Vanguard and Newport Group first experience

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Vanguard and Newport Group first experience

Post by bobsmith » Thu Nov 16, 2017 1:38 pm

Hi, long time Vanguard customer and fan. Just wanted to say I'm not all that thrilled with Newport Group so far. My wife holds a 403b through her employer which uses Vanguard as a vendor which, of course, is now Newport Group. She waited on the phone for OVER AND HOUR before she was able to speak to anyone. Once she got through she asked if Newport Group would now support a Roth 403 and all they did was pass the buck telling her to call the TPA (Third Party Administrator). After calling the TPA, she was told to call Newport Group back. (I'm not fond of her TPA either). Also, while Vanguard held the 403b directly, they made it easy me to me be privy to my wife's account information through a simple Agent Authorization Form. Now, with Newport Group we were told the only option is for me to get a Power of Attorney which seems exorbitant.

That said, the person on the phone was friendly and polite and perhaps some delays should be expected this early in the transfer.

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Donnie Baseball Fan
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Re: Vanguard and Newport Group first experience

Post by Donnie Baseball Fan » Thu Dec 07, 2017 4:13 pm

Have you found a solution?
We are going through the same problem. My wife, who is very busy during her school day, has been left waiting over an hour many times and no one answers the phone over at Newport Group. We don't know what to do. These people have control over our money and they won't answer the phone. The only time she was able to talk to someone she was told the same thing your wife was told. Out TPAs swear they have faxed the required information several times.
This change has been a disaster so far.

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Re: Vanguard and Newport Group first experience

Post by Steven496 » Mon Dec 18, 2017 12:43 pm

Same situation here. Been trying to move a 403b, now managed by Newport Group, back to a Traditional IRA at Vanguard. It's been an exercise in confusion, mixed instructions, endless delays and long wait times on the phone. I'll be happy when I'm done with Newport Group.

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