Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

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Mark2614
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Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by Mark2614 » Wed Jan 03, 2018 4:21 pm

Due to department of labors new laws in 2017, I can no longer invest in Vaguard "admiral" level funds through my Chase Private Client account. I don't want to leave Chase Private Client because I am saving $2,000+ a year on FREE intl wire transfers they offer me.

They gave me an 84 page listing of fund options. Unfortunately, I have no idea what to choose because they don't show "expense ratios" on this list:

www.chase.com/sdimutualfunds

Any of the funds on this list happen to be comparable to these two I'm trying to replace?

VTSAX - 0.04% - Vanguard Total Stock Admiral
VTIAX - 0.11% - Vanguard Total Intl Stock Admiral

Suggestions? I need to keep these accounts with Chase to have the $250,000 minimum for the free intl wire transfers that save me $2,000+ a year.

KT785
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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by KT785 » Wed Jan 03, 2018 4:24 pm

Can you invest in the ETF versions of those Vanguard funds?

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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by neilpilot » Wed Jan 03, 2018 4:26 pm

Consider EFTs, VTI & VEU?

Mark2614
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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by Mark2614 » Wed Jan 03, 2018 4:33 pm

KT785 wrote:
Wed Jan 03, 2018 4:24 pm
Can you invest in the ETF versions of those Vanguard funds?
Interesting solution. I think I can buy the ETFs with a $5 fee that they will probably just waive for me. I only buy once or twice a year so $5 is not a big deal anyway. It looks like I probably can buy the ETF's.

Are these the correct ones?

VTI - Domestic Stocks
VXUS - Intl Stocks
BND - Domestic Bonds

for Intl stocks is VXUS or VEU best for 3-fund portfolio?

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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by aj76er » Wed Jan 03, 2018 4:36 pm

Those are correct.
VXUS is generally considered "better" as it is more complete (ie. contains small caps).
"Buy-and-hold, long-term, all-market-index strategies, implemented at rock-bottom cost, are the surest of all routes to the accumulation of wealth" - John C. Bogle

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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by Mark2614 » Wed Jan 03, 2018 4:38 pm

aj76er wrote:
Wed Jan 03, 2018 4:36 pm
Those are correct.
VXUS is generally considered "better" as it is more complete (ie. contains small caps).
Thanks! I also have a Solo 401K with Fidelity. Anyone know what Fidelity would charge to buy Vanguard ETF's or Mutual Funds within Fidelity? I currently hold Fidelity Mutual funds, but prefer Vanguard funds if the price is very similar.

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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by mega317 » Wed Jan 03, 2018 4:39 pm

If not ETFs just use the investor class. There are also a ton of Fidelity options but I assume you have the same limitation.

If you have more than about $2 million you will save more on ER by moving to Vanguard than you'll lose in wire fees.

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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by Nate79 » Wed Jan 03, 2018 4:55 pm

I'm curious about the claim that you can not invest in Admiral funds due to the DOL rule changes. That sounds fishy to me. Do you have some documentation concerning this or is it a some advisor told you this to try and get you into their high cost mutual funds?

Mark2614
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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by Mark2614 » Wed Jan 03, 2018 5:09 pm

Nate79 wrote:
Wed Jan 03, 2018 4:55 pm
I'm curious about the claim that you can not invest in Admiral funds due to the DOL rule changes. That sounds fishy to me. Do you have some documentation concerning this or is it a some advisor told you this to try and get you into their high cost mutual funds?
This is the list of funds that are allowed in self-directed accounts with Chase:
www.chase.com/sdimutualfunds

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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by neilpilot » Wed Jan 03, 2018 5:11 pm

Nate79 wrote:
Wed Jan 03, 2018 4:55 pm
I'm curious about the claim that you can not invest in Admiral funds due to the DOL rule changes. That sounds fishy to me. Do you have some documentation concerning this or is it a some advisor told you this to try and get you into their high cost mutual funds?
Actually,
Morgan Stanley
made a business decision to stop selling all Vanguard funds, both Investor & Admiral class, in 1Q2018. Merrill made a similar decision last year, which is one reason why I'll be converting all my Vanguard funds to ETFs when I transfer accounts this year.

https://advisorhub.com/exclusive-morgan ... ual-funds/

Edit - I had misread this as referring to JP Morgan Chase, not Morgan Stanley
Last edited by neilpilot on Wed Jan 03, 2018 5:43 pm, edited 1 time in total.

TG2
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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by TG2 » Wed Jan 03, 2018 5:20 pm

I can no longer invest in Vaguard "admiral" level funds through my Chase Private Client account.
I had the same problem. I bought the ETF's instead. Works for me.

Mark2614
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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by Mark2614 » Wed Jan 03, 2018 5:29 pm

TG2 wrote:
Wed Jan 03, 2018 5:20 pm
I can no longer invest in Vaguard "admiral" level funds through my Chase Private Client account.
I had the same problem. I bought the ETF's instead. Works for me.
Do you just pay the $5 fee each time?

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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by G-Force » Wed Jan 03, 2018 5:35 pm

neilpilot wrote:
Wed Jan 03, 2018 5:11 pm
Nate79 wrote:
Wed Jan 03, 2018 4:55 pm
I'm curious about the claim that you can not invest in Admiral funds due to the DOL rule changes. That sounds fishy to me. Do you have some documentation concerning this or is it a some advisor told you this to try and get you into their high cost mutual funds?
Actually, JP Morgan made a business decision to stop selling all Vanguard funds, both Investor & Admiral class, in 1Q2018. Merrill made a similar decision last year, which is one reason why I'll be converting all my Vanguard funds to ETFs when I transfer accounts this year.

https://advisorhub.com/exclusive-morgan ... ual-funds/
The article you reference say it was Morgan Stanley not JP Morgan.

TG2
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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by TG2 » Wed Jan 03, 2018 5:36 pm

Mark2614 wrote:
Wed Jan 03, 2018 5:29 pm
TG2 wrote:
Wed Jan 03, 2018 5:20 pm
I can no longer invest in Vaguard "admiral" level funds through my Chase Private Client account.
I had the same problem. I bought the ETF's instead. Works for me.
Do you just pay the $5 fee each time?
Yes, but there are no small trades, so the fees end up pretty minimal. After rolling over my 401k I think I've done six trades in three months for around $350,000 total. Two more coming for another $70,000 soon. Way too low a percentage to worry about. Much better to me having everything consolidated at one place.

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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by whanaumark » Wed Jan 03, 2018 5:45 pm

Mark2614 wrote:
Wed Jan 03, 2018 4:21 pm
Due to department of labors new laws in 2017, I can no longer invest in Vaguard "admiral" level funds through my Chase Private Client account. I don't want to leave Chase Private Client because I am saving $2,000+ a year on FREE intl wire transfers they offer me.
I'd give a shout out to transferwise.com if you are staying with Chase Private Client just for the wire transfers.

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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by Nate79 » Wed Jan 03, 2018 6:00 pm

Mark2614 wrote:
Wed Jan 03, 2018 5:09 pm
Nate79 wrote:
Wed Jan 03, 2018 4:55 pm
I'm curious about the claim that you can not invest in Admiral funds due to the DOL rule changes. That sounds fishy to me. Do you have some documentation concerning this or is it a some advisor told you this to try and get you into their high cost mutual funds?
This is the list of funds that are allowed in self-directed accounts with Chase:
www.chase.com/sdimutualfunds
What does this have to do with DOL rules? My understanding is that DOL rules relates to retirement accounts and fiduciary rules in these managed accounts. I do not understand what this has to do with whether Chase will allow you to purchase Vanguard funds. It sounds more like a business decision (similar to what was posted about ML). They make it sound like they were forced to to use low expense mutual funds but I call baloney.

OldSport
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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by OldSport » Wed Jan 03, 2018 6:05 pm

I thought Merrill Edge allows Vanguard funds with $20 transaction fee and either $7 or $0 ETFs.

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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by G-Force » Wed Jan 03, 2018 9:56 pm

Jamie Dimon has hinted at offering free trades at Chase for meeting certain balance requirements. Hopefully the Chase self-directed accounts will be competitive with Bank of America/Merrill Edge.

https://www.reuters.com/article/us-jpmo ... me=topNews

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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by aj76er » Thu Jan 04, 2018 2:04 am

Mark2614 wrote:
Wed Jan 03, 2018 4:38 pm
aj76er wrote:
Wed Jan 03, 2018 4:36 pm
Those are correct.
VXUS is generally considered "better" as it is more complete (ie. contains small caps).
Thanks! I also have a Solo 401K with Fidelity. Anyone know what Fidelity would charge to buy Vanguard ETF's or Mutual Funds within Fidelity? I currently hold Fidelity Mutual funds, but prefer Vanguard funds if the price is very similar.
$4.95 per trade.

Fidelity also has some great index mutual funds that are good to hold in tax-advantaged space. They are all no transaction fee at Fidelity and are about the same E/R as Vanguard ETFs
"Buy-and-hold, long-term, all-market-index strategies, implemented at rock-bottom cost, are the surest of all routes to the accumulation of wealth" - John C. Bogle

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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by German Expat » Thu Jan 04, 2018 2:41 am

Just keep the existing funds at Chase and open a Vanguard account as well to invest there into Admiral shares (assuming you can invest the minimums).

Mark2614
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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by Mark2614 » Thu Jan 04, 2018 9:15 am

aj76er wrote:
Thu Jan 04, 2018 2:04 am
Mark2614 wrote:
Wed Jan 03, 2018 4:38 pm
aj76er wrote:
Wed Jan 03, 2018 4:36 pm
Those are correct.
VXUS is generally considered "better" as it is more complete (ie. contains small caps).
Thanks! I also have a Solo 401K with Fidelity. Anyone know what Fidelity would charge to buy Vanguard ETF's or Mutual Funds within Fidelity? I currently hold Fidelity Mutual funds, but prefer Vanguard funds if the price is very similar.
$4.95 per trade.

Fidelity also has some great index mutual funds that are good to hold in tax-advantaged space. They are all no transaction fee at Fidelity and are about the same E/R as Vanguard ETFs
With over $500K in Fidelity, is it worth buying the Vanguard ETF's and paying $4.95 per trade If I'm only re-balancing or re-buying 4-times a year?

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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by letsgobobby » Thu Jan 04, 2018 9:35 am

chase said nothing to me about not being able to buy an admiral fund earlier this week. but i didn’t actually buy it, just indicated i planned to soon.

i can't see this has anything to do with dol. i’ll probably buy the etf.

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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by aj76er » Thu Jan 04, 2018 2:34 pm

Mark2614 wrote:
Thu Jan 04, 2018 9:15 am
aj76er wrote:
Thu Jan 04, 2018 2:04 am
Mark2614 wrote:
Wed Jan 03, 2018 4:38 pm
aj76er wrote:
Wed Jan 03, 2018 4:36 pm
Those are correct.
VXUS is generally considered "better" as it is more complete (ie. contains small caps).
Thanks! I also have a Solo 401K with Fidelity. Anyone know what Fidelity would charge to buy Vanguard ETF's or Mutual Funds within Fidelity? I currently hold Fidelity Mutual funds, but prefer Vanguard funds if the price is very similar.
$4.95 per trade.

Fidelity also has some great index mutual funds that are good to hold in tax-advantaged space. They are all no transaction fee at Fidelity and are about the same E/R as Vanguard ETFs
With over $500K in Fidelity, is it worth buying the Vanguard ETF's and paying $4.95 per trade If I'm only re-balancing or re-buying 4-times a year?
For infrequent transactions, probably not a big deal. In taxable, at least you get a mild benefit of adjusting the cost-basis upward by the commissions you pay. In a tax-advantaged space, the commissions you pay are lost.
"Buy-and-hold, long-term, all-market-index strategies, implemented at rock-bottom cost, are the surest of all routes to the accumulation of wealth" - John C. Bogle

Mark2614
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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by Mark2614 » Thu Jan 04, 2018 2:39 pm

In my taxable account should I have dividends automatically re-invested?

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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by SuzBanyan » Thu Jan 04, 2018 3:24 pm

letsgobobby wrote:
Thu Jan 04, 2018 9:35 am
chase said nothing to me about not being able to buy an admiral fund earlier this week. but i didn’t actually buy it, just indicated i planned to soon.

i can't see this has anything to do with dol. i’ll probably buy the etf.
I moved a large position in a non-retirement account invested in a Vanguard Admirals fund to Chase last summer to qualify for Private Client. I have not received any notivce that my investment would need to change. We don’t re-invest dividends.

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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by Earl Lemongrab » Fri Jan 26, 2018 5:16 pm

I just realized that I posted something to the wrong thread. No one pointed out the complete non sequitur.
Last edited by Earl Lemongrab on Sat Jan 27, 2018 4:24 pm, edited 1 time in total.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by letsgobobby » Fri Jan 26, 2018 6:21 pm

Mark2614 wrote:
Wed Jan 03, 2018 4:21 pm
Due to department of labors new laws in 2017, I can no longer invest in Vaguard "admiral" level funds through my Chase Private Client account. I don't want to leave Chase Private Client because I am saving $2,000+ a year on FREE intl wire transfers they offer me.

They gave me an 84 page listing of fund options. Unfortunately, I have no idea what to choose because they don't show "expense ratios" on this list:

www.chase.com/sdimutualfunds

Any of the funds on this list happen to be comparable to these two I'm trying to replace?

VTSAX - 0.04% - Vanguard Total Stock Admiral
VTIAX - 0.11% - Vanguard Total Intl Stock Admiral

Suggestions? I need to keep these accounts with Chase to have the $250,000 minimum for the free intl wire transfers that save me $2,000+ a year.
I just bought admiral shares at Chase so this rule is apparently not an actual rule.

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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by Mark2614 » Fri Jan 26, 2018 6:38 pm

letsgobobby wrote:
Fri Jan 26, 2018 6:21 pm
Mark2614 wrote:
Wed Jan 03, 2018 4:21 pm
Due to department of labors new laws in 2017, I can no longer invest in Vaguard "admiral" level funds through my Chase Private Client account. I don't want to leave Chase Private Client because I am saving $2,000+ a year on FREE intl wire transfers they offer me.

They gave me an 84 page listing of fund options. Unfortunately, I have no idea what to choose because they don't show "expense ratios" on this list:

www.chase.com/sdimutualfunds

Any of the funds on this list happen to be comparable to these two I'm trying to replace?

VTSAX - 0.04% - Vanguard Total Stock Admiral
VTIAX - 0.11% - Vanguard Total Intl Stock Admiral

Suggestions? I need to keep these accounts with Chase to have the $250,000 minimum for the free intl wire transfers that save me $2,000+ a year.
I just bought admiral shares at Chase so this rule is apparently not an actual rule.
How? That's not even an option.

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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by letsgobobby » Fri Jan 26, 2018 9:43 pm

I did it online. I entered the ticker symbol and clicked buy. The end. :sharebeer

Mark2614
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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by Mark2614 » Fri Jan 26, 2018 9:47 pm

What ticker are you using?


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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by OnTrack » Sat Jan 27, 2018 12:05 am

aj76er wrote:
Thu Jan 04, 2018 2:34 pm
Mark2614 wrote:
Thu Jan 04, 2018 9:15 am

With over $500K in Fidelity, is it worth buying the Vanguard ETF's and paying $4.95 per trade If I'm only re-balancing or re-buying 4-times a year?
For infrequent transactions, probably not a big deal. In taxable, at least you get a mild benefit of adjusting the cost-basis upward by the commissions you pay. In a tax-advantaged space, the commissions you pay are lost.
I don't understand. Adjusting the cost basis means you pay less tax because your gain (income) is reduced. Seems to me that is similar in tax-advantaged space; the commission reduces the income that is ultimately withdrawn and the taxes will be less. In fact, depending on the relative tax rates of taxable vs. tax-advantaged, the tax saving could be more in tax-advantaged. Of course it would always be better in either case to minimize the commissions when possible.

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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by Earl Lemongrab » Sat Jan 27, 2018 1:06 am

letsgobobby wrote:
Fri Jan 26, 2018 11:43 pm
VWIUX
That's not an index fund. I thought that those were more readily available outside of Vanguard. Has anyone bought Admiral index funds recently at Chase?
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by letsgobobby » Sat Jan 27, 2018 1:24 am

OP said nothing about index funds.

I just typed in VTSAX. It comes up. I can buy it.

Mark2614
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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by Mark2614 » Sat Jan 27, 2018 2:11 am

letsgobobby wrote:
Sat Jan 27, 2018 1:24 am
OP said nothing about index funds.

I just typed in VTSAX. It comes up. I can buy it.
It comes up for me too, but if you actually try to submit the transaction, you will get an error message.

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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by letsgobobby » Sat Jan 27, 2018 5:57 am

I did not get an error for VWIUX. It did take several days for the purchase to show up correctly.

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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by ruralavalon » Sat Jan 27, 2018 10:18 am

Mark2614 wrote:
Wed Jan 03, 2018 4:21 pm
Due to department of labors new laws in 2017, I can no longer invest in Vaguard "admiral" level funds through my Chase Private Client account. I don't want to leave Chase Private Client because I am saving $2,000+ a year on FREE intl wire transfers they offer me.

They gave me an 84 page listing of fund options. Unfortunately, I have no idea what to choose because they don't show "expense ratios" on this list:

www.chase.com/sdimutualfunds

Any of the funds on this list happen to be comparable to these two I'm trying to replace?

VTSAX - 0.04% - Vanguard Total Stock Admiral
VTIAX - 0.11% - Vanguard Total Intl Stock Admiral

Suggestions? I need to keep these accounts with Chase to have the $250,000 minimum for the free intl wire transfers that save me $2,000+ a year.
Your link does not work.

I think Chase blaming this on the Department of Labor is bogus, just an excuse.

You could try:
Vanguard Total Stock Market ETF (VTI); and
Vanguard Total International Stock ETF (VXUS).
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started

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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by Jandro » Wed Mar 07, 2018 8:54 pm

Is this still the case? I signed up for chase private client and opened up a brokerage account. Put in my first buy for some VTSAX shares and seems to have gone through.

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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by oldcomputerguy » Wed Mar 07, 2018 9:55 pm

aj76er wrote:
Thu Jan 04, 2018 2:04 am
Mark2614 wrote:
Wed Jan 03, 2018 4:38 pm
aj76er wrote:
Wed Jan 03, 2018 4:36 pm
Those are correct.
VXUS is generally considered "better" as it is more complete (ie. contains small caps).
Thanks! I also have a Solo 401K with Fidelity. Anyone know what Fidelity would charge to buy Vanguard ETF's or Mutual Funds within Fidelity? I currently hold Fidelity Mutual funds, but prefer Vanguard funds if the price is very similar.
$4.95 per trade.

Fidelity also has some great index mutual funds that are good to hold in tax-advantaged space. They are all no transaction fee at Fidelity and are about the same E/R as Vanguard ETFs
$4.95 per ETF purchase. Fidelity charges $75 per purchase of Vanguard mutual funds, and they don’t offer the Admiral-class funds to individual investors. Not sure if you can get them if you’re using their advisory service.
It’s taken me a lot of years, but I’ve come around to this: If you’re dumb, surround yourself with smart people. And if you’re smart, surround yourself with smart people who disagree with you.

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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by Fan23 » Wed Mar 07, 2018 10:15 pm

We have a high balance in Chase and we are in their Private Client program, but they never even told us about this. We sat through a long presentation with one of their financial advisors and he talked endlessly about annuities he could sell us, but we did not bite and still nobody ever told us we could buy mutual funds DIY through them. Is it a big secret or something? I hunted all over their site and didn't find any mention of it. We've complained several times to our so-called "private banker" about the lack of any good options for our large balance at Chase and she never told us about this. We received reams of promotional literature from that Chase FA, but never a hint about options for investing through our Chase account. It's so odd because we've been moving big chunks of our money to Fidelity over the last few months and apparently Chase is content to have us leave rather than inform us about this option.

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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by whodidntante » Wed Mar 07, 2018 10:24 pm

Fan23 wrote:
Wed Mar 07, 2018 10:15 pm
We have a high balance in Chase and we are in their Private Client program, but they never even told us about this. We sat through a long presentation with one of their financial advisors and he talked endlessly about annuities he could sell us, but we did not bite and still nobody ever told us we could buy mutual funds DIY through them. Is it a big secret or something? I hunted all over their site and didn't find any mention of it. We've complained several times to our so-called "private banker" about the lack of any good options for our large balance at Chase and she never told us about this. We received reams of promotional literature from that Chase FA, but never a hint about options for investing through our Chase account. It's so odd because we've been moving big chunks of our money to Fidelity over the last few months and apparently Chase is content to have us leave rather than inform us about this option.
Were you clear that you wanted risky investments like equity index funds? I would think the typical person with a large amount at a bank is highly risk averse. Not that I am defending Chase. They should have asked you what you want.

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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by Fan23 » Wed Mar 07, 2018 11:10 pm

I see your point, but I think we were clear about wanting options and information, and to my mind they withheld information about some of our options. After we nixed the annuities and the AUM scheme they lost interest in us I guess. Anyway, our personal situation is not so important, we will take it up with them. My point is more that Chase seems like it obscures any mention of this even on its website. Googling it, I find other Chase PC customers also surprised to learn about it. Maybe it is only available in certain localities.

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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by letsgobobby » Wed Mar 07, 2018 11:29 pm

Fan23 wrote:
Wed Mar 07, 2018 10:15 pm
We have a high balance in Chase and we are in their Private Client program, but they never even told us about this. We sat through a long presentation with one of their financial advisors and he talked endlessly about annuities he could sell us, but we did not bite and still nobody ever told us we could buy mutual funds DIY through them. Is it a big secret or something? I hunted all over their site and didn't find any mention of it. We've complained several times to our so-called "private banker" about the lack of any good options for our large balance at Chase and she never told us about this. We received reams of promotional literature from that Chase FA, but never a hint about options for investing through our Chase account. It's so odd because we've been moving big chunks of our money to Fidelity over the last few months and apparently Chase is content to have us leave rather than inform us about this option.
First you have to open a brokerage account. It’s pretty easy, just a few signatures. Then you have to listen to them tell you why you should buy their actively managed, more expensive, less tax efficient mutual funds. I told her I’d think about it. Then I drove home, logged into the portal, and bought Vanguard Admiral intermediate tax exempt bond fund through the portal, for no fee, in just a few clicks.

Fan23
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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by Fan23 » Thu Mar 08, 2018 12:10 am

:D Thank you, letsgobobby!

Jandro
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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by Jandro » Thu Mar 08, 2018 5:47 pm

Fan23 wrote:
Wed Mar 07, 2018 11:10 pm
I see your point, but I think we were clear about wanting options and information, and to my mind they withheld information about some of our options. After we nixed the annuities and the AUM scheme they lost interest in us I guess. Anyway, our personal situation is not so important, we will take it up with them. My point is more that Chase seems like it obscures any mention of this even on its website. Googling it, I find other Chase PC customers also surprised to learn about it. Maybe it is only available in certain localities.
Yeah, I wasn't even aware I could open up a self managed brokerage account with chase until I had asked my private banker. With that said, I had to go in and talk to the financial advisor who I had previously talked to and tried pitching me a sales pitch to have them manage my money. When it was all said and done, they had me come in to pitch me a managed account one last time before I insisted I open a self managed account and signed all the paper work to open a self managed account. Now I'm able to access my brokerage account through the chase online portal and put in my first buy for VTSAX. Seems to have gone through and I see it in my portfolio. This weekend I'll finish building out my portfolio with other vanguard admiral funds.

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G-Force
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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by G-Force » Thu Mar 08, 2018 8:45 pm

You guys are lucky. I just tried to purchase some VTSAX in my self-directed IRA and the message I got was "This mutual fund is not available for purchase in your account (xxx)" I can buy the investor shares though.

Mark2614
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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by Mark2614 » Thu Mar 08, 2018 8:46 pm

G-Force wrote:
Thu Mar 08, 2018 8:45 pm
You guys are lucky. I just tried to purchase some VTSAX in my self-directed IRA and the message I got was "This mutual fund is not available for purchase in your account (xxx)" I can buy the investor shares though.
Just buy the ETF instead. Same expense ratio.

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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by MossySF » Thu Mar 08, 2018 9:03 pm

G-Force wrote:
Thu Mar 08, 2018 8:45 pm
You guys are lucky. I just tried to purchase some VTSAX in my self-directed IRA and the message I got was "This mutual fund is not available for purchase in your account (xxx)" I can buy the investor shares though.
This is a Vanguard restriction. This was in the forum about 2 years ago how Index Admiral mutual funds would no longer be available for individual accounts outside of Vanguard. Actively-managed Admiral funds and ETFs are still available.

letsgobobby
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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by letsgobobby » Mon Mar 12, 2018 12:18 pm

I just bought large orders of VTSAX (total stock admiral) and VTIAX (total international stock admiral). Both orders went through.

This is not an IRA, though. Maybe there are different restrictions for IRAs.

mizzao
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Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

Post by mizzao » Thu May 31, 2018 11:57 am

I just opened IRAs with Chase to get CPC and can confirm I can't buy VTSAX or VTIAX. Will also try with the brokerage account once that is opened and see if it works.

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