Vanguard - Transitioning to new platform

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MrSlippery
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Joined: Thu Oct 11, 2018 6:27 pm

Vanguard - Transitioning to new platform

Post by MrSlippery » Thu Oct 11, 2018 6:35 pm

Hello,

I got an e-mail recently that says I need to transition my account to a new platform. I don't have a problem with this. However, the issue comes when I try to do the transition on their site.

I need to "confirm my employer," but the problem is that I work for a school abroad. So, that is to say, that my employer is not in the US.

What should i do? I want to call and tell them my situation, but I am afraid that when I tell them I am not employed by a US company that they will make me close my account, or something. What if I just don't transition, at least, not right now?

Thanks for any information,

-Slip

bloom2708
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Location: Fargo, ND

Re: Vanguard - Transitioning to new platform

Post by bloom2708 » Fri Oct 12, 2018 2:37 pm

Many are doing nothing with the transition to a single/consolidated brokerage account. You can do the same.

Are you outside of the US and your employer is also outside of the US?

If you live in the US, have a US address and are employed by a company outside the US, I do not see any issues with that scenario.
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MrSlippery
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Re: Vanguard - Transitioning to new platform

Post by MrSlippery » Fri Oct 12, 2018 4:42 pm

My employer is outside of the US, and I will be working outside of the US.

Currently, I am in the US (not working), however, waiting on my visa. Assuming nothing goes wrong in the process, I will be leaving the US soon.

I do have a US address and phone number, though. The issue is that when trying to complete the "transition" form, it asks for the location of my employer, and you have to enter a US state. I cannot do this without lying, which I do not want to do. But maybe since I'm not working now, I can simply say I am unemployed? I don't know.

Since you say many are doing nothing with the transition, I think I will do the same. I am just afraid they will make me switch at sometime. In which case, I'll have to address this issue. Also, since they say transitioning is "good" for clients, I trust them and would like to do it.

Thank you for the help, bloom. I really appreciate it. If you have any further thoughts, I'd love to hear them.

delamer
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Re: Vanguard - Transitioning to new platform

Post by delamer » Fri Oct 12, 2018 6:08 pm

If you aren’t working, then why not just answer “unemployed”?

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ruralavalon
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Re: Vanguard - Transitioning to new platform

Post by ruralavalon » Sat Oct 13, 2018 9:53 am

You don't have to transition to the new brokerage platform if you don't want to.
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started

MrSlippery
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Re: Vanguard - Transitioning to new platform

Post by MrSlippery » Sat Oct 13, 2018 12:46 pm

delamer wrote:
Fri Oct 12, 2018 6:08 pm
If you aren’t working, then why not just answer “unemployed”?
Yes. I thought of that. I am not entirely sure what the definition of "unemployed" is, however.

I have already signed a contract with the company. So, even though I am not currently working, I think that would disqualify me from labeling myself as unemployed. But I don't know.

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Steelersfan
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Re: Vanguard - Transitioning to new platform

Post by Steelersfan » Sat Oct 13, 2018 6:05 pm

ruralavalon wrote:
Sat Oct 13, 2018 9:53 am
You don't have to transition to the new brokerage platform if you don't want to.
That's been true so far but could change at some (unknown) point in the future.

BTW - I don't agree with some posters who say Vanguard has to get your consent to migrate you. They have so far, but again that could change.

blevine
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Location: New York

Re: Vanguard - Transitioning to new platform

Post by blevine » Sat Oct 13, 2018 6:25 pm

Steelersfan wrote:
Sat Oct 13, 2018 6:05 pm
ruralavalon wrote:
Sat Oct 13, 2018 9:53 am
You don't have to transition to the new brokerage platform if you don't want to.
That's been true so far but could change at some (unknown) point in the future.

BTW - I don't agree with some posters who say Vanguard has to get your consent to migrate you. They have so far, but again that could change.
You don’t know the facts then. Even Vanguard admits they cannot do so without your consent, said so in the popup message recently and emails I received.

This is not just an agreement to use a different website, we are being asked to open a brokerage account. There are securities regulations in the US, they need to collect different info from you when you open a brokerage account vs a fund only acct. Of course laws could change, but as of today they cannot open a brokerage account without the info they request on new account forms.

They might be able to liquidate your funds and return cash, though this would be a terrible resolution for all.

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Duckie
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Re: Vanguard - Transitioning to new platform

Post by Duckie » Sat Oct 13, 2018 6:38 pm

MrSlippery wrote:But maybe since I'm not working now, I can simply say I am unemployed?
Yes. At this point you're not working. You're not being paid. It's the truth. You are unemployed.

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