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Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.

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TRP ridiculousness

24

Comments

  • Meanwhile, I'm still waiting for TRP to post my 1099 online. Vanguard and FIDO were ready mid-January, but when Price says end of January, they mean it literally!
  • @bilvihur : Looks to me you received special client - rep benefits !
    At least I got a laugh to start the morning.
    Enjoy your day, Derf
  • Some institutions provide investment account 1099s slightly early, i.e. in the fourth week of January. Vanguard sent me email yesterday (Jan 26th) saying my 1099 was available online. Though Fidelity originally said that it would provide the 1099 for my taxable account on Jan 22nd, it now says that I should check back on Feb 12 for a new date.

    Years ago institutions had to send all 1099s out by Jan 31. As investments and tax laws became more complicated, this led to an increasing number of corrected 1099s being generated. More taxpayers wound up needing to file amended returns. So some deadlines were extended to February 15. (See, e.g. Notice 2009-11 extending a 1099 deadline starting with TY 2008.)

    Beating the deadline by a few days is not necessarily a good thing. Better to get it right the first time than to risk having to correct it later.

    FWIW, each year several T Rowe Price funds delay reporting until Feb 15. These are its real estate funds and also its small cap value (PRSVX) fund. My wild guess on the latter is that it sometimes reports non-zero amounts of Section 1250 gain. For its other funds, TRP says "late January".

    https://www.troweprice.com/personal-investing/resources/planning/tax/preparation/tax-mailing-schedule.html
  • I was wondering whether, while some brokerage houses invest in mighty computer resources to crunch their numbers, TRP tries to get by with a PCjr running in the back room!
  • Vanguard and FIDO were ready mid-January
    some brokerage houses invest in mighty computer resources to crunch their numbers

    Surely you're not suggesting that Vanguard mightily invests in computer resources:-)
  • I'm sure Vanguard has at least a S360 Mod 50...and don't call me Shirley!
  • msf
    edited January 27
    Wow, top of the (initial release) line!
    https://en-academic.com/dic.nsf/enwiki/18042

    Could one even buy a used Model 50 in 1975 (when Vanguard was founded) or later?

    My mother programmed on the S\360 Model 30. She also ran sysgen's for the OS.
  • funny! My classmate used a Commodore 64. I was still on electric typewriter, through grad school.
    https://media.gettyimages.com/photos/the-commodore-64-december-17-1984-picture-id1079862398?s=612x612
  • edited January 27
    With this amount, you should have access to a representative with the Private Client Group at TRP. Your representative will have his/her own telephone number, so no waiting online. If he/she is busy and doesn’t answer, you can leave a voicemail, send an email, or speak with someone else. I’ve had money at both Vanguard and Fidelity, and this is by far, the best customer service ever. My representative is very knowledgeable, prompt, and diligent.
  • edited January 27
    msf said:

    Vanguard and FIDO were ready mid-January
    some brokerage houses invest in mighty computer resources to crunch their numbers

    Surely you're not suggesting that Vanguard mightily invests in computer resources:-)

    Chairman Tim Buckley said Vanguard was spending more than $1B on technology in 2019.
    Yet, customers continue to report sporadic technical issues on a regular basis.
    It appears that Vanguard may not be earning good returns on its technology investments!

    Here's Vanguard's technology spin presented in a recent article:
    “Vanguard has accelerated efforts and increased investments to improve our technology and deliver an even better experience for our retail clients, plan sponsors and participants, and financial advisors. We’re actively exploring and implementing new technologies, resources and capabilities to drive innovation, improve stability and resiliency, build efficiencies and lower operation costs across our firm.”

    Yeah, right...

    Link

  • FWIW, Vanguard Support page doesn't show phone number(s) anymore. One can be found on VG site search for "phone" and that comes with the note that phones are answered only M-F, 8am-8pm. https://support.vanguard.com/
  • edited January 27
    Vanguard customers enrolled in Voyager Select Services or Flagship Services (not sure about others) will have phone numbers listed on their statements. Here's a link with phone numbers for various Vanguard investors.
    Link
  • edited January 27

    Vanguard customers enrolled in Voyager Select Services or Flagship Services (not sure about others) will have phone numbers listed on their
    statements. Here's a link with phone numbers for various Vanguard investors.
    Link

    Are these general numbers to Voyager Select/Flagship Services? I’ve found it very helpful to have a direct phone number and email to my representative. I’ve had 2 dedicated representatives (one was
    promoted) and they were/are both great.

  • edited January 28
    A phone number for Registered Representatives is provided for Flagship Services customers.
    Although dedicated representatives were previously available, I've heard that Vanguard
    no longer offers this level of service.
  • A phone number for Registered Representatives is provided for Flagship Services customers.
    Although dedicated representatives were previously available, I've heard that Vanguard
    no longer offers this level of service.

    I’ve found service is much better when you have a dedicated representative. I’m wondering how long the average hold time at Vanguard Flagship Services is?
  • What's the phone number for , oops I made a mistake in recent purchase & need to straight the mess out !!
    Have a good weekend, Derf
  • edited January 28
    Some of us are self directed investors. We don’t require or necessarily want a personal advisor / liaison person at every institution where we park money. It shouldn’t require a “Flagship” membership to change a mailing address, order checks, specify the amount withheld from a distribution for federal / state taxes or transfer assets to & from other fiduciaries accurately and within a reasonable time period. These and other seemingly routine transactions became the source of my frustration after 25+ years with this outfit.

    I’ve invested directly with at least 15 different fund houses* over 50+ years. With the exception of Strong Funds in the 90s I haven’t encountered the shoddy level of routine account servicing that became the trademark at TRP.

    Other Fund Houses I’ve invested directly with …

    Templeton,
    Mutual Series
    Franklin
    Calimos
    Permenant Portfolio
    Oppenheimer
    Fidelity
    Invesco
    TIAA CREF
    NATIXIS
    Oakmark
    Dodge & Cox
    American Century
    Delaware
    Hussman
    Strong Funds

  • I’ve invested with most of these as well, and based on my experience with more than one liaison at TRP, the level of service has been outstanding. I don’t need investment advice nor would they give it. I will give you a couple of examples of where having a dedicated liaison has been a good thing. 1. About a month ago, there was a problem with the internet on the east coast. No trades could be made. I emailed my liaison and he found a way to reach me using west coast lines. He was able to make the trade manually and it was executed on that day. This would not have happened otherwise. 2. Recently I needed to update beneficiaries. I tried doing it online, but there was something wrong with the link. I emailed him and he called me back. He completed the form, as directed by me, and emailed it to me and I signed via Docu-sign. These are only 2 examples of the outstanding level of service I have received at TRP.
  • hank +1 I think we give these brokerages the benefit of the doubt too often. We should expect a high level of efficiency and competency due to the management fees we pay on these funds. Abigail Johnson is worth 23 billion so I think they can shell out a few more bucks to resolve these issues!
  • edited January 28
    As I understand it, it takes $250,000 with Price to obtain that elite “Flagship” status. Pity the “poor” soul with just $249,999 invested there that has to suffer their endless inadequacies and incompetence. Think of all the “newbies” just starting out on their decades long investing path.

    @Davep - I’m glad your experience with TRP has been exemplary. And thank you for sharing. Two or three years ago I’d have written something similar. Not today.
  • @hank : Why don't you add a penny & MOVE ON UP !
    Stay warm, Derf
  • @hank said it for me...
  • Hi @carew388
    We should expect a high level of efficiency and competency due to the management fees we pay on these funds. Abigail Johnson is worth 23 billion so I think they can shell out a few more bucks to resolve these issues!
    Have you had poor service from Fidelity? @hank was referring to TRPrice, yes?

    Thank you,
    Catch
  • Not yet-I was just using Fido as an example of huge profits for the founders. I'm sure some of the heirs connected to Thomas Rowe Price, JR are multi-billionaires also. I wouldn't have the patience to endure the problems endured by TRP and Vanguard brokerage customers, as well as subscribers to Quicken and Morningstar Premium!
  • edited January 29
    Who owns Fidelity?

    “Boston-based Johnson family owns 49% of mutual fund company Fidelity. The other 51% is owned by employees. Abigail Johnson is the third generation of the family to run the company. She took over from her father Edward “Ned” Johnson III in 2014.”

    Who owns T. Rowe Price?

    T Rowe Price is publicly owned. Something north of 70%, however, is owned by large institutions. Non-institutional holders (you and me) own less than 30% (closer to 25% by some accounts).
  • Going further, Thomas Rowe Price, Jr., after founding the company in 1937, sold all his interest by 1970. So while I'm sure he raised a pretty penny from those sales, he and his heirs may have a greater total return in the 52 years after that than he did over the 33 years he owned the company.
    By 1970, Mr. Price had sold out all holdings in the company he had created and turned his energies to managing portfolios for his family and a few friends.
    https://www.nytimes.com/1983/10/22/obituaries/t-rowe-price-85-growth-stock-strategist-dead.html
  • Saturday afternoon, 29th January, '22: the latest wrinkle: I bought ENIC using my TRP brokerage account. On Friday, they PAID a very small "interim" dividend. It's still not recorded in my sweep account. One of my misadventures with TRP over the phone, lately, was to nail-down exactly how and where that new money from that dividend, will show up. I was assured, it will appear in my SWEEP account.

    .....But it's not there....... yet. ORK!
  • @Crash- it's OK, a very small amount appeared early today in my Schwab sweep account. I wondered where that came from, but now you've cleared that up. Thanks!!
  • I don't want it to look like I'm bashing TRP - But! I've been logging on to my TRP account twice a day for a week to get my online 1099-Div form. It keeps telling me "There are no Mutual Fund tax forms available for the selected time period." (2021). Yet, what do you think arrived in the mail today (1/29)? It has to have been mailed on 1/26 to arrive today! But it's STILL not available online! Go figure...
  • @Old_Joe : Will he catch that ? LOL Good ONE !!
    Later Derf
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