Easier Account Authorization for Spouses/Partners, etc.

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Broken Man 1999
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Easier Account Authorization for Spouses/Partners, etc.

Post by Broken Man 1999 » Thu Oct 05, 2017 1:38 pm

I'm sure I'm not the only spouse/partner maintaining accounts for our significant others. I have long had viewing access that allowed us to see all accounts at Vanguard on the same screen.

But to transact on the spouse's account I would have to have spouse sign in. To change that I thought one had to fill out more dreaded paperwork, but I was wrong. It can be accomplished online.

It is very easy to set up your partner's account to the level that you can make transactions.

After having your spouse/partner log into their account:

From their Home Page you select My Accounts. Next, select Account Maintenance Next select Account Permissions(located in the Security Profile group). The next tab (View & modify access to your accounts) starts the process. Pretty easy to do.

You will then e authority to transact on spouse/partners account(s).

Note: Some things you won't be able to do is redirect to different banks, change email/snail mail addresses, things you really do not need to do to be able to transact for your spouse/partner.

I am glad I found this, and I have already done transactions. Very, very nice PLUS now I don't need to sign in f er I meant wife to sign me into her account. After all for someone to violate Vanguard's sign in wouldn't be very nice, and could lead to questions as to how secure your accounts are. :shock:

Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven than I shall not go. " -Mark Twain

JBTX
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Re: Easier Account Authorization for Spouses/Partners, etc.

Post by JBTX » Thu Oct 05, 2017 2:08 pm

Yes I've been set up that way for a while at Vanguard . I can accomplish whatever we need from my login.

Fidelity is not quite the same way. I still have to login with her ID to do anything with her SIMPLE account and Roth IRA.

aristotelian
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Re: Easier Account Authorization for Spouses/Partners, etc.

Post by aristotelian » Thu Oct 05, 2017 2:10 pm

We considered doing this because my wife is averse to finances and agent authorization would be the "easiest". Ultimately we both decided that it is important for her to transact on her own, using her own credentials. It forces her to be at least somewhat involved in the finances and also ensures that she doesn't forget her password, get locked out of accounts, etc.

You don't want to be logging in under her credentials as that probably violates your user agreement and could be grounds for them freezing access.

mega317
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Re: Easier Account Authorization for Spouses/Partners, etc.

Post by mega317 » Thu Oct 05, 2017 2:34 pm

Wow thank you. This makes life easier.

Well it makes 10 minutes a year easier, but very nice to have.

nalor511
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Re: Easier Account Authorization for Spouses/Partners, etc.

Post by nalor511 » Fri Oct 06, 2017 2:52 am

Yes, it used to be this easy, but they had changed it to require paper forms and notary. Thank you for the heads up that online option is back!

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oldcomputerguy
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Re: Easier Account Authorization for Spouses/Partners, etc.

Post by oldcomputerguy » Fri Oct 06, 2017 6:19 am

JBTX wrote:
Thu Oct 05, 2017 2:08 pm
Yes I've been set up that way for a while at Vanguard . I can accomplish whatever we need from my login.

Fidelity is not quite the same way. I still have to login with her ID to do anything with her SIMPLE account and Roth IRA.
You in fact can grant permissions for one spouse to have authority over the other's IRA (I did this with my IRA, granted DW authority in case I am incapacitated), but it takes filling out paperwork and giving it to Fidelity; they won't let you do it online. On the positive side, at least it didn't require a medallion signature guarantee, at least in my particular instance.
Anybody know why there's a 20-pound frozen turkey up in the light grid?

mw1739
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Re: Easier Account Authorization for Spouses/Partners, etc.

Post by mw1739 » Fri Oct 06, 2017 7:11 am

oldcomputerguy wrote:
Fri Oct 06, 2017 6:19 am
JBTX wrote:
Thu Oct 05, 2017 2:08 pm
Yes I've been set up that way for a while at Vanguard . I can accomplish whatever we need from my login.

Fidelity is not quite the same way. I still have to login with her ID to do anything with her SIMPLE account and Roth IRA.
You in fact can grant permissions for one spouse to have authority over the other's IRA (I did this with my IRA, granted DW authority in case I am incapacitated), but it takes filling out paperwork and giving it to Fidelity; they won't let you do it online. On the positive side, at least it didn't require a medallion signature guarantee, at least in my particular instance.
You can setup trade authority online with Fidelity. I did it a couple weeks ago.

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oldcomputerguy
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Re: Easier Account Authorization for Spouses/Partners, etc.

Post by oldcomputerguy » Fri Oct 06, 2017 10:39 am

mw1739 wrote:
Fri Oct 06, 2017 7:11 am
oldcomputerguy wrote:
Fri Oct 06, 2017 6:19 am
JBTX wrote:
Thu Oct 05, 2017 2:08 pm
Yes I've been set up that way for a while at Vanguard . I can accomplish whatever we need from my login.

Fidelity is not quite the same way. I still have to login with her ID to do anything with her SIMPLE account and Roth IRA.
You in fact can grant permissions for one spouse to have authority over the other's IRA (I did this with my IRA, granted DW authority in case I am incapacitated), but it takes filling out paperwork and giving it to Fidelity; they won't let you do it online. On the positive side, at least it didn't require a medallion signature guarantee, at least in my particular instance.
You can setup trade authority online with Fidelity. I did it a couple weeks ago.
The authority to execute trades falls under what Fidelity calls "Limited Authority", and yes, that can be set up online. I gave DW what Fido calls "Full Authority", which includes the authority to withdraw funds ("Limited Authority" does not allow fund withdrawal), figuring that she may need to do that if I am hospitallized or otherwise incapacitated. For that I had to execute paperwork.
Anybody know why there's a 20-pound frozen turkey up in the light grid?

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JPH
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Re: Easier Account Authorization for Spouses/Partners, etc.

Post by JPH » Fri Oct 06, 2017 11:00 am

Yes, gaining permission to do transactions is the proper way to go. Using the spouse's password to login to his or her account is frowned upon at Vanguard. I called my rep once to get help with changing my wife's password and received a scolding. Each spouse is supposed to keep their own password secret, even from the spouse that has their permission to do transactions on their account. I suppose it ensures that the spouse granting the permission can later withdraw the permission if they want. Also, if you do login to another person's account by using their password it technically might violate compliance with Vanguard's security rules.
While the moments do summersaults into eternity | Cling to their coattails and beg them to stay - Townes Van Zandt

DrGoogle2017
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Re: Easier Account Authorization for Spouses/Partners, etc.

Post by DrGoogle2017 » Fri Oct 06, 2017 11:39 am

Thanks to this thread, I’m going to add me to my husband’s account. He has no interest in finance and I have been managing his account.

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