Vanguard Family Legacy Services - what is this?

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heartwood
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Vanguard Family Legacy Services - what is this?

Post by heartwood » Tue Oct 01, 2019 7:40 pm

I got a postcard size mailer about Vanguard Family Legacy Services. There are several teaser phrases like: new online resource for families like yours; ... your one-stop source designed to take the mystery out of investing wisely, managing wealth prudently, and helping each family member feel prepared for their role - now and in the future.
I followed the link to https://investor.vanguard.com/family-legacy-services/

After viewing that page I don't know anymore what its about. I don't want to contact them yet.

Anyone here have a simple explanation? What's a family like mine? What services? Are there costs?

fabdog
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Re: Vanguard Family Legacy Services - what is this?

Post by fabdog » Tue Oct 01, 2019 7:44 pm

From looking at the link... they are offering a service to help families manage money across generations.

You usually see these kinds of pitches from wealth mgt firms or high end trust companies... Did not realize Vanguard had a service like this

They may have gotten your name by buying databases of family businesses or some other list of folks they think have significant wealth.

They had a video on the site :)

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Stinky
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Re: Vanguard Family Legacy Services - what is this?

Post by Stinky » Tue Oct 01, 2019 7:49 pm

Does anyone have an idea about the fees that Vanguard charges for their services?
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CAsage
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Re: Vanguard Family Legacy Services - what is this?

Post by CAsage » Tue Oct 01, 2019 7:51 pm

Or existing Vanguard customers they know and love.... The real question is still - what exactly are they offering? Keep the future beneficiaries in house? Not have them blow the money by the 3rd generation - that takes all the fun out of it.
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BillWalters
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Re: Vanguard Family Legacy Services - what is this?

Post by BillWalters » Tue Oct 01, 2019 8:18 pm

Pet peeve: of course family wealth doesn’t last into 4+ generations! There could easily be dozens of mouths to feed by then!

Even with great tax planning and responsible beneficiaries, it is perfectly normal for the G1 standard of living to diminish by G3 and certainly G4.

livesoft
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Re: Vanguard Family Legacy Services - what is this?

Post by livesoft » Tue Oct 01, 2019 8:34 pm

Sounds like a failure of the marketing department.
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1210sda
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Re: Vanguard Family Legacy Services - what is this?

Post by 1210sda » Tue Oct 01, 2019 8:49 pm

Seems to be just a variation of the VPAS program.
Fees are .3%

1210

bikesandbeers
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Re: Vanguard Family Legacy Services - what is this?

Post by bikesandbeers » Tue Oct 01, 2019 10:45 pm

This has probably been discussed elsewhere, but my family has "inherited" flagship status. There was a irrevocable trust with assets that met the flagship minimum. When this was disbursed out to the beneficiaries, we each got flagship status, even though our individual balances were well under the flagship minimums. I guess Vanguard really wants to keep to money long term and figures that we are good candidate to keep growing the balances

random_walker_77
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Re: Vanguard Family Legacy Services - what is this?

Post by random_walker_77 » Tue Oct 01, 2019 11:09 pm

I'm guessing it's a variation on this sort of thing:

https://www.nytimes.com/2012/10/17/busi ... ealth.html
https://www.nytimes.com/2017/05/19/your ... tance.html
https://www.wellsfargo.com/the-private- ... linkLoc=fn

Basically, helping the rich teach their (potentially adult) offspring about finances and handling wealth.

Broken Man 1999
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Re: Vanguard Family Legacy Services - what is this?

Post by Broken Man 1999 » Wed Oct 02, 2019 9:40 am

BillWalters wrote:
Tue Oct 01, 2019 8:18 pm
Pet peeve: of course family wealth doesn’t last into 4+ generations! There could easily be dozens of mouths to feed by then!

Even with great tax planning and responsible beneficiaries, it is perfectly normal for the G1 standard of living to diminish by G3 and certainly G4.


Whatever the grandchildren do with whatever I am able to send their way, good for them. I just hope they will remember us fondly.

Life is way too unpredictable, and I have way too little to be concerned about legacy I might leave to someone we have never met, like a great-grandchild. If I live to see great-grandchildren, I can always set up an education account for them. But, anything beyond that would certainly be a stretch.

Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven than I shall not go. " -Mark Twain

Ranunculus
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Re: Vanguard Family Legacy Services - what is this?

Post by Ranunculus » Wed Oct 02, 2019 11:16 am

I followed the link in the OP, viewed the 45 second videos, and I agree this is a very vague pitch. They may be angling to be named corporate Trustee to keep the investments safe from spendthrift beneficiaries, but it may be just an offer of advisory services for beneficiaries. I had a similar frustrating experience with Fidelity. They have a well crafted web site promoting their Trust management services, but when I called it was very difficult to find someone knowledgeable of the details. Sometimes I think the marketing departments get way ahead of the game, promoting a concept rather than specific services.

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Re: Vanguard Family Legacy Services - what is this?

Post by Fallible » Wed Oct 02, 2019 11:56 am

heartwood wrote:
Tue Oct 01, 2019 7:40 pm
I got a postcard size mailer about Vanguard Family Legacy Services. There are several teaser phrases like: new online resource for families like yours; ... your one-stop source designed to take the mystery out of investing wisely, managing wealth prudently, and helping each family member feel prepared for their role - now and in the future.
I followed the link to https://investor.vanguard.com/family-legacy-services/

After viewing that page I don't know anymore what its about. I don't want to contact them yet.

Anyone here have a simple explanation? What's a family like mine? What services? Are there costs?
I thought this link explained it well enough until the next step, which would be to call Vanguard and see how it would apply to your family:

https://investor.vanguard.com/family-le ... y-planning
John Bogle on his often bumpy road to low-cost indexing: "When a door closes, if you look long enough and hard enough, if you're strong enough, you'll find a window that opens."

afan
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Re: Vanguard Family Legacy Services - what is this?

Post by afan » Wed Oct 02, 2019 12:51 pm

But "call us" is not much of an explanation of what they are offering to do.

It seems to be something different from flagship, PAS or trustee services. It is not legal or funancial estate plannung. There are 4 people listed as the team. Two are CFP's. The other two have no financial or estate planning expertise. Still unsure what they have to offer.

The discussion revolves around multigenerational wealth transfers. From a Vanguard study about how the manage PAS accounts, it seems the typical senior client has around $500,000. Multigenerational planning might start at $30,000,000. I suspect Vanguard has very few accounts that size. Maybe this is an attempt to market to such families by offering something so vague that no one will decide they don't need it???
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