Vanguard Wealth Management? Any experiences?

[win1177]

Recently talked with the people at Vanguard about the possibility of having their wealth management team take over our portfolio,  especially if something were to happen to me. Wife is very intelligent, but has no interest in managing our portfolio. So looking at options for the long term. Does anyone here have any experience with wealth management at Vanguard- pros and cons? Anyone know of good experiences OR bad ones? 

Win

[yogibearbull]

Having a local office may be important, so also look at Fidelity and Schwab. There are limits to Vanguard's M-F 8-8 customer service if there are urgent account, security or login issues.

There is talk that the new Vanguard CEO may finally focus on improving its terrible customer service. I want to see that happening first.

[bruce]

Win,
In the same boat as you, my wife has no interest in managing a portfolio. With my recent health event, we have discussed paring down our portfolio to one or two funds: FABLX and VWENX. If one, it would be FABLX with monthly distributions and State and Federal tax withheld using the RMD as the yearly target. The mid-six-figure distributions we receive now will ( should/may) increase for several years, leaving little concern for her well-being.
I agree with Yogi on a local office for your wife. Our funds are held by Fidelity, which has an office ten minutes away.

[yogibearbull]

bruce, FBALX? (no fund FABLX)

It is also fine to have a local Fido or Schwab advisor and hold some favorite Vanguard funds. But different factors for different life stages.

[dcowboys]

One problem with local office is if you do not live in bigger city you will not have them. I am 82 started Vang Managed act in Dec with about 1/5 of taxed act will be easy for wife to put rest of act into it.

[bruce]

Mar 20, 2024 21:08:27 GMT yogibearbull said:

bruce , FBALX? (no fund FABLX)

It is also fine to have a local Fido or Schwab advisor and hold some favorite Vanguard funds. But different factors for different life stages.

 Your the best Yogi, good catch. FABLX, Fidelity's balanced Fund is what I meant to type.

[johntaylor]

Some of the pros re discretionary accounts are the professionalism, ease, and trade execution efficiency.

Cons would include higher fees than non-discretionary accounts, potential conflicts of interest (i.e., fiduciary risk), and the reality that many if not most discretionary accounts underperform passive strategies.

[steelpony10]

win1177 ,

       I’d go to a reputable elder care attorney first to create a plan for all elder care issues. It’s sort of set up like a primary care physician and specialists the business model you are familiar with. Ask that question first so you can check them all out before you make your choice.

        Lacking this I’d go with a professional money manager who can put your wife on an allowance, pay all the bills and taxes, manage investments, etc. Sorta take over your job for higher pay and recognition without the back talk and inconvenience of a spouse. 😂

[fred495]

Mar 22, 2024 14:10:54 GMT steelpony10 said:

win1177 ,

       I’d go with a professional money manager who can put your wife on an allowance, pay all the bills and taxes, manage investments, etc. Sorta take over your job for higher pay and recognition without the back talk and inconvenience of a spouse. 😂

Just curious how one would go about finding a reputable and trustworthy "professional money manager"? Any specific suggestions would be appreciated?

Thanks,

Fred

[steelpony10]

fred495 ,

     This is an example of the one I may use in the future, not a recommendation.

      cooperdavis.com/

       A wealth manager. Cooper and Davis are his 2 boys names and my one sons’ brother in law. His company takes care of my son’s and his widowed mother in laws financial management. He’s the tall guy in the group picture, Justin Hutt.

[retiredat48]

Mar 22, 2024 15:43:12 GMT fred495 said:

Mar 22, 2024 14:10:54 GMT steelpony10 said:

win1177 ,

       I’d go with a professional money manager who can put your wife on an allowance, pay all the bills and taxes, manage investments, etc. Sorta take over your job for higher pay and recognition without the back talk and inconvenience of a spouse. 😂

Just curious how one would go about finding a reputable and trustworthy "professional money manager"? Any specific suggestions would be appreciated?

Thanks,

Fred

I know of one that am glad to provide name to you via a personal memo request to me.



This person has good low cost and will setup and manage account any way you desire for future...like an all funds portfolio, or all Vanguard funds/ETFs portfolio,   etc. A former navy nuclear sub officer, (highest of integrity) I have been training/advising him for more than 20 years. He has all the CFP etc credential stuff.



R48

[anovice]

Fred495,

On the Bogleheads Forum there is a contributor by the name of Bruce Steiner, who is an estate planning attorney in the city. You can read a little about him here:

www.kkwc.com/attorney/bruce-d-steiner/

www.wealthmanagement.com/author/Bruce-D.%20Steiner

He has an outstanding reputation and mostly likely can give you a few local names. I have reached out to him a few times in private messages from the Bogleheads forum and he has always been most helpful.

[fred495]

Thanks, novice, for this very helpful piece of information. Great that Steiner has an office in NYC.

Also thanks to steelpony and R48 for your replies, but Steiner's office is very conveniently located for my purposes.

Much appreciated.

Fred

[johntaylor]

Attended a CLE lecture given by Steiner and he seemed sharp