"Take action to transition your account"

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Gamma Ray
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"Take action to transition your account"

Post by Gamma Ray »

I've been getting reminders from VG to "Transition" my account, it asks me to make changes.
When I searched for exactly what's the difference, it says "There will be a few very minor changes, but overall, it will be a very similar experience."
If it was a minor change, they'd just do it and make everyone on same platform, does it break something that worked before?

For example, I only use this chart, which VG removed the links from their website
https://personal.vanguard.com/us/XHTML/ ... m=Balances

Will I lose access to this?

Should I "transition" so they can stop spamming me?
BigJohn
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Re: "Take action to transition your account"

Post by BigJohn »

A few comments...

They can’t just do it since they legally require your permission to open the new account.

There are some differences (eg reinvestment options, statements, etc). Many discussions on this site with details you can search and read.

Once you know the differences, then the question goes back to you. Do any of those things really matter to you? For many/most the answer is no but there are exceptions. In any case VG has clearly said this is the platform of the future so if you don’t transition I’d expect an escalating set of disincentives to stay on the old platform.
"The greatest enemy of a good plan is the dream of a perfect plan" - Carl Von Clausewitz
Random Poster
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Re: "Take action to transition your account"

Post by Random Poster »

Gamma Ray wrote: Fri Oct 02, 2020 4:14 pm I've been getting reminders from VG to "Transition" my account, it asks me to make changes.
When I searched for exactly what's the difference, it says "There will be a few very minor changes, but overall, it will be a very similar experience."
If it was a minor change, they'd just do it and make everyone on same platform, does it break something that worked before?

For example, I only use this chart, which VG removed the links from their website
https://personal.vanguard.com/us/XHTML/ ... m=Balances

Will I lose access to this?

Should I "transition" so they can stop spamming me?
See this thread, for starters:

viewtopic.php?f=10&t=273858

I posted this comment this morning in the above linked thread:
Received an email from Vanguard this morning with a new “stick” for those who don’t transition:
We're reaching out to notify you about an upcoming change that could limit mobile access to your account(s).

With our new mobile app, you won't be able to do transactions on any of your accounts that are on our old investment platform

By the end of 2020, Vanguard plans to replace our current app with a brand new app for iOS and Android. The new app will make it easier to do transactions anytime, anywhere.

For accounts on our new brokerage platform, which supports Vanguard mutual funds and many other types of investments, you'll be able to both view your portfolio and do transactions.

For accounts on our old investment platform, which supports only Vanguard mutual funds, you'll only be able to view your portfolio.

Transition from the old platform to the new brokerage platform so you can take full advantage of the app
I suppose you could still log into the app, then go to the Vanguard website through the app, and do a transaction that way, but who knows?

Regardless, does the brokerage account still not allow for dividend reinvestment into a different fund (other than the settlement fund)? And can dividends only be reinvested into the same fund, sent to the settlement fund, or sent to a bank account?
jimkinny
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Re: "Take action to transition your account"

Post by jimkinny »

It was not eventful when I changed over several years ago. If you have anything other than an average cost basis consider printing or downloading your cost basis prior to the change.
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bertilak
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Re: "Take action to transition your account"

Post by bertilak »

Gamma Ray wrote: Fri Oct 02, 2020 4:14 pm For example, I only use this chart, which VG removed the links from their website
https://personal.vanguard.com/us/XHTML/ ... m=Balances
Will I lose access to this?
That is a direct link but it can be reached via "My Accounts -> Personal Performance." I am on the brokerage platform, having long ago transitioned.
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nisiprius
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Re: "Take action to transition your account"

Post by nisiprius »

As with operating system upgrades, I treat these kinds of things as necessary evils. When it's clear that Vanguard, or Apple, or Microsoft wants you to do something, and is going to make it incrementally more and more painful for you not to, don't do it, it's best not to plan on holding out forever. There are lots of reasons not to volunteer, be on the bleeding edge, or be the first kid on the block. And it is also a good idea to read the fine print carefully and listen to the experiences of others who have gone before. There may be issues that don't matter because they don't affect you, for example.

There may be issues that are no big deal, but you wish you'd been warned about. In my case, it was "no big deal" but I was taken by surprise when the result of "transitioning" was that my automatic RMD date changed from the date I'd selected when I set it up--first-of-each-month--to the fifteenth.

But I decided that I would choose a convenient time for the transition--not vacation, not near tax time, not near a year-end--but just get it done, rather than wait to find out how Vanguard was going to make my life miserable if I didn't do it.

In the old arrangement, the combination of Vanguard mutual funds and other investments was the very opposite of seamless. Safety-pinned? Two different patterns of account numbers, printed statements that mixed up year-to-date mutual fund statements with just-this-month brokerage statements. And, as was often observed, you could exchange a non-Vanguard fund for another non-Vanguard fund, but you couldn't exchange a non-Vanguard fund for a Vanguard fund! (You had to sell and wait for settlement).

This was all because you could not hold a Vanguard fund in a Vanguard brokerage account. In this respect, Vanguard differed from Schwab and Fidelity.

So I do think it's mildly ironic people are griping about Vanguard fixing the exact problem they used to complain about. By "people," I mean, uh, "me." But I do complain about the current situation, because they should have worked harder to provide true feature parity between the new platform and the old mutual fund accounts.

(Mac OS X 11, Big Sur... ugh. I dread that one).
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teen persuasion
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Re: "Take action to transition your account"

Post by teen persuasion »

Random Poster wrote: Fri Oct 02, 2020 4:46 pm
Gamma Ray wrote: Fri Oct 02, 2020 4:14 pm I've been getting reminders from VG to "Transition" my account, it asks me to make changes.
When I searched for exactly what's the difference, it says "There will be a few very minor changes, but overall, it will be a very similar experience."
If it was a minor change, they'd just do it and make everyone on same platform, does it break something that worked before?

For example, I only use this chart, which VG removed the links from their website
https://personal.vanguard.com/us/XHTML/ ... m=Balances

Will I lose access to this?

Should I "transition" so they can stop spamming me?
See this thread, for starters:

viewtopic.php?f=10&t=273858

I posted this comment this morning in the above linked thread:
Received an email from Vanguard this morning with a new “stick” for those who don’t transition:
We're reaching out to notify you about an upcoming change that could limit mobile access to your account(s).

With our new mobile app, you won't be able to do transactions on any of your accounts that are on our old investment platform

By the end of 2020, Vanguard plans to replace our current app with a brand new app for iOS and Android. The new app will make it easier to do transactions anytime, anywhere.

For accounts on our new brokerage platform, which supports Vanguard mutual funds and many other types of investments, you'll be able to both view your portfolio and do transactions.

For accounts on our old investment platform, which supports only Vanguard mutual funds, you'll only be able to view your portfolio.

Transition from the old platform to the new brokerage platform so you can take full advantage of the app
I suppose you could still log into the app, then go to the Vanguard website through the app, and do a transaction that way, but who knows?

Regardless, does the brokerage account still not allow for dividend reinvestment into a different fund (other than the settlement fund)? And can dividends only be reinvested into the same fund, sent to the settlement fund, or sent to a bank account?
I got that email yesterday. Really, Vanguard? Limit mobile access to my account? You ALREADY killed my mobile access with the last app update that isn't compatible with my device.

I suspect (after attempting to troubleshoot and reading specs) that the issue is my device has no camera, and the app hangs when it can't locate one. I've tried reporting the issue with details (immediately after the auto update) so they could fix it, but got typical help desk advice (delete and redownload, try rebooting device). No - the new app is the problem, it's not compatible, and I can't revert to the old app.
:annoyed
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