I think the folks running Vanguard have decided that their services need to pared back to save money and increase profits. The best way to do that is to charge money for some of the services that were free under the old regime.
This management change in Dec. 2003 might have been one of the seeds that produced this latest result:
I used used the word âpitchâ to describe how an investment products provider might explain their offerings.
Fidelity has local reps in my area. With Vanguard forcing account move to brokerage and getting stingy with services Iâm checking out alternative/additional providers.
These links may be helpful for those deciding what to do.The first link is to an article by Alan Roth who is an influential Certified Financial Planner. (The link is correct even though this message board shows an error code) Similar to Clark, Roth has decided not to transfer his accounts from Vanguard and he will not be recommending that his clients leave Vanguard.
Roth provides detailed information on each of the fees that he obtained from Vanguard. He states that âthe only new fee that bothers me a bitâ is the account closure and transfer fee. But âA Vanguard spokesperson told me this was only for the transfer of an entire account and not for moving a few securities to another firm (known as an ACAT) or writing a check from a money market account.
For those who decide to leave Vanguard, the second link to an article by Harry Sit,âThe Finance Buffâ. Sit is leaving Vanguard and he provides a step-by-step guide to make sure the process goes smooth
https://www.etf.com/sections/advisor-center/about-those-new-vanguard-feeds-allan-roth
Humble opinion here: Run donât walk!!!
You see, at my suggestion, my son did a little Vanguard a few years back. He then expired.
Well, it was like pulling henâs teeth. Given all the proper documentation such as proof of ID, death certificate, and Letters of Administration, they made it really difficult. Vanguard wanted a thing called Medallion to prove who Administrator was. Notary not good enough oh no!
You see Medallion signature guarantee is a bankster thing. You just go down to your friendly local bank and they will give you this certification. Local bank WTF! Being a long time USAA customer, I rarely set foot in a brick and mortar bank, and never got to âknowâ any bankster! Oh sure visit with a loan officer on occasion but this was a problem.
I got past most of it by opening an account for the decedent, and by doing a transfer from Vanguard. So far so good, but before long a dividend or interest happened and I had some dregs! I do not remember how many calls it took but I was on the verge of just disappearing and letting Vanguard keep the few bucks. And I will Never do biz with Vanguard again!
As an investor, I would rather it be more, not less difficult, to claim the assets from my estate after my passing. 
Having my estate fund a complicated process for heirs to claim my assets would not be in their best interest or mine.
I spent enough of my money funding the legal profession throughout my life. No thank you.
Thatâs what trusts are for.
Signature guarantees are not just a Vanguard thing. I had to get one on my W-9 to inherit my dadâs IRA from Fidelity. My little credit union couldnât do it, so I had to go to a big bank downtown, bring lots of IDs to prove who I was, pay $25 I think, etc. etc. That was the only time Iâve had to get a medallion, and Iâve never figured out the reason they required it.
I submit they have no good reason. Notary is good enough for every conceivable transaction but these companies that choose to be difficult. Maybe payola from banks that issue Medallion cert?
Not in my rant above, but Fidelity is also on my âno goâ list right behind Vanguard, for other reasons. By comparison, I have found Charles Schwab to be pretty decent most of the time.
I was an executor settling an estate in which two attempts at fraud were based on notorized deeds which proved to be phony.
I just went through closing an account for my deceased mother. It took 57 minutes with my lawyer on line guiding the closure with a rep who put on us on hold several times to âcomplete the paperworkâ and find answers to our questions. The cost of the lawyer $500. I will never forget after the representative was done and was disconnected what the lawyer said, âDid anyone else find that painful?â
Seriously considering leaving Vanguard, not only for this event, but other scenarios where I knew more about their process and platform then the rep I was speaking with. The fees are not portfolio breaking but I believe they are just the ignition for the communication that customer service that many knowledgeable customers have experienced is starting to be unacceptable with their hard earned moneyâŚ
Hard to believe itâs that difficult. My son has access to all my financials with the instructions that when Iâm gone to quickly transfer all funds into his account.
Maybe closing an account after a death might depend on where the money is going?
Or maybe whether beneficiaries are listed?
When my dad passed, there were 4 beneficiaries listed. Two of us had VG accounts, so the money was transferred quickly. The other 2 had to contact VG to either set up their own accounts or transfer elsewhere. I didnât hear of any issues from the other two.
The process was pretty quick for me. This was early 2021.
In my case at Fidelity, I was a listed beneficiary, and I opened an account with them and kept the money there for about 15 years. They werenât sending me a check.
Free if performed online. Fees are for phone assist, unless you have advisory services.
I just heard Clark address them last week
Vanguardâs website is an unnecessarily complicated nightmare for me. Sometimes I have to call to get instructions to do things that are very simple at my other banksâ websites. I hope they wonât charge fees to figure out how to do things that a competent web designer could have made straightforward.
Me too. Very disappointed.
Same here. Last week I was on Vanguardâs website to see the dividends and capital gains Iâve received so far this year. April statement had April div & cg, March had March. Didnât want to have to look at each month for the several funds I have and finally found a way to generate my own year-to-date pdf for all my funds, hallelujah.
Then I went to my credit unionâs website. April statement dated April 22 gives March interest, not April. Jeez, people!
I think website developers are so far from being users themselves that they have no clue what weâre going to want or do when weâre online. Do they even have beta testers?