criticalmass wrote: ↑Thu Jul 22, 2021 7:48 pm
asset_chaos wrote: ↑Fri Jun 11, 2021 8:35 pm
I have an email today
Dear Vanguard Client,
We'd like to inform you that Vanguard is retiring its legacy brokerage platform by the end of 2021.
I'm still wondering if they mean the legacy
mutual fund platform. For years I (and many others) have had both the old mutual fund platform and the separate brokerage platform that used Pershing once upon a time for clearing, before Vanguard was able to build their in house clearing system. My Vanguard mutual funds are on the mutual fund platform, and ETFs, securities, and my non-Vanguard funds are on the brokerage platform. Plus another set for IRA, etc.
Yes, I wonder the same thing. Approximate history:
1) Vanguard mutual fund accounts.
2) Vanguard mutual fund accounts + "Vanguard Brokerage Services," provided by Pershing.
3) Vanguard mutual fund accounts + ("real") Vanguard Brokerage Services, operated by Vanguard itself.
In steps 2 and 3, you could hold anything
but Vanguard mutual funds in the brokerage account--but you could not hold Vanguard mutual funds in that account. They were separate worlds, sharing only the settlement account.
4) Vanguard mutual fund accounts + ("new platform" or "upgraded") Vanguard Brokerage services.
With step 4, it became
possible to hold Vanguard mutual funds within a Vanguard Brokerage Services account.
5) With increasing urgency and pressure, Vanguard offers/requests/insists on customers moving their mutual funds into their Brokerage Services account.
I don't remember that there was anything optional about the transition from step 2 to step 3. I don't think you had the option of retaining Pershing's services, nor was there any reason I can imagine that anyone would have wanted to. Your account kept all the same account numbers and features, it's just that behind the scenes the actions were being performed by Vanguard rather than Pershing.
So I would be surprised if anyone still had any Pershing-managed "Vanguard Brokerage Services" accounts.
In other words, the situation and language Vanguard has been using is so confusing that perhaps even people at Vanguard are confused by it.
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.