|
Post by win1177 on Apr 29, 2024 2:31:03 GMT
We’ve been getting some calls/ emails from Vanguard recently (past 1-2 years) after they looked at the size of all of our accounts together (2 individual brokerages, two Roth accounts, 1 IRA, and 1 Trust) and they realized we qualified for their top tier levels of “wealth management”. They are now wanting to take management over and run everything. I have politely told them “NO”, but they’re pretty damn persistent. This increased after I rolled a T. Rowe Price IRA over to my Vanguard IRA.
Wife does NOT want them to do it, because my record’s been pretty solid for over well over 15 years on my own (above the markets), and especially since it’s “free management”. But I have looked at their fee structure, and told her if something “bad” happened to me, to go with Vanguard. She is still reluctant.
I’m slowly trading out of some of my more speculative positions, and gradually moving to more indexes. Trying to simplify things. To keep track of 45 different individual stocks, as well as multiple index funds/ ETF’s, can get quite “labor intensive”. Performance has been real good, but it requires a LOT of time/ reading/ study, which I’m not sure I want to devote to the task.
Has anyone else turned over management to a wealth manager?
Win
|
|
|
Post by anovice on Apr 29, 2024 11:19:17 GMT
Hi Win,
I do not have any knowledge with Vanguard's "wealth management" service. However, I am not enamored with the quality of Vanguard's employees on many levels and thus I would not be interested in them taking over management of my portfolio. I find the organization cult like and many of the Vanguard employees that I have interacted with in over 35 years, do not seem very bright, and follow the same script. That said, I will talking with my Flagship Relationship Manager at the end of the week and I can query him about the service. If you have any specific questions, send me a private message and I will ask him.
A.
|
|
|
Post by gman57 on Apr 29, 2024 13:50:16 GMT
We’ve been getting some calls/ emails from Vanguard recently (past 1-2 years) after they looked at the size of all of our accounts together (2 individual brokerages, two Roth accounts, 1 IRA, and 1 Trust) and they realized we qualified for their top tier levels of “wealth management”. They are now wanting to take management over and run everything. I have politely told them “NO”, but they’re pretty damn persistent. This increased after I rolled a T. Rowe Price IRA over to my Vanguard IRA. Wife does NOT want them to do it, because my record’s been pretty solid for over well over 15 years on my own (above the markets), and especially since it’s “free management”. But I have looked at their fee structure, and told her if something “bad” happened to me, to go with Vanguard. She is still reluctant. I’m slowly trading out of some of my more speculative positions, and gradually moving to more indexes. Trying to simplify things. To keep track of 45 different individual stocks, as well as multiple index funds/ ETF’s, can get quite “labor intensive”. Performance has been real good, but it requires a LOT of time/ reading/ study, which I’m not sure I want to devote to the task. Has anyone else turned over management to a wealth manager? Win No but at one time I also had many individual stocks and funds. I've sold/simplified everything and now have 3 funds and cash which makes it easy to manage. The majority in tax deferred accounts. Luckily I didn't have to sell anything and take large cap gains in taxable accounts. I spent most of my taxable money between retirement and 59.5 when I could tap the tax deferred accounts.
|
|
|
Post by retiredat48 on Apr 29, 2024 15:34:13 GMT
I don't promote on forums, but if any interest in the following, you can PM me: I have a fav wealth manager whom I tutored for last 25 years. He has spun off from a large firm and is now on his own (age 51). Key is that he will tailor his running of portfolio in future, exactly as you desire. Computers now enable this. Like if you want all index funds...ditto he can do it. He can even "rebalance daily" which some do. He will even "Pyramid Up" if you desire. Fees a reasonable 1/2 to 1% annually. Handles everything. I will partly use his services when I depart...You may have a new wealth manager every year at Fido or Vang'd...not so, here. Zoom teleconferences mean you do not have to have a manager next door. R48
|
|
|
Post by habsui on Apr 30, 2024 21:51:40 GMT
We’ve been getting some calls/ emails from Vanguard recently (past 1-2 years) after they looked at the size of all of our accounts together (2 individual brokerages, two Roth accounts, 1 IRA, and 1 Trust) and they realized we qualified for their top tier levels of “wealth management”. They are now wanting to take management over and run everything. I have politely told them “NO”, but they’re pretty damn persistent. This increased after I rolled a T. Rowe Price IRA over to my Vanguard IRA. Wife does NOT want them to do it, because my record’s been pretty solid for over well over 15 years on my own (above the markets), and especially since it’s “free management”. But I have looked at their fee structure, and told her if something “bad” happened to me, to go with Vanguard. She is still reluctant. I’m slowly trading out of some of my more speculative positions, and gradually moving to more indexes. Trying to simplify things. To keep track of 45 different individual stocks, as well as multiple index funds/ ETF’s, can get quite “labor intensive”. Performance has been real good, but it requires a LOT of time/ reading/ study, which I’m not sure I want to devote to the task. Has anyone else turned over management to a wealth manager? W This happened to me as well a couple of years ago. I said No several times, eventually they stopped asking. Same situation also, trying to simplify. Giving myself about 5 years for that, for tax reasons..
|
|
|
Post by yakers on May 7, 2024 5:29:27 GMT
Pretty similar situation for me. I have 3 institutions, 1st is the Federal TSP (401k type account) and I am not likely to consolidate, second is Vanguard; 5 accounts at Vanguard (2 Roth, 2 tIRAs and a taxable account, all VG mutual (&MM) funds , and third is Wells Fargo; 2 accounts, an tIRA and taxable account mostly equities. The WF was great 10 yers ago in the PMA days with free trades but I don't do a lot of trades these days and many places now have free trades. WF has $100 account closing fee which I knew when I started many years ago, VG now wants that $100 account closing fee and it just irritates me as it is a new fee. WF has great trade execution, if there is PFOF then everyone is making money as all my buys are a little below my buy offer and sales are a bit above my sell offers. It is easy to take RMDs to my WF checking but complicated to make QCDs. VG makes QCDs very easy, really like that. Also have WF for checking and 2% credit card. Looking to consolidate at one location , maybe Schwab?. I understand that they will allow VG MFs to transfer in. Most importantly I see them as advising my wife should something happen to me. Thing I dislike about them is they make money of my cash/sweep account (so does WF, only pays 1% for sweep account/ holding for buys). At VG I can trade from my MM which pays ok. not sure how to proceed, what would you do?
|
|
|
Post by racqueteer on May 7, 2024 14:07:13 GMT
I like redundancy, but a number of my former brokers have been sequentially subsumed: Scottrade, ThinkorSwim, TDA to Schwab; so I now have the vast bulk of my investments with a single broker. Interestingly, in all this confusion, I seem to ended up with a margin account, as I'm able to move stuff in and out of USFR and buy intraday. I've seen no indication that there are any charges being levied on this activity. FWIW, Schwab has worked out very well for me so far, and they were very helpful in honoring my original TOS fees for purchases without any hassle. I've also had no issues with customer service. So far, a very happy camper.
|
|