New Brokerage platform

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dickyboy
Posts: 89
Joined: Mon Mar 16, 2015 10:31 am

New Brokerage platform

Post by dickyboy » Thu Mar 14, 2019 12:54 pm

Anyone else still holding off on switching to Vanguards new brokerage platform. I have been still holding off as I can envision problems with the transition that they aren't telling about. I'm not crazy about change or the potential hassle that comes along with it.

Chuck
Posts: 2084
Joined: Thu May 21, 2009 12:19 pm

Re: New Brokerage platform

Post by Chuck » Thu Mar 14, 2019 12:59 pm

I moved over last year because I didn't want to be a part of the flood of people switching at the last moment.

Nothing happened.

I got 1099's from the funds directly (from before the switch), and 1099's from VBS, so that year I had to do one additional 1099, since the VBS one has all my holdings.

It is nothing I will tell my grandchildren about.

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Doc
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Re: New Brokerage platform

Post by Doc » Thu Mar 14, 2019 2:18 pm

Chuck wrote:
Thu Mar 14, 2019 12:59 pm
I moved over last year because I didn't want to be a part of the flood of people switching at the last moment.
We moved in November 2014. I didn't want to be part of the flood either. :D

There was no hassle.
A scientist looks for THE answer to a problem, an engineer looks for AN answer and lawyers ONLY have opinions. Investing is not a science.

ohai
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Joined: Wed Dec 27, 2017 2:10 pm

Re: New Brokerage platform

Post by ohai » Thu Mar 14, 2019 2:43 pm

I got this email today saying they are switching over. This causes complications for me, as I work in securities and cannot hold brokerage accounts with Vanguard. I called Vanguard and they said they want to switch people over as a long term plan, but there is not definite time line - it could be years. I didn't realize this has been going on since 2014. If this is true, I might have to change custody of my assets to somewhere else.

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runner26
Posts: 504
Joined: Sat Apr 07, 2007 9:39 pm
Location: California

Re: New Brokerage platform

Post by runner26 » Thu Mar 14, 2019 3:42 pm

We each received this message today (with no definite date of when legacy goes away):


YOUR ACCOUNT NEEDS TO BE TRANSITIONED
Dear x,

We're retiring our old investment platform, which is what you're using today.

We'll need you to take a few minutes to complete a 3-step transition to our new investment platform. It's quick and easy—just log on to vanguard.com through your web browser or use the button below to get started.

jebmke
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Joined: Thu Apr 05, 2007 2:44 pm

Re: New Brokerage platform

Post by jebmke » Thu Mar 14, 2019 4:18 pm

I moved my individual accounts. I have not moved our joint account (yet). Not a huge difference, really. The consolidated tax statement is a benefit. But the December statement for brokerage accounts does not include the full year of transactions. Other than that, I haven't seen much difference.
When you discover that you are riding a dead horse, the best strategy is to dismount.

ruhigste
Posts: 29
Joined: Sun Jan 20, 2019 8:13 am

Re: New Brokerage platform

Post by ruhigste » Mon Mar 25, 2019 8:31 pm

I resisted doing it for years, but when the horse (old platform) dies, it's best to get off :happy. It was as quick and easy as Vanguard said it would be.

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TheGreyingDuke
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Joined: Fri Sep 02, 2011 10:34 am

Re: New Brokerage platform

Post by TheGreyingDuke » Mon Mar 25, 2019 8:52 pm

The only "issue" I had was needing to re-state my preference for dividend reinvestment, that did not carry over.
"Every time I see an adult on a bicycle, I no longer despair for the future of the human race." H.G. Wells

Dead Man Walking
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Joined: Wed Nov 07, 2007 6:51 pm

Re: New Brokerage platform

Post by Dead Man Walking » Mon Mar 25, 2019 10:57 pm

I hold mutual funds at Vanguard and have not switched to the brokerage platform because I prefer the year end statements of the mutual fund platform. If I am forced to switch to the brokerage platform, I will probably maintain my IRA accounts with Vanguard; however, I may transfer my taxable accounts to my Chase YouInvest account because the transfer of funds from my Chase Bank accounts to my YouInvest account would be simpler. Since I am retired and do not have any earned income, I can no longer contribute to IRAs. I still invest new money in my taxable accounts and the simplicity of the Chase platform appeals to me. I doubt that Vanguard cares if they lose my taxable accounts.

DMW

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beyou
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Location: Northeastern US

Re: New Brokerage platform

Post by beyou » Mon Mar 25, 2019 11:15 pm

ohai wrote:
Thu Mar 14, 2019 2:43 pm
I got this email today saying they are switching over. This causes complications for me, as I work in securities and cannot hold brokerage accounts with Vanguard. I called Vanguard and they said they want to switch people over as a long term plan, but there is not definite time line - it could be years. I didn't realize this has been going on since 2014. If this is true, I might have to change custody of my assets to somewhere else.
Have same issue. They even let me open a new acct on old platform, for same reason. For open end funds, all the fund firms have a fund only legacy platform. Vanguard needed a brokerage platform so they can sell ETFs without losing direct client contact. I may switch after I retire from the industry, if they force me, but I don’t think it will happen.

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gmtret
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Location: N. Carolina

Re: New Brokerage platform

Post by gmtret » Mon Mar 25, 2019 11:29 pm

I own nothing but mutual funds, and as far as I am concerned, V* can switch to the new platform when I'm dead and gone. From everything I've read there is no way they casn make you switch. :twisted:
"The most beautiful thing we can experience is the mysterious. It is the source of all true art and science." | - Albert Einstein

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