U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 01-29-2017, 05:21 PM
 
2,446 posts, read 2,073,760 times
Reputation: 5701

Advertisements

Quote:
Originally Posted by NewbieHere View Post
Vanguard has terrible customer service, just be aware. That's what you pay for the low fee. I have them so I know.
I have been with Vanguard a long time and I have never had a problem with their customer service.
Reply With Quote Quick reply to this message

 
Old 01-29-2017, 06:08 PM
 
Location: SoCal
13,252 posts, read 6,345,210 times
Reputation: 9873
Quote:
Originally Posted by jasperhobbs View Post
I have been with Vanguard a long time and I have never had a problem with their customer service.
So have I since the early 90s. I never noticed any problem then. But I've tried transferring money to them recently. Google for it online and I was not the only one. Check out bogglehead forum as well. It's not an isolate incident. It's almost like Lucille Ball and one of her comedy of errors, except in this case, it's not comedy.
Reply With Quote Quick reply to this message
 
Old 01-29-2017, 08:57 PM
 
1,515 posts, read 967,241 times
Reputation: 2858
Quote:
Originally Posted by goodlife36 View Post
I have recently discovered that my employer does not offer a 401k. Lucky me. Well I need to set up an IRA. I currently have an account with Vanguard and I am thinking of rolling over the little money I have in their Vanguard Target 2040 fund. I also have an account with Mass Mutual. It is a small amount. I went on their website and I could not find what products they offer for individual retirement accounts. I plan to consolidate all of the little accounts in to one. Any suggestions? Thanks.
Familiarize yourself with IRA rollovers vs. IRA transfers (there is a difference). I have always used transfers, which are direct between institutions (say, from Vanguard to Mass Mutual - if that is your decision) rather than a rollover ( using the same institutions, that would be from Vanguard to you to park somewhere for up to 60 days and then to Mass Mutual).

With transfer, IMO, less paperwork and no chance of an error on your part which would result in taxes and fines should the money not transfer in whole or should the money not transfer in whole or part within 60 days.
Reply With Quote Quick reply to this message
 
Old 01-30-2017, 02:36 AM
 
71,700 posts, read 71,829,507 times
Reputation: 49273
Quote:
Originally Posted by jasperhobbs View Post
I have been with Vanguard a long time and I have never had a problem with their customer service.
i have both fidelity and vanguard . i use fidelity 90% and much prefer them to vanguard .

i like the contact we have with our local office as well as are private access clients at fidelity so we have our own dedicated team .
Reply With Quote Quick reply to this message
 
Old 01-30-2017, 08:16 AM
 
Location: Columbia SC
8,984 posts, read 7,753,935 times
Reputation: 12191
I use Vanguard and Fidelity and I have been very satisfied. I self direct so I have never asked their advice but I would if just starting out.
Reply With Quote Quick reply to this message
 
Old 01-30-2017, 08:42 AM
 
Location: SoCal
13,252 posts, read 6,345,210 times
Reputation: 9873
Quote:
Originally Posted by johngolf View Post
I use Vanguard and Fidelity and I have been very satisfied. I self direct so I have never asked their advice but I would if just starting out.
It's not the advice. I never asked for advice. It's how they screw up when they transfer money from our 401ks to Rollover IRA. My secretary had the same problem, I thought it was because she had a low balance.
Reply With Quote Quick reply to this message
 
Old 01-30-2017, 11:17 AM
 
Location: Idaho
1,455 posts, read 1,156,701 times
Reputation: 5503
Last year we transferred my husband's 401K to IRAs (so that we can select which funds for his RMD this year). We also converted some of his IRAs accounts (held with Vanguard) to Roth IRAs.

Both 401Ks were managed by Fidelity. Fidelity informed us that the rollover rules are different for each account. One account allowed direct electronic transfer, the other required two step process: A check is written for the financial institution managing the new IRA fund then we have to mail the check and the rollover form to the new FI.

Since several of the funds in the first 401K were already Fidelity funds, we decided to let Fidelity handled the direct electronic transfer part. For the second 401K, we have the check made to Vanguard to rollover the amount to a VG money market IRA then converted it later to a Roth IRA mutual fund. Vanguard told us that we can not directly rollover 401K to a Roth IRA.

Both transactions with Fidelity and Vanguard went smoothly without any problems. I found the reps from both places to be equally knowledgeable and helpful.

Few weeks ago I also had to request some financial transactions for both Fidelity and Vanguard accounts. I had my daughter's college funds (which we did not need to use to fund her education) with Fidelity and her 'minor' Roth IRAs accounts (established since she was in Junior High and continued up to her current contributions) with Vanguard. My daughter ceased to be a minor a long time ago but I did not get around to transfer complete ownership to her until now.

Again both transactions went smoothly. The only difference was that Fidelity let me email a scan of the signed fund transfer request letter through their secured email link and Vanguard wanted me to mail the hard copy of the signed request.

We have both Fidelity and Vanguard accounts for many years (in addition to smaller accounts with Janus, Templeton and TRow Price). Fidelity fees for accounts held outside 401K are a bit higher than Vanguard but it did appear that they try to provide more personal services such as assigning an account manager to help us managing our funds. We have not tried to use the service in spite of frequent and many invitations and phone calls.

We were told that there is no fee for Fidelity account manager service but I have been reluctant to agree to have a financial review session with him. I have been too busy with downsizing tasks, relocation searches and dealing with many health insurance changes last year (free Cobra, retirees health insurance, Medicare for my husband etc). Aside from initiating the 401K rollover and Roth conversions (which took a lot of number crunching hours to get the max conversion amount with minimum impact on taxes and Medicare surcharge), I pretty much let my investments on autopilot. I have been managing our investments on my own for many years and not sure whether it would be better to get professional advice or to make major changes.

Bottom line for me is that Fidelity does seem to offer more personal services but Vanguard is nice for the low fees and maybe for the low or no-pressure approach.

I think I will continue to keep our investments in both Vanguard and Fidelity and may transfer accounts from other financial places to both in addition to reduce the number of funds to simplify our portfolios.
Reply With Quote Quick reply to this message
 
Old 01-30-2017, 11:20 AM
 
71,700 posts, read 71,829,507 times
Reputation: 49273
many of fidelity's funds have lower fees than vanguard as well as commission free trading on many etf's .

if you are putting large sums of money in to fidelity check for promotions . depending how much , you can get up to 600 bucks cash sometimes for doing it .
Reply With Quote Quick reply to this message
 
Old 01-30-2017, 06:39 PM
Status: "Gaining Stability." (set 15 days ago)
 
5,685 posts, read 5,939,305 times
Reputation: 4432
This sounds very complicated. It is hard during the week to reach out to these folks. I wish they had weekend hours. Thanks for the advice.
Reply With Quote Quick reply to this message
 
Old 01-31-2017, 02:14 AM
 
71,700 posts, read 71,829,507 times
Reputation: 49273
these are the promo's which you only get if you know about in advance of moving money to fidelity .

https://investorjunkie.com/11001/fidelity-promotions/
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top