Vanguard - Transitioning to new platform
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- Posts: 3
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Vanguard - Transitioning to new platform
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
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
Re: Vanguard - Transitioning to new platform
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.
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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Re: Vanguard - Transitioning to new platform
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.
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.
Re: Vanguard - Transitioning to new platform
If you aren’t working, then why not just answer “unemployed”?
One thing that humbles me deeply is to see that human genius has its limits while human stupidity does not. - Alexandre Dumas, fils
- ruralavalon
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Re: Vanguard - Transitioning to new platform
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: Bogleheads® investment philosophy
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Re: Vanguard - Transitioning to new platform
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.
- Steelersfan
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Re: Vanguard - Transitioning to new platform
That's been true so far but could change at some (unknown) point in the future.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.
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.
Re: Vanguard - Transitioning to new platform
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.Steelersfan wrote: ↑Sat Oct 13, 2018 6:05 pmThat's been true so far but could change at some (unknown) point in the future.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.
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.
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.
Re: Vanguard - Transitioning to new platform
Yes. At this point you're not working. You're not being paid. It's the truth. You are unemployed.MrSlippery wrote:But maybe since I'm not working now, I can simply say I am unemployed?