Vanguard customer service - Experiment with Fidelity to compare
Vanguard customer service - Experiment with Fidelity to compare
Hi.
I have been with Vanguard for years - IRA, Roth IRA, brokerage. I just set up a solo 401K (Roth and traditional) and added my wife as a plan participant. I also went about setting up a Roth for my minor daughter.
It has been extremely inefficient to put it mildly. I will get transferred to different departments, and then a form has to be sent and not submitted online, etc. There have been problems with paperwork, with reps not knowing answers, and generally with waiting on getting things done.
As an experiment, I opened a Roth IRA for my minor son at Fidelity. It couldn't have been easier or more seamless. It was instant. (The Roths for my children were initiated last week Wednesday. We are still waiting on the Vanguard one for my daughter.)
I don't want to leave Vanguard because I love their funds (I am particular to VBIAX - Balanced Index) and I don't trust Fidelity with their fees and advisors in the event of my passing. [Side note: Did anyone see the WSJ article on "Nutty Math" and how Fidelity and StateStreet, but not Vanguard, inflate their TIPS stated yields?) Yet their ease-of-use seems to far surpass Vanguard.
Maybe I am just being nitpitcky and these are just the things one goes through when setting up new accounts. My worry is that in the event of my passing and my wife has to contact Vanguard, it will be more of a mess.
The bottom line is that I am looking to see other's experiences and whether they have left Vanguard for these reasons.
I have been with Vanguard for years - IRA, Roth IRA, brokerage. I just set up a solo 401K (Roth and traditional) and added my wife as a plan participant. I also went about setting up a Roth for my minor daughter.
It has been extremely inefficient to put it mildly. I will get transferred to different departments, and then a form has to be sent and not submitted online, etc. There have been problems with paperwork, with reps not knowing answers, and generally with waiting on getting things done.
As an experiment, I opened a Roth IRA for my minor son at Fidelity. It couldn't have been easier or more seamless. It was instant. (The Roths for my children were initiated last week Wednesday. We are still waiting on the Vanguard one for my daughter.)
I don't want to leave Vanguard because I love their funds (I am particular to VBIAX - Balanced Index) and I don't trust Fidelity with their fees and advisors in the event of my passing. [Side note: Did anyone see the WSJ article on "Nutty Math" and how Fidelity and StateStreet, but not Vanguard, inflate their TIPS stated yields?) Yet their ease-of-use seems to far surpass Vanguard.
Maybe I am just being nitpitcky and these are just the things one goes through when setting up new accounts. My worry is that in the event of my passing and my wife has to contact Vanguard, it will be more of a mess.
The bottom line is that I am looking to see other's experiences and whether they have left Vanguard for these reasons.
Re: Vanguard customer service - Experiment with Fidelity to compare
Fidelity doesn't have this cool forum.
VTI 48%, VXUS 12%, BND 40%
Re: Vanguard customer service - Experiment with Fidelity to compare
One can be fooled by Fidelity. My son opened a Roth IRA at Fidelity, but after a couple of weeks, Fidelity locked it until he sent in photocopies of all that P.A.T.R.I.O.T. Act junk. So it took a while before the Roth IRA was useful.
Re: Vanguard customer service - Experiment with Fidelity to compare
The Patriot Act and it’s requirements were not unique to Fidelity.
All customers must comply and the brokerage firm is responsible to see that the customers do comply.
If your son did not comply, that’s his fault, not Fidelity.
Re: Vanguard customer service - Experiment with Fidelity to compare
They are not allowed to post here.
Just joking (again).
VTI 48%, VXUS 12%, BND 40%
Re: Vanguard customer service - Experiment with Fidelity to compare
True, but for someone like the OPs minor son, I do not think the account was truly ready for work until the OP mailed in documentation.
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Re: Vanguard customer service - Experiment with Fidelity to compare
The last of my parents passed away last year, and I was the successor trustee for their living trust. They had accounts at Vanguard, as did my sibling and myself, so I consolidated any investments my parents had that wasn't already at Vanguard into the trust accounts at Vanguard, before having them split the assets between my sibling and myself. I was happy with the professionalism of the staff at Vanguard. I did have some significant wait times on the phone, but I was able to get through reasonably timely when I called near the opening of their business day. They never tried to upsell me on anything. I don't have regrets about having an account at Vanguard.
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Re: Vanguard customer service - Experiment with Fidelity to compare
You don’t trust Fidelity with their fees and advisors or you don’t trust your wife? Does your wife not agree with your investing philosophy? Do you think she will suddenly, upon your death, start buying front end loaded actively managed funds? If so, she’ll go to Edward Jones. They have much better service than Fidelity. You don’t even call an 800 number there. You call your advisor and he’ll even stop by your house.
If your wife agrees with your investing philosophy, she can buy index funds at Fidelity too. She can also buy Vanguard ETFs there.
If your wife agrees with your investing philosophy, she can buy index funds at Fidelity too. She can also buy Vanguard ETFs there.
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Re: Vanguard customer service - Experiment with Fidelity to compare
In the last 3 months I helped 2 different friends move their work 401k’s, one went to Fidelity the other to Vanguard, both were equally easy.
Re: Vanguard customer service - Experiment with Fidelity to compare
As I had posted recently in other discussions I am in a major SE city with a local Fido office. Have met with the rep we would use-he is comped directly by Fido, we pay no service fees. Going to have DW meet him to make sure it is a good fit for her. Major concern is service/advise after I'm gone.blackcat4 wrote: ↑Mon Jul 26, 2021 4:40 pm Hi.
I have been with Vanguard for years - IRA, Roth IRA, brokerage. I just set up a solo 401K (Roth and traditional) and added my wife as a plan participant. I also went about setting up a Roth for my minor daughter.
It has been extremely inefficient to put it mildly. I will get transferred to different departments, and then a form has to be sent and not submitted online, etc. There have been problems with paperwork, with reps not knowing answers, and generally with waiting on getting things done.
As an experiment, I opened a Roth IRA for my minor son at Fidelity. It couldn't have been easier or more seamless. It was instant. (The Roths for my children were initiated last week Wednesday. We are still waiting on the Vanguard one for my daughter.)
I don't want to leave Vanguard because I love their funds (I am particular to VBIAX - Balanced Index) and I don't trust Fidelity with their fees and advisors in the event of my passing. [Side note: Did anyone see the WSJ article on "Nutty Math" and how Fidelity and StateStreet, but not Vanguard, inflate their TIPS stated yields?) Yet their ease-of-use seems to far surpass Vanguard.
Maybe I am just being nitpitcky and these are just the things one goes through when setting up new accounts. My worry is that in the event of my passing and my wife has to contact Vanguard, it will be more of a mess.
The bottom line is that I am looking to see other's experiences and whether they have left Vanguard for these reasons.
She gets local in person service vs. $3,000 per year for VPAS on our portfolio which is phone only. We have options with Fido on no/low cost index funds and they are offering a decent bonus for moving the $$ to them. Sad that Flagship clients have lost services that had been offered and now the big push for their PAS business model.
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Re: Vanguard customer service - Experiment with Fidelity to compare
What is the Fido bonus $ amount and portfolio size.ScottyDog wrote: ↑Mon Jul 26, 2021 6:14 pmAs I had posted recently in other discussions I am in a major SE city with a local Fido office. Have met with the rep we would use-he is comped directly by Fido, we pay no service fees. Going to have DW meet him to make sure it is a good fit for her. Major concern is service/advise after I'm gone.blackcat4 wrote: ↑Mon Jul 26, 2021 4:40 pm Hi.
I have been with Vanguard for years - IRA, Roth IRA, brokerage. I just set up a solo 401K (Roth and traditional) and added my wife as a plan participant. I also went about setting up a Roth for my minor daughter.
It has been extremely inefficient to put it mildly. I will get transferred to different departments, and then a form has to be sent and not submitted online, etc. There have been problems with paperwork, with reps not knowing answers, and generally with waiting on getting things done.
As an experiment, I opened a Roth IRA for my minor son at Fidelity. It couldn't have been easier or more seamless. It was instant. (The Roths for my children were initiated last week Wednesday. We are still waiting on the Vanguard one for my daughter.)
I don't want to leave Vanguard because I love their funds (I am particular to VBIAX - Balanced Index) and I don't trust Fidelity with their fees and advisors in the event of my passing. [Side note: Did anyone see the WSJ article on "Nutty Math" and how Fidelity and StateStreet, but not Vanguard, inflate their TIPS stated yields?) Yet their ease-of-use seems to far surpass Vanguard.
Maybe I am just being nitpitcky and these are just the things one goes through when setting up new accounts. My worry is that in the event of my passing and my wife has to contact Vanguard, it will be more of a mess.
The bottom line is that I am looking to see other's experiences and whether they have left Vanguard for these reasons.
She gets local in person service vs. $3,000 per year for VPAS on our portfolio which is phone only. We have options with Fido on no/low cost index funds and they are offering a decent bonus for moving the $$ to them. Sad that Flagship clients have lost services that had been offered and now the big push for their PAS business model.
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Re: Vanguard customer service - Experiment with Fidelity to compare
In the last 3 months I helped 2 different friends move their work 401k’s, one went to Fidelity the other to Vanguard, both were equally easy.
Re: Vanguard customer service - Experiment with Fidelity to compare
I have been with Vanguard for 25 years and my 17 year old son has been with them for 10 years.
I will never leave Vanguard, I don't invest for customer service.
I glad Vanguard doesn't offer a 2% rewards card and charge you 22% if you forget to pay one month.
I will never leave Vanguard, I don't invest for customer service.
I glad Vanguard doesn't offer a 2% rewards card and charge you 22% if you forget to pay one month.
Re: Vanguard customer service - Experiment with Fidelity to compare
Sure they do, there's tons of Fidelity related threads on here.
FWIW, I moved from Vanguard to Fidelity, never had any problems at Vanguard, but I never tried to speak to anyone or use their customer service either. My prior Vanguard account(s) were all opened online or through the mail and were simple enough that didn't require talking to anyone.
The main reason I'm at Fidelity is my prior employer had 401k there, and when I rolled it into IRAs it was easier to do staying at Fidelity then going through the transfer process to a new custodian. I did call and speak with someone to make the rollover, they were very helpful. Also I liked Fidelity's CMA account and 2% cash back rewards Visa card, which isn't something Vanguard offers.
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
Re: Vanguard customer service - Experiment with Fidelity to compare
I work in the fund and brokerage business, in IT.
Automation for new accounts is among the most poorly automated tasks in the business, due to both ever changing regulations, and fact that people tend to invest more in automating the highest volume tasks. Think about it, you open a handful of accounts in your life but many transactions in each of them. I care if the site and those transactions are functional, efficient etc. Paper acct setup by mail while not desirable it’s tolerable.
Automation for new accounts is among the most poorly automated tasks in the business, due to both ever changing regulations, and fact that people tend to invest more in automating the highest volume tasks. Think about it, you open a handful of accounts in your life but many transactions in each of them. I care if the site and those transactions are functional, efficient etc. Paper acct setup by mail while not desirable it’s tolerable.
Re: Vanguard customer service - Experiment with Fidelity to compare
You known they don't charge 22% right away. It is an annualized rate, and probably not that different from other credit cards. if you pay it the next month, you still come out ahead. Also, you could set up autopay.
I never pay attention to credit card interest rate. I don't recall the last time I paid interest on a credit card balance.
But, that seems a weird reason to choose a brokerage company. No one forces one to get the credit card.
Inertia is a strong force, and if you are happy with Vanguard, no reason to switch.
Once in a while you get shown the light, in the strangest of places if you look at it right.
Re: Vanguard customer service - Experiment with Fidelity to compare
The average household in American has about $5,000 in credit card debt. Research also show you spend 100% more when using a credit card instead of cash.marcopolo wrote: ↑Mon Jul 26, 2021 11:01 pm
You known they don't charge 22% right away. It is an annualized rate, and probably not that different from other credit cards. if you pay it the next month, you still come out ahead. Also, you could set up autopay.
I never pay attention to credit card interest rate. I don't recall the last time I paid interest on a credit card balance.
But, that seems a weird reason to choose a brokerage company. No one forces one to get the credit card.
Inertia is a strong force, and if you are happy with Vanguard, no reason to switch.
That's how you can offer great customer service.
Re: Vanguard customer service - Experiment with Fidelity to compare
Lots of vanguard fans and lots who have seen the "greener" side.
Someone like etrade might be the best of both worlds for you as you can buy and sell many vanguard funds for free and have better online customer service, systems and processes.
You'll have issues with all providers at one time or another but I think all the vanguard forms are a pain. I downloaded a form from the vanguard website for an account, had to have it notarized then had to mail it only to wait weeks, have to chase the status and finally be told the one I sent in was had been superceded months ago. They made me do it all again wasting much time. But I downloaded it directly from their site!
I havent had any issues with fidelity though their online chat has been revamped with a chat bot on guard before the agents. Not as nice as it used to be.
Someone like etrade might be the best of both worlds for you as you can buy and sell many vanguard funds for free and have better online customer service, systems and processes.
You'll have issues with all providers at one time or another but I think all the vanguard forms are a pain. I downloaded a form from the vanguard website for an account, had to have it notarized then had to mail it only to wait weeks, have to chase the status and finally be told the one I sent in was had been superceded months ago. They made me do it all again wasting much time. But I downloaded it directly from their site!
I havent had any issues with fidelity though their online chat has been revamped with a chat bot on guard before the agents. Not as nice as it used to be.
Re: Vanguard customer service - Experiment with Fidelity to compare
Bama12 wrote: ↑Mon Jul 26, 2021 11:53 pmThe average household in American has about $5,000 in credit card debt. Research also show you spend 100% more when using a credit card instead of cash.marcopolo wrote: ↑Mon Jul 26, 2021 11:01 pm
You known they don't charge 22% right away. It is an annualized rate, and probably not that different from other credit cards. if you pay it the next month, you still come out ahead. Also, you could set up autopay.
I never pay attention to credit card interest rate. I don't recall the last time I paid interest on a credit card balance.
But, that seems a weird reason to choose a brokerage company. No one forces one to get the credit card.
Inertia is a strong force, and if you are happy with Vanguard, no reason to switch.
That's how you can offer great customer service.
I have enough self control to not overspend just because I can get 2% back on my expenses, and delay paying the bill for a month.
I am happy to have those paying credit card interest, buying expensive funds, and all the other scary bogey men from Fidelity, subsidize the better customer service I get from them.
Once in a while you get shown the light, in the strangest of places if you look at it right.
Re: Vanguard customer service - Experiment with Fidelity to compare
I actually love their chat bot, if you use it more like enhanced search, it actually usually has the answer. If you need a person, is easy to get to.jfave33 wrote: ↑Tue Jul 27, 2021 12:09 am Lots of vanguard fans and lots who have seen the "greener" side.
Someone like etrade might be the best of both worlds for you as you can buy and sell many vanguard funds for free and have better online customer service, systems and processes.
You'll have issues with all providers at one time or another but I think all the vanguard forms are a pain. I downloaded a form from the vanguard website for an account, had to have it notarized then had to mail it only to wait weeks, have to chase the status and finally be told the one I sent in was had been superceded months ago. They made me do it all again wasting much time. But I downloaded it directly from their site!
I havent had any issues with fidelity though their online chat has been revamped with a chat bot on guard before the agents. Not as nice as it used to be.
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Re: Vanguard customer service - Experiment with Fidelity to compare
This is one of those things that people post but never back up because there is no research that shows that nor could it ever show that because you can't do proper studies on something like spending.
Re: Vanguard customer service - Experiment with Fidelity to compare
I've been a Vanguard customer for about 25 years. Since 2018, I've opened accounts at Merrill Edge, Schwab, TD Ameritrade, and Fidelity, earning thousands of dollars in transfer bonuses in the process.
Over the years, I've noticed a steady decline in Vanguard's customer service. They've made plenty of mistakes on my family's accounts that have caused me to spend many hours on the phone with their CSRs and supervisors to make corrections. As a consequence, my family's Vanguard balances have steadily declined in favor of these other brokerages. We own Vanguard funds at these other brokerages, except Fidelity, where we own their zero expense ratio funds. I've found the customer service at each of these other firms to be much better than at Vanguard.
Of all the brokerages where we now have accounts, I've had the very best experiences at Schwab. I'm very impressed with how quickly and solidly they handle issues. They seem to bend over backwards to want to please me. Number two has been Fidelity.
That's my experience. I realize others may have different experiences.
MichDad
Over the years, I've noticed a steady decline in Vanguard's customer service. They've made plenty of mistakes on my family's accounts that have caused me to spend many hours on the phone with their CSRs and supervisors to make corrections. As a consequence, my family's Vanguard balances have steadily declined in favor of these other brokerages. We own Vanguard funds at these other brokerages, except Fidelity, where we own their zero expense ratio funds. I've found the customer service at each of these other firms to be much better than at Vanguard.
Of all the brokerages where we now have accounts, I've had the very best experiences at Schwab. I'm very impressed with how quickly and solidly they handle issues. They seem to bend over backwards to want to please me. Number two has been Fidelity.
That's my experience. I realize others may have different experiences.
MichDad
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Re: Vanguard customer service - Experiment with Fidelity to compare
I wonder if Dave Ramsay says stuff like that? Which makes it even more likely to be made up.placeholder wrote: ↑Tue Jul 27, 2021 1:04 amThis is one of those things that people post but never back up because there is no research that shows that nor could it ever show that because you can't do proper studies on something like spending.
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Re: Vanguard customer service - Experiment with Fidelity to compare
This is so not true.Bama12 wrote: ↑Mon Jul 26, 2021 11:53 pmThe average household in American has about $5,000 in credit card debt. Research also show you spend 100% more when using a credit card instead of cash.marcopolo wrote: ↑Mon Jul 26, 2021 11:01 pm
You known they don't charge 22% right away. It is an annualized rate, and probably not that different from other credit cards. if you pay it the next month, you still come out ahead. Also, you could set up autopay.
I never pay attention to credit card interest rate. I don't recall the last time I paid interest on a credit card balance.
But, that seems a weird reason to choose a brokerage company. No one forces one to get the credit card.
Inertia is a strong force, and if you are happy with Vanguard, no reason to switch.
That's how you can offer great customer service.
Fidelity and Schwab both offer credit cards, but the cards are really issued by banks, Elan Bank in the case of Fidelity and American Express National Bank in the case of Schwab. This is called co-branding. The 22% is actually a pretty standard penalty rate across the credit card industry for missed payments.
You don't have to sign up for a credit card just because you have an account at Fidelity. I have accounts at both Fidelity and Schwab but don't have credit cards from either. I am not a fan of all-in-one solutions.
Seems like you have an intense dislike for Fidelity and have chosen to blame it on their credit card. Have you actually checked to see how much, if any, of the revenue from the credit card program goes to Fidelity instead of to Elan Bank.
Re: Vanguard customer service - Experiment with Fidelity to compare
There have been many threads on Bogleheads over the last few years about Vanguard's poor customer service including very long wait times and unknowledgeable staff. I am sure there is merit to it, but I have never had a bad experience with Vanguard's customer service.
Last month I had to deal with a rollover and had questions about depositing the checks through the app. I didn't have to wait and the representative handled all of my questions perfectly. I've also dealt with inherited IRAs at both Vanguard and Fidelity and would say that my experiences between the two firms were equally good.
I setup my solo 401K through Vanguard a couple of years ago and have received great support since that time, handling a variety of questions from setup to restating my plan.
I just call the main number each time and never have to wait more than a few seconds. Maybe I have just been lucky.
Last month I had to deal with a rollover and had questions about depositing the checks through the app. I didn't have to wait and the representative handled all of my questions perfectly. I've also dealt with inherited IRAs at both Vanguard and Fidelity and would say that my experiences between the two firms were equally good.
I setup my solo 401K through Vanguard a couple of years ago and have received great support since that time, handling a variety of questions from setup to restating my plan.
I just call the main number each time and never have to wait more than a few seconds. Maybe I have just been lucky.
Last edited by keystone on Tue Jul 27, 2021 10:25 am, edited 1 time in total.
Re: Vanguard customer service - Experiment with Fidelity to compare
I have had frequent interactions with both Fidelity and Vanguard over the last several months, to address issues around opening and funding estate accounts, trust accounts, inherited IRA accounts, replacing trustees on accounts, transferring funds between accounts and between the two companies, and errors in stepping up cost bases for inherited assets. With respect to each company, sometimes the telephone was answered within moments, while at other times I have had to wait on hold or for a return call. Sometimes the person answering the call could help, and other times I was transferred one or more times to other departments. Requested actions sometimes occurred the same day, or could take more than a week. Emailed communications from each might be prompt, or not so prompt. Website account information might be updated rapidly, or only after several days. In every instance the people with whom I interacted were polite and seemed to be committed to being helpful.
In short, both companies at times provided exemplary customer service and at other times fell short. It depended entirely on the issue, call volume at the time I reached out, and the specific customer service representative I happened to engage with.
From my experience, I'd not be able to claim conclusively that one of these two companies provides customer service which is consistently superior to the other - they both shine at times, and could do better at other times.
In short, both companies at times provided exemplary customer service and at other times fell short. It depended entirely on the issue, call volume at the time I reached out, and the specific customer service representative I happened to engage with.
From my experience, I'd not be able to claim conclusively that one of these two companies provides customer service which is consistently superior to the other - they both shine at times, and could do better at other times.
Re: Vanguard customer service - Experiment with Fidelity to compare
Always Leave Home Without It: A Further Investigation of the Credit-Card Effect on Willingness to PayTropikThunder wrote: ↑Tue Jul 27, 2021 4:29 amI wonder if Dave Ramsay says stuff like that? Which makes it even more likely to be made up.placeholder wrote: ↑Tue Jul 27, 2021 1:04 amThis is one of those things that people post but never back up because there is no research that shows that nor could it ever show that because you can't do proper studies on something like spending.
http://web.mit.edu/simester/Public/Pape ... vehome.pdf
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
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Re: Vanguard customer service - Experiment with Fidelity to compare
I recently move an account to Fidelity. Online, I filled out all the personal information. I got a pdf of the last statement being moved to Fidelity and attached it in the online form. The form figured out that I had everything needed and let me know.
My new Fidelity account showed up online with my other accounts within the same day. The in kind ETFs showed up in about a week.
No signing anything. No mailing anything. No wax stamps blessed by the Pope. No letter of vouch from Obi Wan. The only way I can think that it would be easier would be if I stared at my screen and Fidelity determined what I wanted by the fact that I'm thinking it.
Not all that long ago, I had moved an account to Vanguard. Here's how I did that. I called Vanguard and they connected me to a concierge rep. He walked me through what's needed and said he would send forms by mail. A week later, I received essentially a book of maybe 50 pages of crap. I filled things out, got statements from the "from" account and got ready to send it. Then I received yet another book of paperwork with a note saying they forgot to send these. Seems normal, Vanguard probably hasn't opened more than maybe 6 accounts ever, so don't really know how to do it. (/sarcasm) So I filled out more papers and sent a book of paperwork in. In maybe 2 weeks, I called to talk with my concierge rep to see where the process was. There was no way to get in touch with him. I had no phone number for him and front line CSRs had no way to connect me. So I waited and at about a month, the account was open.
So for me, those are my experiences with opening accounts at each. Vanguard seems quite capable if you expect service in line with anyone else in 1972.
My new Fidelity account showed up online with my other accounts within the same day. The in kind ETFs showed up in about a week.
No signing anything. No mailing anything. No wax stamps blessed by the Pope. No letter of vouch from Obi Wan. The only way I can think that it would be easier would be if I stared at my screen and Fidelity determined what I wanted by the fact that I'm thinking it.
Not all that long ago, I had moved an account to Vanguard. Here's how I did that. I called Vanguard and they connected me to a concierge rep. He walked me through what's needed and said he would send forms by mail. A week later, I received essentially a book of maybe 50 pages of crap. I filled things out, got statements from the "from" account and got ready to send it. Then I received yet another book of paperwork with a note saying they forgot to send these. Seems normal, Vanguard probably hasn't opened more than maybe 6 accounts ever, so don't really know how to do it. (/sarcasm) So I filled out more papers and sent a book of paperwork in. In maybe 2 weeks, I called to talk with my concierge rep to see where the process was. There was no way to get in touch with him. I had no phone number for him and front line CSRs had no way to connect me. So I waited and at about a month, the account was open.
So for me, those are my experiences with opening accounts at each. Vanguard seems quite capable if you expect service in line with anyone else in 1972.
Bogle: Smart Beta is stupid
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Re: Vanguard customer service - Experiment with Fidelity to compare
YMMV. I opened up Vanguard accounts for my spouse, all done online did not need any of the craziness you are talking about. I was then able to transfer in-kind securities from ComputerShare. I may have had to mail in a single form with a signature gurantee, but that was because the other brokerage required it.Jack FFR1846 wrote: ↑Tue Jul 27, 2021 10:10 am I recently move an account to Fidelity. Online, I filled out all the personal information. I got a pdf of the last statement being moved to Fidelity and attached it in the online form. The form figured out that I had everything needed and let me know.
My new Fidelity account showed up online with my other accounts within the same day. The in kind ETFs showed up in about a week.
No signing anything. No mailing anything. No wax stamps blessed by the Pope. No letter of vouch from Obi Wan. The only way I can think that it would be easier would be if I stared at my screen and Fidelity determined what I wanted by the fact that I'm thinking it.
Not all that long ago, I had moved an account to Vanguard. Here's how I did that. I called Vanguard and they connected me to a concierge rep. He walked me through what's needed and said he would send forms by mail. A week later, I received essentially a book of maybe 50 pages of crap. I filled things out, got statements from the "from" account and got ready to send it. Then I received yet another book of paperwork with a note saying they forgot to send these. Seems normal, Vanguard probably hasn't opened more than maybe 6 accounts ever, so don't really know how to do it. (/sarcasm) So I filled out more papers and sent a book of paperwork in. In maybe 2 weeks, I called to talk with my concierge rep to see where the process was. There was no way to get in touch with him. I had no phone number for him and front line CSRs had no way to connect me. So I waited and at about a month, the account was open.
So for me, those are my experiences with opening accounts at each. Vanguard seems quite capable if you expect service in line with anyone else in 1972.
Re: Vanguard customer service - Experiment with Fidelity to compare
Yeah I did an ACATS into Vanguard back in the day. It was all online, didn't have to sign any forms, send / receive snail mail, or call anyone. Amazing what you can do on the internet.
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Re: Vanguard customer service - Experiment with Fidelity to compare
OP sounds like more of a report than an experiment.
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Re: Vanguard customer service - Experiment with Fidelity to compare
I've been a long term Vanguard customer for my personal accounts. I use Fidelity through my company's 401k accounts. Though retired, I still have access to a specific "executive" advisor.
My experience is that the Fidelity web site is far superior to Vanguard's.
Whenever I've had a question with Fidelity, I've gotten good answers right away. With Vanguard there's some excellent resources available, but sometimes it feels like a lot of bureaucracy with respect to paperwork. For example, I had a question about a bond the other day, and the Vanguard phone agent sent me to the "bond desk". The representative was great and walked me through the process, gave me hints as to the best approach for my situation. Opening accounts at Vanguard is absolutely harder than at Fidelity. But I've noticed that Fidelity will hold my money longer when it's time to sell; they arbitrage the cash. Vanguard is much more prompt.
So I will maintain both sets of accounts for a while. In about 8 years, I'll want to consolidate for simplicity. I'll decide which one then.
BTW, I have a small account with TD Ameritrade and have been very happy with their service. Very easy to work with.
My experience is that the Fidelity web site is far superior to Vanguard's.
Whenever I've had a question with Fidelity, I've gotten good answers right away. With Vanguard there's some excellent resources available, but sometimes it feels like a lot of bureaucracy with respect to paperwork. For example, I had a question about a bond the other day, and the Vanguard phone agent sent me to the "bond desk". The representative was great and walked me through the process, gave me hints as to the best approach for my situation. Opening accounts at Vanguard is absolutely harder than at Fidelity. But I've noticed that Fidelity will hold my money longer when it's time to sell; they arbitrage the cash. Vanguard is much more prompt.
So I will maintain both sets of accounts for a while. In about 8 years, I'll want to consolidate for simplicity. I'll decide which one then.
BTW, I have a small account with TD Ameritrade and have been very happy with their service. Very easy to work with.
Re: Vanguard customer service - Experiment with Fidelity to compare
I haven't had to do much interaction with Vanguard so I was surprised when my brother told me of the difficulties in getting our Mom's 401k squared away when she passed. Where I toil now is hooked up with Fidelity on the 401k and I must admit they are good at customer service. And those zero expense funds are nice as well. So whatever gives you the least hassles or most benefits I reckon.
Re: Vanguard customer service - Experiment with Fidelity to compare
The bonus of $1,500 on $1m+ is OK but not the main reason for the changeanon_investor wrote: ↑Mon Jul 26, 2021 6:25 pmWhat is the Fido bonus $ amount and portfolio size.ScottyDog wrote: ↑Mon Jul 26, 2021 6:14 pmAs I had posted recently in other discussions I am in a major SE city with a local Fido office. Have met with the rep we would use-he is comped directly by Fido, we pay no service fees. Going to have DW meet him to make sure it is a good fit for her. Major concern is service/advise after I'm gone.blackcat4 wrote: ↑Mon Jul 26, 2021 4:40 pm Hi.
I have been with Vanguard for years - IRA, Roth IRA, brokerage. I just set up a solo 401K (Roth and traditional) and added my wife as a plan participant. I also went about setting up a Roth for my minor daughter.
It has been extremely inefficient to put it mildly. I will get transferred to different departments, and then a form has to be sent and not submitted online, etc. There have been problems with paperwork, with reps not knowing answers, and generally with waiting on getting things done.
As an experiment, I opened a Roth IRA for my minor son at Fidelity. It couldn't have been easier or more seamless. It was instant. (The Roths for my children were initiated last week Wednesday. We are still waiting on the Vanguard one for my daughter.)
I don't want to leave Vanguard because I love their funds (I am particular to VBIAX - Balanced Index) and I don't trust Fidelity with their fees and advisors in the event of my passing. [Side note: Did anyone see the WSJ article on "Nutty Math" and how Fidelity and StateStreet, but not Vanguard, inflate their TIPS stated yields?) Yet their ease-of-use seems to far surpass Vanguard.
Maybe I am just being nitpitcky and these are just the things one goes through when setting up new accounts. My worry is that in the event of my passing and my wife has to contact Vanguard, it will be more of a mess.
The bottom line is that I am looking to see other's experiences and whether they have left Vanguard for these reasons.
She gets local in person service vs. $3,000 per year for VPAS on our portfolio which is phone only. We have options with Fido on no/low cost index funds and they are offering a decent bonus for moving the $$ to them. Sad that Flagship clients have lost services that had been offered and now the big push for their PAS business model.
Re: Vanguard customer service - Experiment with Fidelity to compare
Same thing when our mother passed. VG gave me completely wrong info regarding her IRA disbursements. Took me weeks to resolve. That had not been my experience when I set her up with VG 7 years prior to her passing, but the rep acted like it was my fault and that I was inconveniencing them when I asked for a correction for their mistaken info.
I had an unpleasant experience 6 months prior to that regarding the TN escheatment letters that we received for all our accounts. What a communications fiasco.
If pushed to transition to brokerage we will be moving to Schwab (due to some VG funds we can't hold at Fidelity).
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Re: Vanguard customer service - Experiment with Fidelity to compare
If I were to do an experiment, I'd try the same thing at both brokerages. However it sounds like 2 different things were tried and one was substantially harder. Not sure what conclusions (if any) can be drawn from this
"Anyone who claims to understand quantum theory is either lying or crazy" -- Richard Feynman
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Re: Vanguard customer service - Experiment with Fidelity to compare
Which does not say what was stated here just that under certain circumstances some people are willing to pay more with credit card which is hardly surprising but does not and cannot indicate that everyone and anyone who uses a credit card with spend more and certainly not the 100% claimed.
Re: Vanguard customer service - Experiment with Fidelity to compare
placeholder wrote: ↑Tue Jul 27, 2021 8:08 pmWhich does not say what was stated here just that under certain circumstances some people are willing to pay more with credit card which is hardly surprising but does not and cannot indicate that everyone and anyone who uses a credit card with spend more and certainly not the 100% claimed.
In the first study they had participants bid on tickets to a game, the mean cash price for Celtics tickets was $28.51 and the mean credit card price was $60.64.http://web.mit.edu/simester/Public/Pape ... vehome.pdf
... In the first study, which uses goods with uncertain market value, we observe a
large premium (more than 100%). However, in the second study, using a good with a
known market value (a restaurant gift certificate) the premium does not always arise...
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
Re: Vanguard customer service - Experiment with Fidelity to compare
I don't dislike Fidelity! I'm making the point you and/or other customers pay for the customer service, it's not free.UpperNwGuy wrote: ↑Tue Jul 27, 2021 6:22 amThis is so not true.Bama12 wrote: ↑Mon Jul 26, 2021 11:53 pmThe average household in American has about $5,000 in credit card debt. Research also show you spend 100% more when using a credit card instead of cash.marcopolo wrote: ↑Mon Jul 26, 2021 11:01 pm
You known they don't charge 22% right away. It is an annualized rate, and probably not that different from other credit cards. if you pay it the next month, you still come out ahead. Also, you could set up autopay.
I never pay attention to credit card interest rate. I don't recall the last time I paid interest on a credit card balance.
But, that seems a weird reason to choose a brokerage company. No one forces one to get the credit card.
Inertia is a strong force, and if you are happy with Vanguard, no reason to switch.
That's how you can offer great customer service.
Fidelity and Schwab both offer credit cards, but the cards are really issued by banks, Elan Bank in the case of Fidelity and American Express National Bank in the case of Schwab. This is called co-branding. The 22% is actually a pretty standard penalty rate across the credit card industry for missed payments.
You don't have to sign up for a credit card just because you have an account at Fidelity. I have accounts at both Fidelity and Schwab but don't have credit cards from either. I am not a fan of all-in-one solutions.
Seems like you have an intense dislike for Fidelity and have chosen to blame it on their credit card. Have you actually checked to see how much, if any, of the revenue from the credit card program goes to Fidelity instead of to Elan Bank.
Re: Vanguard customer service - Experiment with Fidelity to compare
The “experiment” was opening 2 Roths at the same time but at different brokerages and seeing which went better. I opened a Roth for one child at Fidelity and opened a Roth for the other child at Vanguard.tomsense76 wrote: ↑Tue Jul 27, 2021 7:58 pm If I were to do an experiment, I'd try the same thing at both brokerages. However it sounds like 2 different things were tried and one was substantially harder. Not sure what conclusions (if any) can be drawn from this
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Re: Vanguard customer service - Experiment with Fidelity to compare
At least from what I understood in the original post a Solo 401K and a Roth IRA were setup at Vanguard vs. just a Roth IRA at Fidelity. One seems like more accounts, more work, plus a Solo 401k may require additional steps. If that's not accurate, please feel free to correct me.blackcat4 wrote: ↑Tue Jul 27, 2021 10:39 pmThe “experiment” was opening 2 Roths at the same time but at different brokerages and seeing which went better. I opened a Roth for one child at Fidelity and opened a Roth for the other child at Vanguard.tomsense76 wrote: ↑Tue Jul 27, 2021 7:58 pm If I were to do an experiment, I'd try the same thing at both brokerages. However it sounds like 2 different things were tried and one was substantially harder. Not sure what conclusions (if any) can be drawn from this
"Anyone who claims to understand quantum theory is either lying or crazy" -- Richard Feynman
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Re: Vanguard customer service - Experiment with Fidelity to compare
Right for one specialty item but the second one wasn't there and you certainly can't extrapolate to all purchases.
Re: Vanguard customer service - Experiment with Fidelity to compare
You are correct that a Solo 401k and Roth were set up at VG. However, those were done separately. The Solo 401k was done with the “Small Business Department” and the Roth IRA was done at the “Retirement Department”. Therefore, they were two separate and unrelated transactions.tomsense76 wrote: ↑Tue Jul 27, 2021 10:51 pmAt least from what I understood in the original post a Solo 401K and a Roth IRA were setup at Vanguard vs. just a Roth IRA at Fidelity. One seems like more accounts, more work, plus a Solo 401k may require additional steps. If that's not accurate, please feel free to correct me.blackcat4 wrote: ↑Tue Jul 27, 2021 10:39 pmThe “experiment” was opening 2 Roths at the same time but at different brokerages and seeing which went better. I opened a Roth for one child at Fidelity and opened a Roth for the other child at Vanguard.tomsense76 wrote: ↑Tue Jul 27, 2021 7:58 pm If I were to do an experiment, I'd try the same thing at both brokerages. However it sounds like 2 different things were tried and one was substantially harder. Not sure what conclusions (if any) can be drawn from this
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Re: Vanguard customer service - Experiment with Fidelity to compare
Fidelity doesn't issue the Fidelity rewards card. US Bank/Elan issues the card and sets the interest rate. Fidelity only gets involved if you wish to earn the 2% by depositing the rewards into a Fidelity account. But that is not required--you can redeem rewards (at a lesser rate) without a Fidelity account.
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Re: Vanguard customer service - Experiment with Fidelity to compare
The studies didn't include me. People like me and other Boglehead informed folks who use great care with personal finance seem underrepresented.JoMoney wrote: ↑Tue Jul 27, 2021 8:25 amAlways Leave Home Without It: A Further Investigation of the Credit-Card Effect on Willingness to PayTropikThunder wrote: ↑Tue Jul 27, 2021 4:29 amI wonder if Dave Ramsay says stuff like that? Which makes it even more likely to be made up.placeholder wrote: ↑Tue Jul 27, 2021 1:04 amThis is one of those things that people post but never back up because there is no research that shows that nor could it ever show that because you can't do proper studies on something like spending.
http://web.mit.edu/simester/Public/Pape ... vehome.pdf
I'm glad other people are consuming and using credit. Consumers drive the economy (and VTSAX/VTI, etc.) and credit card use makes rewards programs possible that are lucrative for us.
Re: Vanguard customer service - Experiment with Fidelity to compare
Honestly, who cares if the average credit card debt is $X amount. I would say that a large portion of this website doesn't represent the average American when it comes to money management, savings, income, etc.
The fact is plenty of people are able to use credit cards and pay off their statement each month without ever incurring interest. I've had multiple credit cards for 15+ years including the 2% Fidelity card and have never once paid interest. It's too bad some people can't manage monthly payments, but good for the rest of us that are able reap the rewards for minimal work.
I have sympathy for people who didn't learn about CCs early on and got into debt, or needed it because of an emergency. But sorry, if you can't setup auto-pay or simple google calendar reminder each month to pay your bills that's on you.
Also this has nothing to do with Fidelity or Vanguard, welcome to credit cards.
As far as the actual OP question, I personally have had no issues with Fidelity and have received good customer service every time I've called in. I service my taxable brokerage (originally an in-kind transfer from AF), my Roth IRA, and my company 401K with them (which was the main reason I opened my other accounts to have everything in one place).
I've had to call in for a couple issues over the years which were resolved promptly. I also call in monthly to initiate a 401K after-tax rollover into my Roth IRA (i.e. megabackdoor Roth IRA) and have never had any issues. I'm sure any company can have a bad apple or experience though.
The fact is plenty of people are able to use credit cards and pay off their statement each month without ever incurring interest. I've had multiple credit cards for 15+ years including the 2% Fidelity card and have never once paid interest. It's too bad some people can't manage monthly payments, but good for the rest of us that are able reap the rewards for minimal work.
I have sympathy for people who didn't learn about CCs early on and got into debt, or needed it because of an emergency. But sorry, if you can't setup auto-pay or simple google calendar reminder each month to pay your bills that's on you.
Also this has nothing to do with Fidelity or Vanguard, welcome to credit cards.
As far as the actual OP question, I personally have had no issues with Fidelity and have received good customer service every time I've called in. I service my taxable brokerage (originally an in-kind transfer from AF), my Roth IRA, and my company 401K with them (which was the main reason I opened my other accounts to have everything in one place).
I've had to call in for a couple issues over the years which were resolved promptly. I also call in monthly to initiate a 401K after-tax rollover into my Roth IRA (i.e. megabackdoor Roth IRA) and have never had any issues. I'm sure any company can have a bad apple or experience though.
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Re: Vanguard customer service - Experiment with Fidelity to compare
This post should win awards!lazynovice wrote: ↑Mon Jul 26, 2021 5:35 pm You don’t trust Fidelity with their fees and advisors or you don’t trust your wife? Does your wife not agree with your investing philosophy? Do you think she will suddenly, upon your death, start buying front end loaded actively managed funds? If so, she’ll go to Edward Jones. They have much better service than Fidelity. You don’t even call an 800 number there. You call your advisor and he’ll even stop by your house.
If your wife agrees with your investing philosophy, she can buy index funds at Fidelity too. She can also buy Vanguard ETFs there.