What benefit does reaching Flagship status give me?
What benefit does reaching Flagship status give me?
I think this is the right forum to post in, if not then Mods please move it to where it belongs.
It is a coincidence that the "Message Center" thread has generated many comments about poor service at Vanguard and some mentions that seem to indicate that Flagship status is not worth much but those comments are not why I am asking this.
In June I reached Flagship status. I called and asked to be upgraded from Voyager Select. I was told I need to maintain a $1M+ balance for 3 months and they check it on the last Friday of each month. I mention that just as an aside. So I was good in June and now for July I'm still OK. If on the last Friday of August my holdings remain above $1M then I should be at Flagship status.
So this is very exciting, I never ever expected to have this much at Vanguard. But then I wondered, just what does Flagship status give me? Is there really a benefit to being a Flagship member? I could roll over funds from my 401k to ensure I stay above the $1M level should the market drop but I want to keep those funds in my Stable Value fund in the 401k. Maybe I am all excited about very little or next to nothing being a Flagship investor?
Is attaining Flagship status giving me something I don't have now or would like to have?
It is a coincidence that the "Message Center" thread has generated many comments about poor service at Vanguard and some mentions that seem to indicate that Flagship status is not worth much but those comments are not why I am asking this.
In June I reached Flagship status. I called and asked to be upgraded from Voyager Select. I was told I need to maintain a $1M+ balance for 3 months and they check it on the last Friday of each month. I mention that just as an aside. So I was good in June and now for July I'm still OK. If on the last Friday of August my holdings remain above $1M then I should be at Flagship status.
So this is very exciting, I never ever expected to have this much at Vanguard. But then I wondered, just what does Flagship status give me? Is there really a benefit to being a Flagship member? I could roll over funds from my 401k to ensure I stay above the $1M level should the market drop but I want to keep those funds in my Stable Value fund in the 401k. Maybe I am all excited about very little or next to nothing being a Flagship investor?
Is attaining Flagship status giving me something I don't have now or would like to have?
Re: What benefit does reaching Flagship status give me?
Short answer: No added useful benefits.
But long answer is this question is not uncommon:
https://www.google.com/search?q=flagshi ... eheads.org
But long answer is this question is not uncommon:
https://www.google.com/search?q=flagshi ... eheads.org
Last edited by livesoft on Mon Aug 02, 2021 5:06 pm, edited 1 time in total.
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Re: What benefit does reaching Flagship status give me?
Probably nothing, as far as I can tell.
Here's what Vanguard says on their site: https://investor.vanguard.com/investing ... s/flagship
Does anyone have a guess at how many Flagship customers Vanguard has these day? I bet it's many thousands.
Here's what Vanguard says on their site: https://investor.vanguard.com/investing ... s/flagship
Does anyone have a guess at how many Flagship customers Vanguard has these day? I bet it's many thousands.
Re: What benefit does reaching Flagship status give me?
I think other than access to certain closed funds (PRIMECAP being one example), there's not much.
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Re: What benefit does reaching Flagship status give me?
You can send secure messages.zaplunken wrote: ↑Mon Aug 02, 2021 4:52 pm I think this is the right forum to post in, if not then Mods please move it to where it belongs.
It is a coincidence that the "Message Center" thread has generated many comments about poor service at Vanguard and some mentions that seem to indicate that Flagship status is not worth much but those comments are not why I am asking this.
In June I reached Flagship status. I called and asked to be upgraded from Voyager Select. I was told I need to maintain a $1M+ balance for 3 months and they check it on the last Friday of each month. I mention that just as an aside. So I was good in June and now for July I'm still OK. If on the last Friday of August my holdings remain above $1M then I should be at Flagship status.
So this is very exciting, I never ever expected to have this much at Vanguard. But then I wondered, just what does Flagship status give me? Is there really a benefit to being a Flagship member? I could roll over funds from my 401k to ensure I stay above the $1M level should the market drop but I want to keep those funds in my Stable Value fund in the 401k. Maybe I am all excited about very little or next to nothing being a Flagship investor?
Is attaining Flagship status giving me something I don't have now or would like to have?
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Re: What benefit does reaching Flagship status give me?
You used to get a bunch of free trades but now trades are free. As far as I can tell it does not get you anything except the right to use a fancy title.
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Re: What benefit does reaching Flagship status give me?
Is there something like this at Fidelity?
Is there a level above “Flagship” and if so are there any real/useful benefits at that level? TY.
Is there a level above “Flagship” and if so are there any real/useful benefits at that level? TY.
Re: What benefit does reaching Flagship status give me?
Flagship Select if you have $5 M: https://investor.vanguard.com/investing ... s/flagshipDidOurBest wrote: ↑Mon Aug 02, 2021 5:18 pm Is there a level above “Flagship” and if so are there any real/useful benefits at that level? TY.
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Re: What benefit does reaching Flagship status give me?
Well, you do have $1m.
FI is the best revenge. LBYM. Invest the rest. Stay the course. Die anyway. - PS: The cavalry isn't coming, kids. You are on your own.
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Re: What benefit does reaching Flagship status give me?
It may be subjective or wrong, but I feel like I get better/faster service when I call the flagship number. But I agree with the posts above that it is probably not much. I apparently get to keep my direct messages, so there is that.
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Re: What benefit does reaching Flagship status give me?
No more Vanguard coffee mugs apparently...
Re: What benefit does reaching Flagship status give me?
I honestly don't need that. I don't need much, I was peeved about the messaging thing because that was my preferred way to contact them. Vanguard's website is a bit crufty, but it is OK and I know how to use it. I have a Fidelity office near me, but my bank does medallion guarantees and I'm not sure I need to see my brokerage in person (haven't felt the need in 30+ years at Vanguard). Still, the grass could be greener, if Vanguard does something to irritate me I'm open to moving.
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Re: What benefit does reaching Flagship status give me?
You are one of 60,000, according to this story from 2017:
https://www.inquirer.com/philly/blogs/i ... ients.html
So, yay, you are one of 60,000!
I'm sure the numbers have grown a bit since 2017.
The required amount should be updated, as a million bucks has suffered a loss of buying power since the original requirements were put into effect.
IOW, a million bucks just isn't what it used to be.
So, the benefits aren't what they used to, and they weren't much to talk about years ago. I did score 25 free trades, but I didn't even use that many, so, not much there.
Anyhoo, you are now part of an elite group of 60,000 plus members!
Broken Man 1999
https://www.inquirer.com/philly/blogs/i ... ients.html
So, yay, you are one of 60,000!
I'm sure the numbers have grown a bit since 2017.
The required amount should be updated, as a million bucks has suffered a loss of buying power since the original requirements were put into effect.
IOW, a million bucks just isn't what it used to be.
So, the benefits aren't what they used to, and they weren't much to talk about years ago. I did score 25 free trades, but I didn't even use that many, so, not much there.
Anyhoo, you are now part of an elite group of 60,000 plus members!
Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven then I shall not go." - Mark Twain
Re: What benefit does reaching Flagship status give me?
Thanks. Your replies are what I thought I might be told!
This makes me laugh
I was concerned about the total holdings falling below $1M and losing it but it doesn't seem like it really makes much of a difference! It seems like markets go up and markets go down.
Thanks for the links to other posts, I'll look at those.
This makes me laugh
It seems to me that getting to $1M means I pretty much have it figured out by now!As a Flagship client, you'll have exclusive resources available to you, including Vanguard professionals who can help you meet your investment and wealth management needs.
I was concerned about the total holdings falling below $1M and losing it but it doesn't seem like it really makes much of a difference! It seems like markets go up and markets go down.
Thanks for the links to other posts, I'll look at those.
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Re: What benefit does reaching Flagship status give me?
Flagship clients get free outgoing wire transfers. That has been useful to me on at least one occasion. Although it's only $10 for non-Flagship clients.
“Now shall I walk or shall I ride? |
'Ride,' Pleasure said; |
'Walk,' Joy replied.” |
|
― W.H. Davies
Re: What benefit does reaching Flagship status give me?
If they follow past precedent, you'll keep it if balance drops due to market fluctuations. If you withdraw a lot of money they may revoke status. Of course they can change anything they want at any time.
Re: What benefit does reaching Flagship status give me?
Million dollar portfolios at Vanguard are a dime a dozen now days, so they no longer feel you are as special as they once did and they cut back the perks for a mere Flagship status person. Congratulations for hitting the milestone and gaining the personal satisfaction of getting there but limited new account benefits come with it.
Bogle on investing: Diversify, focus on low costs, invest for the long term. Don't speculate and don't be distracted by volatility.
Re: What benefit does reaching Flagship status give me?
The only useful benefit is that you have a million dollars.
VTI 48%, VXUS 12%, BND 40%
Re: What benefit does reaching Flagship status give me?
You get (2) attaboys. Keep up the great work!
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Re: What benefit does reaching Flagship status give me?
We joke about it in this forum, but it takes most of us a lot of persistence and delayed gratification to reach the Flagship level. Congratulations!
“Now shall I walk or shall I ride? |
'Ride,' Pleasure said; |
'Walk,' Joy replied.” |
|
― W.H. Davies
Re: What benefit does reaching Flagship status give me?
A nice virtual badge that you've made it..... Years ago there were some benefits but now... nada.
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Rob |
Its a dangerous business going out your front door. - J.R.R.Tolkien
Re: What benefit does reaching Flagship status give me?
Again, thanks for the congrats. I actually hit $1M a while ago but $1/3M is in my 401k. I like the Stable Value fund so I have no reason to finish rolling over the 401k to Vanguard. There are some funny replies here, I chuckled more than once!
Re: What benefit does reaching Flagship status give me?
Just making sure, all of your assets totaling $1M+ is in Vanguard funds or ETFs, and does not include any non-vanguard funds or ETFs. The balance needed for flagship cannot include other funds even if they were held at Vanguard.zaplunken wrote: ↑Mon Aug 02, 2021 4:52 pm In June I reached Flagship status. I called and asked to be upgraded from Voyager Select. I was told I need to maintain a $1M+ balance for 3 months and they check it on the last Friday of each month. I mention that just as an aside. So I was good in June and now for July I'm still OK. If on the last Friday of August my holdings remain above $1M then I should be at Flagship status.
Re: What benefit does reaching Flagship status give me?
I understand that, I have over $1M at Vanguard, that was just reached in June of this year.Elysium wrote: ↑Mon Aug 02, 2021 6:58 pmJust making sure, all of your assets totaling $1M+ is in Vanguard funds or ETFs, and does not include any non-vanguard funds or ETFs. The balance needed for flagship cannot include other funds even if they were held at Vanguard.zaplunken wrote: ↑Mon Aug 02, 2021 4:52 pm In June I reached Flagship status. I called and asked to be upgraded from Voyager Select. I was told I need to maintain a $1M+ balance for 3 months and they check it on the last Friday of each month. I mention that just as an aside. So I was good in June and now for July I'm still OK. If on the last Friday of August my holdings remain above $1M then I should be at Flagship status.
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Re: What benefit does reaching Flagship status give me?
I would be curious to learn if you are upgraded at the timeline they told you. I have crossed the threshold twice: once, briefly, at the beginning of 2020 and again in October 2020. Although I have been continuously above the threshold since October 2020, I have yet to have my account status changed. I have not asked them about this, since there is almost no change in benefits (none that I care about, at least). I had been excited to cross the threshold back in early 2020, since I had planned to take advantage of their CFP consultation once I achieved the status. However, they removed that benefit in their effort to recruit everyone to PAS. I have no need for PAS (nor, really, for a CFP consultation), so have not made the effort to contact them about the very very very very slow recognition of my change in status. I guess if I am still listed as Voyager Select as I approach the next threshold leevl I might be annoyed enough to reach out. In the meantime, I just self-congratulate myself for having sufficient investments to be self-sufficient.
Also, as an aside, I do find it somewhat hilarious to read their current descriptions of the benefits at each level. They are basically the same, but worded slightly differently, with the same "benefits" listed in a different order. Back when there were actual different benefits at the different levels it made sense to list these separately. Now that they are basically the same, I view it as a marketing miss.
Also, as an aside, I do find it somewhat hilarious to read their current descriptions of the benefits at each level. They are basically the same, but worded slightly differently, with the same "benefits" listed in a different order. Back when there were actual different benefits at the different levels it made sense to list these separately. Now that they are basically the same, I view it as a marketing miss.
Re: What benefit does reaching Flagship status give me?
I moved about $326k to Vanguard when I retired in 2007. In September they gave me a free consultation and a 2nd free one 3 weeks later. Not even 1/3 of a million, now a Flagship member doesn't get a free consult?
Re: What benefit does reaching Flagship status give me?
Don't forget the criteria is not simply $1M at Vanguard. It is at least $1M of Vanguard products at Vanguard.
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Re: What benefit does reaching Flagship status give me?
If this is a response to my post, I only have Vanguard mutual funds. I exceeded $1M in combined IRA and taxable brokerage accounts in October 2020. I exceeded $1M in the taxable brokerage account alone in November 2020. Still Voyager Select as of today (August 2021). Again, I have not contacted them about this, as I am somewhat curious how long it will take for their computers to finally flag my account. Contacting them would ruin the experiment! I would have less patience if I actually saw a benefit to the account status change.
Re: What benefit does reaching Flagship status give me?
It used to matter, but doesn't anymore. I miss those CFP checkups, for instance.
Re: What benefit does reaching Flagship status give me?
Yes at fidelity you will actually get some perks, like free turbo tax premier, free wire (VG has this too) and dedicated rep. And a $2500 bonus if you arrange it before you transfer in.DidOurBest wrote: ↑Mon Aug 02, 2021 5:18 pm Is there something like this at Fidelity?
Is there a level above “Flagship” and if so are there any real/useful benefits at that level? TY.
Re: What benefit does reaching Flagship status give me?
FIdo has Private Client and or an assigned rep. You get faster to rapid service in the call queue and a whole lot of free services if you ask the correct questions. I am shocked at how great the service is. The assigned CFP are graded on retention so they will pile on the services. Mine is a VP, not sure how common that title is among the assigned reps. I know he has an actual staff of specialists he engages depending on the issue.DidOurBest wrote: ↑Mon Aug 02, 2021 5:18 pm Is there something like this at Fidelity?
Is there a level above “Flagship” and if so are there any real/useful benefits at that level? TY.
I have yet to use it as I still do paper and pencil tax returns but they offer free turbo something or other my kids use for their taxes.
Re: What benefit does reaching Flagship status give me?
I suspect once you are Flagship it entitles you to twice as many solicitations for PAS when compared to your non-Flagship brethren.
Re: What benefit does reaching Flagship status give me?
Do Fidelity and Schwab require a certain amount invested with them to obtain better benefits and if so, what does the money have to be invested in? As mentioned at Vanguard, to count, the investments must be in Vanguard mutual funds or Vanguard ETFs.
Re: What benefit does reaching Flagship status give me?
Schwab I know you can do it with $100k, not sure about less. Fidelity I've heard $500k
Re: What benefit does reaching Flagship status give me?
I waited on hold forever and was hung up on.
Tried again, promised a call back, never got it.
So no, Flagship does not ensure good phone support.
Re: What benefit does reaching Flagship status give me?
It seems, however, that any 401k money at Fidelity doesn't count towards your overall number. Too bad. I'd apparently have to convert out of my 401k into an IRA which I really don't want to do at this time.
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Re: What benefit does reaching Flagship status give me?
Fidelity assinged me a named CFP before my account reached $1M (close to $500K as I recall). He is great - can call anytime or schedule a specific time to chat to assure he will be available. If I let him know the topic ahead of time he will bring others onto the call knowledgeable in the specific topics if he isn't an expert on them. All I seem to get from Vanguard with a similar balance are offers to pay for PAS. This is one of the reasons all new money is now getting invested at Fidelity.usagi wrote: ↑Mon Aug 02, 2021 11:36 pmFIdo has Private Client and or an assigned rep. You get faster to rapid service in the call queue and a whole lot of free services if you ask the correct questions. I am shocked at how great the service is. The assigned CFP are graded on retention so they will pile on the services. Mine is a VP, not sure how common that title is among the assigned reps. I know he has an actual staff of specialists he engages depending on the issue.DidOurBest wrote: ↑Mon Aug 02, 2021 5:18 pm Is there something like this at Fidelity?
Is there a level above “Flagship” and if so are there any real/useful benefits at that level? TY.
I have yet to use it as I still do paper and pencil tax returns but they offer free turbo something or other my kids use for their taxes.
Re: What benefit does reaching Flagship status give me?
Huh, that is unfortunate. I've had lots of interactions in the past year and all have been fast and good. Guess I've been lucky.
Re: What benefit does reaching Flagship status give me?
I asked Fidelity about a bonus last month if I moved a 401k with 1.3M to them and I was told that there was no bonus.nalor511 wrote: ↑Mon Aug 02, 2021 9:11 pmYes at fidelity you will actually get some perks, like free turbo tax premier, free wire (VG has this too) and dedicated rep. And a $2500 bonus if you arrange it before you transfer in.DidOurBest wrote: ↑Mon Aug 02, 2021 5:18 pm Is there something like this at Fidelity?
Is there a level above “Flagship” and if so are there any real/useful benefits at that level? TY.
"I started with nothing and I still have most of it left."
Re: What benefit does reaching Flagship status give me?
That was back in January 2021 (this year). At the time, I resorted to secure messaging, to which they did respond, though it took a few days. Lately secure messaging responses seem to be 1-2 days, which is fine for most needs. But waiting on hold or waiting for call backs for long periods is just unacceptable. We can’t always sit there on hold. Often can’t answer if someone returns a call at an inconvenient time (assuming they call back which Vanguard did not in Jan). If they answer in a few mins, fine. Secure messaging in a day or so, fine. But neither has been reliably so this year. It was fine in the past, but I can’t live in the past, much as we try.Da5id wrote: ↑Tue Aug 03, 2021 6:51 amHuh, that is unfortunate. I've had lots of interactions in the past year and all have been fast and good. Guess I've been lucky.
Re: What benefit does reaching Flagship status give me?
Academic distinction. If I didn’t mainly use Vanguard funds, would not use Vanguard as broker.
That said, clearly a legacy policy. I mean, they are forcing people to move from their Vanguard fund-only platform where you can only buy their funds, to a brokerage platform where you can buy other products, yet exclude those products from any tiering ? They should modify the rule OR keep the fund-only platform if that’s the result they seek. Inconsistent.
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Re: What benefit does reaching Flagship status give me?
I have been a Fidelity Private Client for longer than I have paid attention to my investments. The benefits (if you can call them that) are as follows.
1: You get a Private Client rep. What this means is that when you call Fidelity, the first thing they ask is "Do you want me to transfer you to your Private Client rep?". Your answer should be no. Then ask your question. Fidelity front line people are extremely good and will get done what's needed. If you decide to say yes, you'll be transferred and then dumped into their voicemail. How that's a benefit, I don't know.
2: Whenever you get a new Private Client rep, you will get a phone call from them. They will introduce themselves and you'll immediately forget who they are because they are really of no value. When they ask how often you want a phone call to "check up", be honest and say "never".
3: You get a free Turbo Tax every year. This is the only real benefit if you use turbo tax (I don't).
4: On your landing page, in the upper right corner, there will be a tag saying "Private Client" and a picture and name of your rep, so you will know what the name and face is of the person you are ignoring.
Although all of the above, besides free TT sounds like burdens rather than benefits, they exceed what Vanguard offers. While Fidelity doesn't have a cool tall ship moniker, they can look out their window and see the US Constitution, an actual tall ship. That's gotta be worth something, right?
1: You get a Private Client rep. What this means is that when you call Fidelity, the first thing they ask is "Do you want me to transfer you to your Private Client rep?". Your answer should be no. Then ask your question. Fidelity front line people are extremely good and will get done what's needed. If you decide to say yes, you'll be transferred and then dumped into their voicemail. How that's a benefit, I don't know.
2: Whenever you get a new Private Client rep, you will get a phone call from them. They will introduce themselves and you'll immediately forget who they are because they are really of no value. When they ask how often you want a phone call to "check up", be honest and say "never".
3: You get a free Turbo Tax every year. This is the only real benefit if you use turbo tax (I don't).
4: On your landing page, in the upper right corner, there will be a tag saying "Private Client" and a picture and name of your rep, so you will know what the name and face is of the person you are ignoring.
Although all of the above, besides free TT sounds like burdens rather than benefits, they exceed what Vanguard offers. While Fidelity doesn't have a cool tall ship moniker, they can look out their window and see the US Constitution, an actual tall ship. That's gotta be worth something, right?
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Re: What benefit does reaching Flagship status give me?
backpacker61 wrote: ↑Mon Aug 02, 2021 6:47 pm We joke about it in this forum, but it takes most of us a lot of persistence and delayed gratification to reach the Flagship level. Congratulations!
Re: What benefit does reaching Flagship status give me?
I also miss the CFP checkups! This helped me so very much and of course, now I pay for a PAS but not sure how long I'll keep this service.
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Re: What benefit does reaching Flagship status give me?
$2M - or rather, $2.5M - is the new $1M.
One function of the "status" is to convince you to feel good about continuing your relationship with the company.
One function of the "status" is to convince you to feel good about continuing your relationship with the company.
I am not a financial professional or guru. I'm a schmuck who got lucky 10 times. Such is the life of the trader.
Re: What benefit does reaching Flagship status give me?
Don't they give you an option for a call back? I called today and was given that option but they said the wait time was 2-3 minutes so I just stayed on the line. Customer service is spotty, the 1st woman who was trying to help me I just hung up and called back. If you disappear for the 2nd time and it's been 3-4 minutes I'm trying another rep. The 2nd woman was very knowledgeable and there was no wait time to speak with her.beyou wrote: ↑Tue Aug 03, 2021 7:20 amThat was back in January 2021 (this year). At the time, I resorted to secure messaging, to which they did respond, though it took a few days. Lately secure messaging responses seem to be 1-2 days, which is fine for most needs. But waiting on hold or waiting for call backs for long periods is just unacceptable. We can’t always sit there on hold. Often can’t answer if someone returns a call at an inconvenient time (assuming they call back which Vanguard did not in Jan). If they answer in a few mins, fine. Secure messaging in a day or so, fine. But neither has been reliably so this year. It was fine in the past, but I can’t live in the past, much as we try.Da5id wrote: ↑Tue Aug 03, 2021 6:51 amHuh, that is unfortunate. I've had lots of interactions in the past year and all have been fast and good. Guess I've been lucky.
Re: What benefit does reaching Flagship status give me?
You have to escalate this to "private client services" which is the $1mm level, to get any bonus at fidelity. 401k likely does not qualify, but if you roll it to IRA it doesWiggums wrote: ↑Tue Aug 03, 2021 6:59 amI asked Fidelity about a bonus last month if I moved a 401k with 1.3M to them and I was told that there was no bonus.nalor511 wrote: ↑Mon Aug 02, 2021 9:11 pmYes at fidelity you will actually get some perks, like free turbo tax premier, free wire (VG has this too) and dedicated rep. And a $2500 bonus if you arrange it before you transfer in.DidOurBest wrote: ↑Mon Aug 02, 2021 5:18 pm Is there something like this at Fidelity?
Is there a level above “Flagship” and if so are there any real/useful benefits at that level? TY.