Admiral shares.
    can you transfer VG mutual fund to Schwab without selling them?

    Leave a comment:

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