So some more on my experiences on transferring funds to Vanguard. If you plan to transfer more then 5 ETF/Mutual Funds something to be aware of is neither the form you print out or the online status shows more then 5 funds. I found this kind of odd. The form you fill out does allow you to fill out more then 5. I took extra precautions such as sending an additional "Letter of instruction" I created along with the paperwork with a table of all the accounts I was asking to transfer over. I had a total of 9 ETF/Mutual Funds I was transferring.
I will say that the email and phone calls I used were pretty responsive. People wise no issue with them. They do need to make some significant changes when it comes to process though.
Not sure if anyone with any clout reads these but the following are major issues IMHO.
1. They do not provide any kind of tracking number for the transfer.
- This is a problem because more then once when I asked about a transfer they gave me a response based on a different transfer. Other then the Date the transfer started there is no way to clarify which transfer you are talking about.
- This is even a larger issue if you transfer multiple accounts at the same time. Or start a transfer before the previous one has completed. My recommendation is NEVER transfer multiple accounts at the same time and NEVER start a transfer of any funds until the other transfer is fully completed.
2. Multiple times one request was created when I filled out the online information a second request was generated when my paperwork arrived.
- The previous item would fix this as the request # could be included.
- Both times I had to send an email or call to get the initial transfer closed out. it stays as "Awaiting client paperwork"
So my rankings would probably be Vanguard as a Business 9/10, Vanguard Customer services 9/10, Vanguard process of account transfers 2/10. No regrets so far just making people aware of some things to look for when transferring.
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