However, I have not transferred money out of my Vanguard account as yet, so I don't know if this will be as difficult as some of the negative comments have suggested.Founders: Robby Fender, Corey Citron, Daren Falter, Bobby Jones and Michael Prichard Wire transfers are easy from my bank account into my brokerage account, and dividends are automatically reinvested, which is not the case at other brokerage houses, because they want you to pay an additional trade fee to reinvest your dividends. There has been none of this at Vanguard and I plan on investing a lot more with them in my brokerage account. My portfolio was managed by a "crook in a suit" at Merrill Lynch, and other online brokerage companies have numerous hidden fees and charges, so beware. They do not rape you financially as other brokerage houses do. The representatives in Concierge Services always answer my questions, are very polite and knowledgeable, and I can usually ask for the same representative when I call, so that I have continuity with a Vanguard employee, with whom I can establish a relationship. Their ETFs are across a wide range of industries, both domestic and international, which makes for great portfolio diversification, at a super low management rate. Have had a brokerage account, an IRA, and a Roth IRA at Vanguard for more than one year and have been extremely happy. They really don't care about their non-institutional customers. I was going to move my accounts from other institutions to Vangard, but not now.
COMPLAINTS AGAINST YOLI FULL
If I had $1M in one of the funds, I would have been bumped to a higher tax bracket, had to pay the full 3.8% investment tax, AND had to pay additional $11K Medicare premiums-total: $40K out of pocket! All because Vanguard was extremely stupid or wanted to get rid of customers with less than $5M in a fund. Vanguard then gave a final FU by merging the classes after they caused the capital gains income. All they had to do was just merge the classes. Turns out there was a way to give the incentive to their larger customers without creating capital gains. This caused huge capital gains income for the customers left behind. They caused an unnecessary tax event by incentivizing their larger customers to leave the non-institutional share class. Vanguard screwed their "smaller" Target Date Fund customers (less than $5M in a fund) who had a fund in a non-retirement account. I said I've already been transferred twice and waited 2 hours, I'm not being transferred AGAIN! Vanguard doesn't care. Phone rep kept apologizing and saying, "I know your time is valuable." Instead of apologizing, help me or connect me to someone who can! She wanted to transfer me yet again and said, your hold time will be about an hour.
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Uneducated phone reps and a dysfunctional, unintuitive web portal. Ugh! No one at Vanguard seems to know what they are doing. That person too said they couldn't help me. She said she put me in their "priorty" queue, whatever that means. Waited an hour to talk to someone only to have the person transfer me to another basic 1-800 number. So I call a number that says they are "roll over" specialists. Tried many times only to have the website say it is not available. Everything on their online website said I should be able to do it online. I wanted to do an indirect rollover of my former companies ESOP into my current companies 401(k) plan. Once cheque arrived my bank had to physically send it back to the States to get honoured which took another five weeks. I don't know how many times I got transferred, waited absolute hours on hold, told I was talking to the wrong department, told to fax forms then told can't accept the form, told I cannot email them (honestly!!!?), fill in overseas transfer form - had to go to my bank to get details verified, then told after doing all this that they cannot do an overseas transfer for my particular type of account and they must issue a cheque. So which was it they called or didn't call - get your story straight. Was supposed to get a call from a supervisor, waited, waited - told they had tried to call me, I said really? I have no missed calls, then told they oh they couldn't call you because you are overseas. They didn't give a s&$t that I was calling from overseas. It seemed that each time I made contact I needed to supply one more bit of information instead of telling me everything up front. Was calling from overseas and thought it was just me not being familiar with how things operate in the States but nope not after reading a number of reviews here and other sites I see it's not just me.
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Inherited an IRA and took 8 months to actually get the money.