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WSJ: Vanguard’s Die-Hard Customers Have a Message for New CEO: ‘The Service Is Abysmal’
I’ve been using Vanguard for my both my Brokerage and IRA accounts for over 10 years and have not had any issues. I do all my transactions online and have never needed to place a phone call to get something done. All my Buy/Sell transactions, money transfers to my bank, and IRA required distributions have been simple and without any issues. So I’m a happy customer.
Well, good for you, Wtlutz.
But, what would you have done in my case when Vanguard's online transaction system couldn't handle a simple "sell all shares" order and requested I call an agent?
Case in point, I had a frustrating website experience at Vanguard yesterday.
I am managing a friend's portfolio and wanted to sell "all shares" of an OEF on line. Got a nonsensical error message that the transaction could not be completed because the fund had insufficient shares. Requested I call an agent. Was on hold for 45 minutes until I finally got an agent on the phone. However, he got the same error message and spent the next 15 minutes in the "back office" trying to complete my transaction request. Seemed to be as frustrated as I was.
Thankfully, he finally was successful, but I wasted a good hour on the phone. It was also a good reminder why I prefer not to have an account at Vanguard. Low cost or not.
@fred495 I'm wondering if you tried to work around the "problem"? Like sell half the shares. Maybe they thought a scam was going on & rejected the order. Time spent on the phone is a PROBLEM!!
I still say there’s nothing quite like the experience having your opening deposit into Fido arrive in a check from TRP that bounces a day after you’ve already used the pending deposit to buy a bunch of funds, and thereby immediately being suspended from certain transactions for 90 days by Fidelity and hit with some monetary penalties as well.
@fred495 I'm wondering if you tried to work around the "problem"? Like sell half the shares. Maybe they thought a scam was going on & rejected the order. Time spent on the phone is a PROBLEM!!
As I said, Derf, the Vanguard agent got the same non-sensical error message on his end that I got when I tried to place the sale order on line. He "seemed to be as frustrated as I was".
Finally, he had to use Vanguard's so-called "back-end system" to process the order successfully. Go figure.
Comments
Well, good for you, Wtlutz.
But, what would you have done in my case when Vanguard's online transaction system couldn't handle a simple "sell all shares" order and requested I call an agent?
Case in point, I had a frustrating website experience at Vanguard yesterday.
I am managing a friend's portfolio and wanted to sell "all shares" of an OEF on line. Got a nonsensical error message that the transaction could not be completed because the fund had insufficient shares. Requested I call an agent. Was on hold for 45 minutes until I finally got an agent on the phone. However, he got the same error message and spent the next 15 minutes in the "back office" trying to complete my transaction request. Seemed to be as frustrated as I was.
Thankfully, he finally was successful, but I wasted a good hour on the phone. It was also a good reminder why I prefer not to have an account at Vanguard. Low cost or not.
Time spent on the phone is a PROBLEM!!
I still say there’s nothing quite like the experience having your opening deposit into Fido arrive in a check from TRP that bounces a day after you’ve already used the pending deposit to buy a bunch of funds, and thereby immediately being suspended from certain transactions for 90 days by Fidelity and hit with some monetary penalties as well.
Thanks TRP. You will always be fondly remembered.
As I said, Derf, the Vanguard agent got the same non-sensical error message on his end that I got when I tried to place the sale order on line. He "seemed to be as frustrated as I was".
Finally, he had to use Vanguard's so-called "back-end system" to process the order successfully. Go figure.